An NFT project that was considered a panacea to Ethereum’s inflation. We will repeat: An NFT(!!!) project that was said to save Ethereum. What is so special about Art Gobblers and how true was the previous statement - let’s find out. 👀
What are Art Gobblers?
A self-sustaining NFT collection that was originally released as 2000 pieces. Each NFT produces $GOO tokens, which are used to create blank pages. Pages can then be made into art pieces - separate 1-of-1 NFTs that could either be stored inside the Gobbler’s “Belly gallery” or sold on the aftermarket.
How does it work?
Those 2000 Gobblers could have been minted for free, allowing their holders to start issuing art tokens and collecting $GOO. Every art piece increased the value for Gobblers when sold. It was either the buyer or the artist who could feed the piece to one of their Gobblers, and secure that art piece inside, making some NFTs much more valuable than others. This system allowed the first few buyers to make insane profits, which were absolutely life changing for some of them. Here is a compilation of tweets and Discord comments from real users, who were able to pay their loans, help their parents and simply enhanced their wellbeing.
All the other less lucky ones had to wait for the next NFTs out of 8000 planned to be released. The price was adjusted using a liquidity injection mechanism, that changed the mint price according to demand (The price has, obviously, dropped since) 😒
$GOO is the backbone of the whole system and rarer NFTs give you a higher rate of $GOO creation. The peak is reached by legendary Gobblers limited by a number of 10 for the whole 10000 token collection. The race continued, when people started burning their Gobblers with famous artists’ pieces inside just to get a legendary Gobbler and produce more $GOO.
The key factor, making it all work besides amazing tokenomics and a good idea, bringing art monetisation to a whole new level was the founder’s background.
If you look through their Twitter posts, all the short animations will probably remind you of something. Justin Roland’s previous biggest success was the “Rick And Morty” series (which is the biggest animated box office hit on Netflix by the way)☝️It was quite obvious that people would look forward to a collection founded by such a talented artist, but…
It isn’t just the founder, who is remarkable.
Art Gobblers are curated by Paradigm - fund that backed Blur, Coinbase, FTX, Magic Eden, MoonPay and many others 🤯
With a symbiosis of such a founder and fund , the success of the project was just a matter of time.
But why was Ethereum affected?
It has been a while since we saw an NFT collection properly pumped, so many people were amazed by how quickly Art Gobblers gained trade volume. The wow-factor was determined by a downtrend of NFT-collection popularity. Everyone got used to non-fungible tokens being used as anything, but art expression tools.
And then, bam💥 7000 ETH traded in the first 12 hours, 13 ETH floor, tokens still being traded while the article is written. Consequently, Ethereum pumps and quickly becomes overbought. A week passes and the rates come back to “normal”.
This was a very good example of how easily coins can be inflated or deflated in the short run and how quickly everything can change back. The collection creators did an outstanding job, though.
Stay tuned 📻