# GoblinTown is the NFT project that should never have worked

**Published by:** [Durwin](https://paragraph.com/@durwin/)
**Published on:** 2022-11-11
**URL:** https://paragraph.com/@durwin/goblintown-is-the-nft-project-that-should-never-have-worked

## Content

GoblinTown came near the end of the NFT craze and still managed to whip up a storm.Imagine this for a second. Crypto Winter blowing its cold, bitter and acidic winds at full might in May 2022. Everyone was either angry about the bear market tanking or given up entirely on the whole crypto thingamajig. Coin prices plummeted, crypto tourists exited swiftly, regulators started scrutinising, even top NFT projects like BAYC and CryptoPunks went down in floor prices. Ladies and Gentlemen, meet GoblinTown. When everyone else suffered, GoblinTown made 3,800 ETH in sales volume over its first weekend. Till date, at barely 3 months old, it has done 25k ETH in total sales and is still top 20 NFTs of all time. It even beat well-known NFTs like Pudgy Penguins and Cryptoadz. It was almost unthinkable.Unapologetic and in-your-face, the creators of GoblinTown were master of copywriting, if anything.“No roadmap, No Discord, No Discord.” the project’s website reads. “Contract wasn’t actually written by goblins”. Now add “No utility” and “No Sense” to that. When it was first released, there was no indication on any of the founders, no team behind it, not much purpose and frankly, had “scam” written all over it. That is exactly what the crypto/NFT community loves eh? Think about it. GoblinTown is so apt for NFT meme culture. GoblinTown itself means “bear market”, this is a reference to The Hobbit (1977)’s hit song, “Down Down to Goblin Town”. The artwork is honestly trashy, sketchy, very horrendously ugly and frightening. Some goblins looks like “Kevin” from the Pixelmon NFT collection flop. Some of the Goblins even have Luna tattoos!Imagine hundreds of grown men tuning into a Twitter Space to hears grunts, snorts and giggles for nearly 3 hours!They even hosted a Twitter Space session in which grown men where just making Goblin sounds for 3 hours straight! But I must say the graphics, website and style really complements the narrative, the team has done a brilliant job in executing. So who’s behind it? “Goblintown captured the imaginations of NFT collectors over the past month even as crypto markets burned. Now the team behind the project has unmasked themselves to be Truth Labs, whose previous NFT collections include the Illuminati Collective and The 187” What amazes me is really the execution. Goblintown is a cc0 project, meaning there is no copyrights, anyone who owns the NFT can do anything they want with it. The team released 9,999 Goblins that are completely free to mint. But there is a catch. They take a healthy 7.5% royalty for every subsequent transactions thereafter.So while they spread the word and go viral, the bizarreness and antics engulfs the NFT communities and Goblintown grows more popular. All these just encourages more sales and transactions which earns Truth Labs moolah. It essentially letting the community be your marketing team, distribution network and best ambassadors. Its a new-age business model that would never have worked before. I am in awe as I am in embarrassment for not seeing this earlier. If only there are ways to seed investments in companies like Truth Labs before they blow up. - Have you heard of the GoblinTown NFT? - #startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #bitcoin #cryptocurrency #bayc #nft #goblintown #goblin #branding #truthlabs #web3

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