all about cryptop referances
It may be a bear season, but new NFT projects can still gain a lot of traction and make significant noise. That’s best evidenced by Monday’s release of “Art Gobblers,” an NFT collection created by crypto investment firm Paradigm with “Rick and Morty” co-creator Justin Roiland.
The highly anticipated project has delivered early; will the ecosystem live up to everything it is hyped up to be?
Let’s take a look at everything you need to know about today’s Art Gobbler’s coin, the massive resale, what this project is all about—and where it might go next.
It took less than an hour for Art Gobbler’s volume to crack the top 10 in NFT collection volumes in October, as aptly noted by NFT specialist NFTstatistics.eth:
‘@artgobblers is now in the top ten for total ETH volume in October despite only being around for 50 minutes. pic.twitter.com/gpDxjOnGVD
— NFTstatistics.eth (@punk9059) 31 October 2022
It’s hard to say whether Gobbler’s excitement alone has justified its ability to quickly deliver volumes that surpass once-rated blue chips like Doodles and Moonbirds with ease, or whether the NFT market is just so deeply entrenched in a bear market that the bar is just that . low. Either way, roughly $8 million in volume in such a short period of time is commendable in any market.
At the time of publication, the Art Gobblers floor is over 11 ETH.
Ethereum (ETH) has seen a nice bounce recently as the NFT market continues to show promise. | Source: ETH-USD on TradingView.com
So what is the secret sauce? Gobblers gained attention when Paradigm released its deep-dive whitepaper outlining the project’s vision last month. For those passionate about new projects in the space, the white paper is worth reading alone. In short, however, the project looks to create a de facto tokenized ‘decentralized art factory’ where Gobblers, who were available to mint for free today, can ‘eat up’ art that becomes part of a larger gallery.
It’s an interesting and unique concept in a space that has felt strangely dry of new ideas in recent months. Additionally, the entire ecosystem setup has significant depth: there is an ERC-20 associated with the GOO token, as well as “pages”, which are the blank canvas templates that owners can use to create new artwork. These pieces, along with the Gobblers themselves, create the bones of a flywheel; However, many early critics believe that the current flywheel model of Art Gobblers incentivizes early holders at the expense of future ones. Paradigm and Roiland have also structured the project to launch “as a finished product, designed to start up a self-sustaining ecosystem.”
This sounds good on paper, but can often prove challenging in practice, and can often serve as an easy way to easily wipe your hands clean when the going gets tough. We’ll see if Art Gobblers can prove the doubters otherwise.
Featured image from artgobblers.com, Charts from TradingView.comThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
