For The Culture leads the pack of imitators
Goblin Town appeared to drop from nowhere on May 22nd. Since then, it’s risen in price and popularity. Now it stands as the current king of the bear market and imitation collections are vying to take its place. In a market constantly searching for the new, can any of these offbeat creations survive?
Summary
- Goblin Town has joined the ranks of major NFT collections in the space of two weeks. Now other projects like For The Culture and We Are All Going to Die are attempting to use their formula and rise to the top.
- DappRadar’s NFT Explorer shows that despite dropping slightly in the past 24 hours, Goblin Town’s average sale price is still holding at 6.19 ETH. Its floor price has even increased by 13.86% to 5.53 ETH over the past day.
It’s been just over two weeks since Goblin Town NFTs debuted without fanfare, without a roadmap, without major influencers or a doxxed development team. The NFTs were distributed for free and quickly gained traction as a meme collection.
But unlike most internet memes that arrive quickly and vanish in haste, this one has hung around. I’ve given my reasons here for why I think the collection has caught on. And there are plenty of other commentators and analysts who have commented on the ugly little PFPs being the right collection at the right moment.
Two weeks in Goblin Town
We wrote about Goblin Town two weeks ago when its floor price was about 0.5 ETH. For a free NFT, that was already quite impressive. Since then, it’s gone up and up in value and the floor currently sits at 5.53 ETH. The highest sale price stands at 77.75 ETH and Goblin Town sits comfortably at the top of DappRadar’s rankings for the seven-day trading volumes.
If we take a look at Goblin Town on DappRadar’s NFT Explorer, we can see that sale prices are still strong and anyone who minted a Goblin for free or bought one early is in line for a tidy profit. By clicking into each individual NFT, we get a breakdown of metadata, trading history, last sale price and asset strength. This is useful information for an NFT that was developed with utility and a roadmap in mind; for Goblin Town, it’s anyone’s guess what counts as favorable attributes.
When Goblin Town dropped, we wrote that the irreverence of the collection was a breath of fresh air in a market bogged down by bear trends and bad vibes. We noted how its success would lead to an army of copycats, each hoping to jump on Goblin Town’s fashionable new tailcoats. Whether or not the new imitators will capture collectors’ imaginations remains to be seen.
For The Culture leading the copycat pack
For The Culture is another NFT collection that sprang from nowhere, with no following and no roadmap, to generate a huge social media following and a dedicated community. The collection’s tone is overtly irreverent and it even paid people 0.01 ETH to mint their NFTs. For The Culture quite clearly takes its lead from Goblin Town.
It currently sits at number 12 in DappRadar’s 24 hour rankings for trading volume, with collectors trading over $430,500 worth of the still-to-be-revealed NFTs during that period. What’s most astounding is that this represents a drop of 73.48% from the previous day when over 755.5 ETH ($1.4 million) worth of For The Culture NFTs changed hands.
We Are All Going to Die
While For The Culture may be the direct successor to Goblin Town, in that it clearly takes so much inspiration from the project, another, even more successful collection, is currently its leading competitor. We Are All Going to Die also has no website, no Twitter and no roadmap. It only has its Ethereum contract and a link to this Twitter feed.
For the most recent 24 hour period, $2.74 million worth of We Are All Going to Die NFTs have changed hands.This puts it one place above Bored Ape Yacht Club, who haven’t had a great week so far, and four places above Goblin Town.
Taking a look at We Are All Going to Die with the NFT Explorer, we can see that the most expensive token in the collection sold for 69.42 ETH ($121,463). By filtering on the metadata, anyone can find which attributes are most desirable and then look for the best deal, based on those attributes, on the secondary markets.
Whether or not these collections can exist beyond the fleeting period when their innovation stands out as new and daring remains to be seen. The internet, NFT culture and the community’s tastes change so quickly that in a month’s time, all of these projects may seem dated.
But while the fun lasts, DappRadar will keep an eye on it and bring you the latest updates. Follow our blog to follow the story and join us on Twitter for breaking news. Try out our new NFT Explorer for yourself to get all your important information from one single source. And use our NFT Collections ranking pages to follow the Goblins, the Culture and the Skeletons as they move up and down our lists.
