Why GoblinTown NFT Plummets 90% From Its All Time High
GoblinTown NFT plummets 90% from its all time high.
The GoblinTown Collection’s Fall
Goblintown has fallen into the attention of many users in the community recently, and not for good reasons. The once popular NFT project which dominated OpenSea for a period of time earlier this year has reportedly fallen by almost 90% in its floor price since its peak in June.
When it launched, Goblintown promoted itself to be a free-mint project with absolutely no roadmap or discord channel. Despite this however, it managed to gain a large following and community, dominating the NFT space for quite a while with its controversially ‘ugly’ art style and unique goblin language on Twitter.
The project, which launched as a free mint collection, quickly grew and reached an all-time-high floor price of around 8 ETH in June. It also managed to top OpenSea’s rankings for a while, and could usually be seen in the top 10 projects for the entire month of June.
But Goblintown’s popularity doesn’t seem to be incredibly long-lived, however, as since then, the collections’ floor price has been dropping quite fast.
The collection now only has a floor price of 1 ETH at the time of writing, though it did also fall under to a price of 0.98 ETH for a brief period this week before rising again to 1 ETH.
I am amused that everyone decided to all FUD @goblintown at once today. Yes it's down a lot, but don't forget that it was originally a free mint. Yesterday it was @doodles. The day before it was @moonbirds going under 10eth. I legitimately haven't seen the space praise a project.
— Otto Suwen (@OttoSuwenNFT) September 14, 2022
This sudden and drastic 90% fall from its all-time-high has shocked and confused many in the community.
Truth Labs, the team that was revealed to be behind Goblintown, is still continuously branching out and growing the Goblintown ecosystem, with the reveal of their newest collection, Grumpls. However, despite this, it doesn’t seem that the hype and excitement for Grumpls is enough to keep the Goblintown collection afloat.
Related: Goblintown Teases Art For Their Upcoming Grumpls Collection
Why Its Falling
There have been a number of speculations on why Goblintown’s price has been falling recently, one of those being the fact being that it’s due to the fact that the Goblintown collection doesn’t have a roadmap or discord.
This lack of clarity may have been off-putting to some in the community, who don’t see a point in the collection or don’t see their NFTs being given any proper utility.
Despite this however, some in the community remain optimistic about the efforts of the Truth Labs team, claiming that this fall in price is mostly due to the current bear market and that Goblintown will soon make a big return.
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