Truth Labs Revealed as Team Behind Goblintown
NFT Roundup: Traders Look to Offload JPEGs in a Wild Week
By: yyctraderNFT News
Goblintown captured the imaginations of NFT collectors over the past month even as crypto markets burned.
Now the team behind the project has unmasked themselves to be Truth Labs, whose previous NFT collections include the Illuminati Collective and The 187.
Raffled to Holders
Of the 1,000 goblins that were retained by the team “because they wanted to”, 900 will be raffled to holders of the existing Truth projects over the next six months at the rate of five per day. And 50 goblins will be retained by the team and the remaining 50 will go to the llluminatiDAO.
The team also revealed that a “McGoblinburger truck” will make an appearance at NFTNYC, and shared plans for merchandise including “goblin sauce”.
Following the announcement, sales activity surged on both collections. Illuminati NFTs now command a floor price of 0.7 ETH, up from 0.2 ETH. The 187 has rocketed to a 14 ETH floor from 5 ETH prior to the news.
However, while most goblin aficionados cheered the move, the floor price of the collection has dropped 25% to 3 ETH in the past 24 hours, according to data from CoinGecko.
Broader market action likely played a role as Bitcoin and Ether are testing their key psychological levels of $20,000 and $1,000 respectively.
Offer Acceptance On The Rise
On June 13, NFT trader NFTNick noted that an increased number of WETH offers were being accepted by sellers on OpenSea, signaling that traders are looking to offload their jpegs at any price in these market conditions.
One trader took a loss of over $1M on Cryptoadz #2155.
The offer acceptance rate has since dropped, which could indicate that buyers are wary of getting trapped in illiquid assets even at fire sale prices as ETH continues to crater.
State of The Market
It was another week of lackluster sales, with just $298M in volume according to Dune Analytics.
- Bored Ape Yacht Club – Down 14% this week to 76 ETH
- CryptoPunks – Up 3% to 48 ETH
- Otherdeeds – Down 35% to 1.95 ETH
- Moonbirds – Down 29% to 15.5 ETH
- Clone X – Down 34% to 8.2 ETH
- Azuki – Down 20% to 9.4 ETH
While these numbers are bad, real performance in dollar terms is even worse as ETH is down 35% in the past week. It’s certainly a tough time to be an NFT holder.