Goblin Town NFT surpasses BAYC as the most valuable collection after hitting a $55 million market capitalisation and 2.75 ETH floor price.
Amidst the current Crypto market meltdown, Goblintown, a newly-launched NFT collection featuring goblin-themed animals, has been on fire. Last week saw the collection sell over 10,300 ETH (over $18 million), and its floor price surpassed the 2 ETH mark.
Consequently, its strong sales performance saw it briefly surpass the much-heralded Bored Ape Yacht Club collection on the sales volume ranking. According to Cryptoslam, the Goblintown collection had a record sales volume of $8.5 million on Thursday, about 1000% higher than Wednesday.
Comparatively, the BAYC collection saw a 24-hour trading volume of just over $2.8 million, about a third of Goblintown’s volume. This ensured that the new collection topped the rankings while BAYC finished second.
Source: Cryptosalm.io
However, the Goblintown collection has seen its sales volume recede to previous levels recorded before the surge. This slump sees the collection rank in second place for sales volume behind the BAYC over the past seven days. Nonetheless, its sales are up by over 120% within the same period.
Source: Nftgo.io
The strong sales performance has led to steady and robust growth in Goblintown’s market capitalisation. The chart shows that its market capitalisation is currently $55.3 million, a 374% increase in the same time frame.
Initially, the collections had a market cap slightly above $10 million. However, last Thursday’s surge in sales volume saw its valuation climb to $41.4 million. Subsequently, the drop in sales also caused a decline in the collection’s value.
The market capitalisation declined almost 35% to $27.2 million over the weekend. A slight increase in volume acted as a catalyst for the collections valuation to spike on Sunday. It eventually reached $58 million yesterday before dropping to its current value.
Speculation Over Goblintown Creators Rife On Social Media
Since its launch, the NFT community has continued speculating on who is behind the viral Goblintown NFT collection. The collection without a roadmap or future utility plans and discord server, according to its website, continues to garner interest.
Even though its developers are not doxxed, Twitter users continue to guess who may be behind the endeavour. Several have argued that the project may have had ties to well-known collections, considering its overall high quality. Yuga labs, the creators of the BAYC, have reportedly denied their involvement after some users suggested that idea.
Meanwhile, some believe the creators may be linked with the famous cartoon Southpark. Another common hypothesis claims that Mike Judge, the creator of the American adult animated television series Beavis and Butthead, is involved with Goblintown.
Nonetheless, Goblintown has been able to harness the power of a steadfast community. This has seen it perform very well despite not having a doxxed creators or any significant utility. Its success is an example of the power and advantages available with web3.
Do you think the Goblintown NFT collection will continue to outperform other heralded NFT collections in the long run? Let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
