Anarchy in Goblintown as Truth Labs enters the NFT royalty debate
Truth Labsthe company behind the infamous ‘Goblintown‘ The NFT collection has once again courted controversy about the blockchain. This time, the artwork on the flagship NFT project swapped out to make a statement about royalties.
Goblintown recently sent shockwaves through its community when it changed its artwork to a one-fingered tribute to creator royalties bypassers. The shocking move was accompanied by a sarcastic statement which read: “Damn royalties. Damn support building and creative. Flipping is the heart of what makes Web3 special. Honor flippers, screw society. Long live the slow carpet.”
The statement reflects the broad sentiment of the NFT creator community in the current climate, where artists feel they are losing out on much-needed revenue. Creator royalties are fees associated with each secondary sale that go directly to a designated wallet, usually the project owner. However, in an effort to attract more traders to their platforms, many NFT marketplaces have abandoned this model by introducing a minimum and optional royalty.
Recently, Truth Labs has taken active steps to protect its creator royalty model, announcing that it had disabled bidding, listing and trading of its NFTs on Blur and OpenSea while it upgrades to a new enforced royalty smart contract.
Goblintown to Airdrop new NFTs
Truth Lab’s new plan involves migrating the NFTs to a smart contract that ensures full payment of royalties for on-chain creators. To facilitate this, the platform automatically sent new versions of the affected NFTs to holders on 16 April.
In addition to modifying the artwork of its more famous collections, the company also made changes to the less prominent ones such as IlluminatiNFT, The 187 and Grumpls. However, many NFT holders are unhappy with these modifications, which they see as evidence of centralized decision-making.
As Rahim Mahtab, founder of ArtsDAO, notes, “Don’t give the holders the chance [make] this decision goes against the ethos of this space.”
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*All investment/financial opinions expressed by NFT Plazas are from personal research and experience of our site moderators and are intended as educational material only. Individuals are required to research all products before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media around the world.
