Art Gobblers' Floor Price Drops 50% After Splashy Debut

Art Gobblers, a highly anticipated NFT collection designed by Rick and Morty creator Justin Roiland and backed by Paradigm, the web3 venture capital fund, saw its floor price cut in half on Nov. 3.

Calling itself an “experimental decentralized art factory,” the collection of 2,000 animated characters has some novel mechanics.

Holders can create their own art that is minted and displayed in the Gobbler’s “belly gallery”. Doing so requires spending the project’s $GOO token, which is generated by holding the NFTs.

The ‘Gobbler Economy’. Source: Art Gobblers

Launched on Halloween, the NFTs were mintable for free by whitelisted addresses and immediately soared to a floor price of 15 ETH ($24,000). That whitelist has sparked a debate in the NFT community, with many decrying the project’s choice to include a large number of influencers. Many, including Pransky and kmoney69, sold their Gobblers immediately.

Royalty-free trading on Blur, a newly-launched NFT marketplace and aggregator, saw it surpass OpenSea in terms of volume for the first time.

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The collection has done an astonishing 37,000 ETH ($59M) in secondary volume in just four days and briefly surged to a floor price above 20 ETH on Nov. 2 as buyers piled in.

After heavy selling on Nov. 3, the floor price dropped 50% to 8.5 ETH.

Art Gobblers’ Floor Price. Source: OpenSea

KPRVerse Spikes Gas Above 5,000

The KPR public mint on Nov. 3 was reminiscent of the bull market, sending gas prices on Ethereum soaring past 5,000 gwei as collectors attempted to grab one of the 1900 NFTs on offer.

Keepers.

Priced at 0.2 ETH, the floor price on secondary markets was around 0.6 ETH when the sale went live, giving minters the opportunity for a quick profit.

KPR has generated nearly 5,000 ETH in secondary sales.

Meta’s NFT Initiative Spurs Rally

Instagram users will soon be able to create and sell NFTs on Polygon, the Layer 2 blockchain with a total value locked of $1.3B, social media giant Meta announced on Nov. 2. Meta owns Instagram, which has 1B monthly active users.

“We’re testing these new features with a small group of creators in the U.S. first, and hope to expand to more countries soon,” the firm said.

Polygon’s MATIC token is up over 30% since the news broke.