Web3’s best forefront is decentralization but creators seem to be drifting away. One can say that everyone seems to be going in the absolute opposite direction. Starting with marketplaces that remove royalties or enforce them per their own personal agenda. And now Truth Labs has joined the train. They’re updating their Goblintown metadata, alongside all their other projects, to embed royalties in the contracts. And, they did it in a totally “rebellious” way.
- Goblintown metadata update and other Truth Labs projects
- Contract migration
- Bids, trades, and sales to be disabled
- New NFTs to be airdropped
- 5% royalties to be enforced on all Truth Labs collection
- Flipping everyone off
Why Is The Goblintown Metadata Flipping The Community?
Did I just say Truth Labs are flipping people off? Yes, I did. No, I’m not exaggerating or stretching things out. They, in fact, changed all their NFTs into animated gifs of a middle finger. A middle finger that has three other middle fingers.
The animated gif also reads the following:
“Fuck royalties. Fuck supporting builders and creatives. Flipping is the heart of what makes web3 special. Honor the flipping, fuck the community. Long live the slow rug!”
I told you, it’s real. But, if you don’t believe me yet. I’ll show you.
We are upgrading the contracts for all ERC-721’s in the Truth ecosystem. pic.twitter.com/WJufX5CNTh
— Truth Labs (@truth) April 11, 2023
So, why are they doing that? Mainly because of royalties. The royalties debate has been an issue for a while now in this space. Do holders want to pay creator royalties? Are creators willing to give their percentages up? And, of course, NFT marketplaces pouring oil on the fire.
They argue and tear each other’s hair out and of course, royalties are the center of this battlefield. So, in the same Truth Labs’ rebellious and direct style, they address the issue by flipping everyone off. In words but also in action.
They’re updating the Illuminati, The 187, Grumpl, and the Goblintown metadata to embed a 5% royalty on the collections. No matter what marketplaces do, these royalties are carved in the collections’ smart contracts.
But, Why Now?
Alright, the royalties issue has been there since the beginning of our existence. Why did Truth Labs decide to update Goblintown metadata and rebel now? Well, OpenSea vs Blur. Remember when I said marketplaces pulling each other’s hair? That’s why!
Up on our battlefield none other than the once leading but now somewhat struggling OpenSea. And, the wash trading and farming points supporter Blur. Come on, cheer everyone.
Quick Recap of Events Triggering the Goblintown Metadata Update
- Blur sends its season 1 airdrop packages
- Collectors and bidders receive millions of dollars worth of $BLUR tokens
- Blur announces season 2 airdrop with a specific farming points system
- Blur also enforces full royalties on collections that block OpenSea
- OpenSea removes fees and moves to optional creator royalties (0.5% minimum)
- Blur’s farming points system ends up encouraging wash trading, fake listing, fake bidding, and market manipulation
- OpenSea recently announces OpenSea Pro adding heat to the battlefield
- Blur extends its farming season
Truth Labs looked at all of this and was like: Well, F U guys. We’re going to do whatever the hell we want to do. And, they did. They started with the goblintown metadata update alongside their other projects. They will airdrop the identical replacement NFTs once the update is done.
Furthermore, they even disabled bidding, listing, buying, and selling on Blur and Opensea for Goblintown, Secrets Society, the 187, and Grumpls. This move, according to them, will limit farming points. They noted:
“We as a team are committed to enforcing a royalty level that makes farming an unprofitable activity.”
The holder snapshot is taking place now and any buys, sells, or transfers that occur from now until the completion of the airdrop are high risk and…
— Truth Labs (@truth) April 13, 2023
Couldn’t they Announce It In a Different Way?
Well, Goblintown has always had a unique style let’s say. They’ve always criticized the space and ever since they launched as a free mint, they defied the generic rules. Back when Discord, roadmaps, and utility were of key importance, they were like, uhm we’re not doing that.
They clearly, and directly, had it everywhere on their website and Twitter:
- No Discord
- No Utility
- No Roadmap
And, add to that weird goblin sounds. It was shocking how the project even managed to pump and gather insane sales despite it being a free mint. So far on OpenSea it has a sales volume of 61.3K ETH (approx $129.2M per the ETH rate at the time of writing).
Moreover, the plague project also did a metadata update in a similar way.
Anyway, What they did fits their usual behavior completely. They further explained the Goblintown metadata and other projects’ update by saying:
“New technology is constantly emerging, and with season 2 imminent, it is vital our main collections have max flexibility to be future-proofed.”
Community Bashes Goblintown Metadata Update
Whether Truth Labs has always adopted a facetious tone or not, this one didn’t pass with the community. The goblintown metadata update and this entire situation caused harsh criticism.
They were firstly criticized for wanting money while offering nothing.
NFT enthusiasts didn’t stop here. They went on to say “What a joke lol another project that delivers no value but wants more money”. And, pushing Truth Labs to “go back to web2” as what they’re doing goes against web3’s principle.
The below Twitter user worded it perfectly.
What Does This Mean For Web3?
The Goblintown metadata update really shows how creators have always been and will always be greedy. Capitalism isn’t just in web2, peeps, it’s also here. There’s no escaping but at least this space is decentralized. Is it, actually? Creators are deciding on the behalf of everyone else. They just want the extra cash no matter what. And, marketplaces want to lead so they’re recklessly making decisions left and right. So, is web3’s decentralization just a myth?