It’s been about 7 months since Goblin Town NFTs launched into the NFT space, and despite not being a blue-chip they got the hype of the blues. They crawled anonymously on one May 26th night into a twitter space and eerily got everyone’s attention. Despite all the obvious signs of it being a rug pull, all the 10k supply of those freaky goblins sold out. You can check out the story of Goblin Town NFTs’ origins here. I guess the charm of the goblins is coming back this year, as Goblin Town’s trade volume spiked in 2023. Let’s break it down together.
Goblin Town Stats in 2023
Analytic data from NFTGo show that the trade volume of Goblin Town NFTs was 1.21k ETH on January 3rd. 1.21k ETH is equivalent to $1,468,940 at that time, which is very impressive for a non-blue chip, undoxxed, and roadmap-less NFT collection at the beginning of 2023! The last time this collection witnessed such a high trade volume was back in July at 1.54k ETH. So, it seems after 5 months of silent forgetfulness to the goblins, someone woke one day and said “let’s mass buy!”. Otherwise, WTF?!
Let’s take a look at Goblin Town’s floor price on the chart from NFTinit. At first glance, you would think “ wow, this collection pumped up so high and then flopped so hard!”. Actually, this collection is a total success, even at its lowest points. Huh? I’ll explain.
All 10,000 Goblin Town NFTs were minted for FREE back in May, so everyone only paid for gas fees. If we go back, the average gas fee price between June and May 2022 was $40, and the highest it got in May was around $196.63.
Okay so, let’s assume everyone minted a Goblin Town NFT for $196.
- On May 25, 2022 (only 4 days after it sold out in mint) the FP pumped to 1.05 ETH, which was equivalent to $2,047.5.
- On June 1, 2022, Goblin Town NFTs reached an FP of 8.98 ETH, that’s equivalent to $17,062 at that time.
- Dec 21, 2022, scored the lowest FP for Goblin Town at 0.539 ETH which was equivalent to $609 at that time.
No one lost one single penny from investing in Goblin Town NFTs at the free mint. In four days those who got the NFT for $196 ( I’m assuming the gas fees were at their maximum) made a MINIMUM of $1,851 in profits. At its peak of FP 8.98 ETH, people who held their Goblins since mint got a MINIMUM profit of $16,866. Even after both market crashes Goblin Town NFTs held their FP, and rock bottomed at 0.539 ETH ($609), that’s still $413 more than what it cost to mint a Goblin Town NFT.
So, tell me…did it ever flop?
2023 Marketing Insights From Goblin Town
It’s important to keep in mind that the Goblin Town NFTs have no utility, no discord, no roadmap, and a CC0 license. The creators set a 7.5% royalty fee and that’s usually a high number that discourages people from buying any NFT. Apparently, the goblins’ charm was stronger. Now would you like to know how much money Truth Labs made from their Goblin Town creator royalties?
If we check Etherscan, we can see the contract of Goblin Town has:
- A total of 50,768 transactions, of which 30,453 were of trades on secondary markets.
- If the highest FP Goblin Town reached was 8.98 ETH and the lowest 0.539 ETH, we can not find a logical average. So, I will use the Goblin Town floor price at the time of writing which is 0.92 ETH.
- If we multiply the FP by the total trade transactions we get an estimation of an all-time trade volume of 28,016.76 ETH.
- A 7.5% cut for the creator royalties from the all-time trade volume is equal to 2,101.257 ETH. If we multiply it by the ETH value ATW (being $1,335.35) we get a total royalty fee revenue of $2,805,913.53.
Takeaway for 2023
So, in simple terms, the Goblin Town creators made an average of 2.8 million dollars from royalty cuts in 7 months. I repeat, with free mint, no utility, no roadmap, and no discord… WTF?! Their marketing strategy goes against every rule in the book of creating NFT projects. Is free-mint/high-royalty-fee a model we will see more of in 2023? Were the Goblin Town creators even successful with their approach? Or was it a mere stroke of luck?