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From being idle and decadent to making money? Goblins, poop monsters, FTC, and other hand-drawn artists dominate the bear market on OpenSea

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From being idle and decadent to making money? Goblins, poop monsters, FTC, and other hand-drawn artists dominate the bear market on OpenSea

"No roadmap, no Discord community, no utility" - the free-minted goblin fairies at goblintown.wtf are carving out a unique path in the NFT bear market where even top-tier NFT projects are fading. Similar NFT projects with the same style have emerged, and there is even a "free minting with money back" rethinking of NFTs: FTC.

Blue Chip Bear Market: Rise of the Decadent?

On June 2nd, the trading volume on OpenSea was different from the well-known blue-chip NFT series like BAYC, featuring many new faces:

Leading the trading volume is a hand-drawn, goblin-fairy-themed NFT called "goblintown.wtf," which opened for free minting in late May, boasting of doing nothing: "No roadmap, no Discord community, no utility", yet it surged to a floor price of 8 ETH. As of the deadline, there is still a floor price of nearly 6 ETH, ranking first in Ethereum trading volume.

goblintown NFT
Dark hand-drawn NFT from an anonymous team: team introduction

In fact, "no roadmap, no utility" is common in some mysterious blue-chip NFTs or meme NFTs, but this project doesn't even have a Discord, taking a completely decadent route.

However, the popularity of goblins is partly attributed to celebrity support in the community, such as renowned NFT creator Beeple releasing a piece titled "The Rise and Fall of Goblin Town" on 6/5, claiming to be the founder of goblins.

One of the founders of Yuga Labs, Gordon, also posted a photo with Beeple on Twitter, stating that Beeple has always been voicing for goblins. These two posts briefly triggered extreme FOMO in the market, continuously raising the price consensus of the project until today.

Although the goblin team seems uninterested in contributing to the project, last Saturday, they airdropped to holders, allowing every goblin holder to exchange for a free fast food combo NFT on their official website, using the McDonald's working culture symbol in the crypto circle to mock the current bleak bear market. The current price is about 1.4 ETH.

mcgoblin combo NFT

Imitating Countless, Who Breaks Through?

After goblin NFT received significant market attention, various imitations emerged in the market like Goblin Girls, Baby Goblins, etc. Among these imitations, one project stood out with strong execution, gaining a lot of market attention and good trading volume on the secondary market, that is "ill poop it nft."

Yes, this project consists of various poop-shaped NFTs. Particularly, some poops have images of projects considered blue-chip by the NFT community, accompanied by mocking phrases on the side.

For example, in the image below, there is a picture of Azuki on the poop, with the phrase: "Still learning blah blah blah." This is used to mock Azuki's founder for casually mentioning past projects and lightly brushing off with the excuse of still learning.

In addition to hand-drawn and decadent styles similar to goblins, the satire and poop shapes also resonate with the current bear market, attracting attention early on through emotional resonance with retail investors. The current floor price on the secondary market is about 0.55 ETH.

However, the team's strength lies in its different style of execution, having created many extension plays. By holding two poop NFTs, they can be destroyed in exchange for "ShitBeast NFT," or "ShitBeast," and receive 10 billion ShitCoins worth about 1.8 ETH.

ShitBeast NFT

The activity of exchanging destroyed poop NFTs for ShitBeasts has ended, and the floor price of these genesis ShitBeasts is about 1.1 ETH.

Note: After the exchange activity ended, the team opened a public sale where regular ShitBeasts can be purchased, with the current floor price around 0.3 ETH.

However, this team's plan goes beyond this. Holders of these genesis ShitBeasts will receive airdrops of toilet cleaners, and in the future, by destroying ShitBeasts and cleaners, they can obtain the next stage, which is NFTs with clearer designs.

This team's ambitions are quite extensive. They have announced that ShitBeast NFTs will have staking functions to exchange for ShitCoins, and have released many pixel-style poop patterns that seem to be related to their future direction. This journey of the bizarre poop NFTs is full of mixed feelings and seems to have no end in sight.

Free Minting Not Enough? How About Giving You Money!

The current NFT market has entered an extreme phase, where projects hyped under the guise of free minting are everywhere. However, what if users can not only mint for free but also receive ETH rewards?

This idea actually came from a well-known NFT KOL, artchick, who suggested that if an NFT project gives you 0.01 ETH to mint, and there are 10,000 in total, if the team can achieve a trading volume of 2,000 ETH on the secondary market, the team can break even. Assuming a 5% royalty

Upon seeing this idea, a Twitter user named Sibel took action, giving birth to the For The Culture project. This project indeed offers users who mint for free 0.01 ETH, and such a quirky move quickly gained attention in the community.

This project's core culture is based on the "middle finger," combined with its crudely made graffiti style, forming a strange community consensus. The current secondary market price is about 0.39 ETH and is still in the blind box stage.

For The Culture NFT

Let's Keep Watching!

In the current quiet crypto market, these NFTs with low initial costs, filled with satire and mockery, seem to have become the latest speculation targets. Looking at the successful cases mentioned above, although they are all three-zero projects - no roadmap, website, promises, they all have good stories, unique art, a team good at marketing, and some execution power, which can drive price increases after forming community consensus.

Who would have thought that the market would gradually move towards free minting and even Mint to Earn as the NFT craze emerged last year? While these teams are racking their brains to grab market attention, will the market become more extreme than it is now? It's worth our continued attention!

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