This NFT is fighting the bear market with “lying flat” and “diablo”

If the skin does not exist, the hair will be attached.

In the context of the crypto bear market, the NFT market has changed from “we will all succeed” to “we’re all gonna die”. In the past few weeks, the crypto industry has undergone earth-shaking changes, and the NFT market sentiment has also become sluggish and “dystopian”. In order to vent their feelings, some NFT creators have begun to launch some dark memes, and even began to take “toilet” culture” to mock the current bear market.

As a result, we saw various strange NFT projects appear on the trading rankings of the OpenSea platform, such as digital collections such as “Goblin Goblin” Goblintown, “Dark Death Department” We Are All Going to Die and other digital collections poured into the OpenSea platform, Many of these items once appeared in the top few lists of top collectibles. Data shows that among the top 20 digital collections in terms of transaction volume in the past week, the transaction volume of these “weird” NFT projects once reached 45%.

As @professorM, a Bored Ape Yacht Club community user, put it:

“Bear markets make everyone a little crazy, and if you do something different, it’s easy to grab the market’s attention.”

The rapid rise of “Goblin” Goblintown

Last year, NFT transactions on Ethereum were extremely popular, and the transaction volume soared to more than 20 billion US dollars. At that time, the focus of the entire crypto market was on CryptoPunk, BAYC, and later Doodles, Cool Cats, Azuki and other projects. However, as the crypto market has gradually become deserted recently, a buzzword in the NFT crypto community “WAGMI” (We All Gonna Make It/We will all succeed) has been slowly no longer being mentioned. Obviously, investors are beginning to realize that it is not Everyone can be “successful”.

However, although the current market environment is full of sluggish atmosphere, there is still such an Ethereum NFT project that has unexpectedly become popular. This NFT project called “Goblintown” consists of a group of ugly and absurd “Goblin Goblin” avatars. It currently ranks first in the transaction volume on the decentralized exchange OpenSea. On May 21st, the project’s 9999 pointed-eared fairy avatars will be distributed to NFT players for free, and users only need to pay the gas fee on the chain. However, no one expected that in just two and a half weeks after that, the total transaction volume of this series of NFTs exceeded 32,000 ETH ($57.6 million).

In fact, the term “Goblintown” is a term used to describe a bear market, yet in the past year, it has become a proxy for an increasingly popular meme culture among cryptocurrency gamers. Frankly speaking, “Goblintown” challenged people’s aesthetics with its ugly and grotesque style of painting, and there was a wave of deliberately uglifying NFTs. Some people bluntly said “This work of art is really bad, but people want to be degen, That way they can turn around and make a lot of money.”

“Degen” is actually the abbreviation of the English word “degenate”. For investors who are online for long periods of time every day and spend a lot of time researching and trading crypto assets, the term has become a common nickname (with a bit of self-deprecation) to brand them, meaning that such people often sacrifice their lives at the expense of other things as the price of investment.

This year's NFT is fighting the bear market with "lying flat" and "diablo"

Affected by the recent crypto bear market, even “blue-chip” NFTs (such as BAYC) have begun to plummet, which has made crypto investors very uneasy and began to look for new ways to make money. NFT investor ConciergePhysician believes that ugly art has no future and is not worth the risk. For investors, even in a bear market, there is actually no shortage of opportunities to make money. 

However, for those “degens” who hold Goblintown NFT, Goblintown has become a new vehicle for investors to follow the meme culture and a new vehicle for profit opportunities in the crypto bear market. In fact, after becoming a hit, Goblintown has attracted more than 10 imitation disks. Most of them have avant-garde art styles and fresh colors. In contrast, most blue-chip NFTs that meet the public’s aesthetics make people feel a little “ugly”. .

Twitter user Dgen.eth currently owns 12 Goblintown NFTs, including a 1 of 1 Goblintown wizard NFT. He described the slightly bizarre project this way:

“In Twitter Space, Goblintown members use speech synthesizers to imitate Goblin voices, and these interesting behaviors also add a bit of mystery to the project. It has to be admitted that through the combination of image, sound and interface, Goblintown allows Web 3 supporters are going crazy.”

“Rotten” is becoming a trend

Following the popularity of Goblintown, another NFT project “We Are All Going to Die (WAGDIE)” has also emerged, and its transaction volume ranks second in OpenSea’s ranking this week. It is worth mentioning that this project is also a free casting NFT series, which on OpenSea bills itself as a project with “no development plan, only death”, in other words, the project is not for investors like other NFT projects. Provide a clear future development plan, much like the popular “laying flat”.

Just a week after launch, WAGDIE generated over 9,000 ETH ($16.2 million) in sales. Soon, the WAGDIE NFT series caused a stir on social media, as the project team purchased the “mutant ape” Mutant Ape Yacht Club # 20438 for 21 ETH (~$37,800), only to destroy it after just an hour .

There is no doubt that this unusual operation has made the WAGDIE NFT project famous and attracted a lot of attention in a short period of time – it is said that 1,500 fans have paid attention to the topic of “destruction of mutant ape NFT”. In the Twitter Space of Goblintown and Cereal Club NFT holders, frenzied fans are said to be shouting in the group:

“Burn all those high-priced NFTs!”

In the NFT market, these people seem to have formed an emerging force, and they are keen to chase NFTs with nihilism. It is under this trend that in addition to “Goblin” Goblintown and WAGDIE, a number of similar NFT projects have also sprung up, such as ShitBeast, Ill poop it nft, mcgoblin.wtf, Goblin Grlz, Leave Me Alone NFTs, troll-town.wtf, Begin as Nothing, ShitPlunger, etc.

This year's NFT is fighting the bear market with "lying flat" and "diablo"

These “lay-flat” NFT projects seem to be not much different from other NFT projects, but basically there is no Discord community and website. When talking about these NFT project issues, NFT investor ConciergePhysician added:

“I wouldn’t be surprised if four, five, or even more dark or flat-bed NFTs were run by the same person.”

In fact, the current mood and themes in the crypto community can be seen from the names of these NFT projects – nihilism and “body waste” are in vogue. For example, “ill poop it nft” reads in its description – your NFT is just a JPG image, and what you think of as a blue chip NFT is “shit”. But it is slightly ironic that the floor price of “ill poop it nft” has not fallen but has risen. The price of a single “poop” JPEG NFT exceeds 1.1 ETH (about $1,980). According to NFTGo.io data, the current “ill poop” it nft” has a transaction value of nearly $8.5 million and a market value of more than $4 million, but the floor price has dropped significantly.

This year's NFT is fighting the bear market with "lying flat" and "diablo"

Frankly speaking, many of these NFT projects are “copy-paste” projects, and 90%, even 95% will fail. Maybe two, three or five years later, we can see the final trend and results of these NFT projects. .

Dawn at the End of the Tunnel

Although some people are not optimistic about NFTs in the “flat-type”, “dark-type” and “rotten-type” NFTs, the market prospects of these projects are not bleak. According to a recent report by crypto analytics site Dapprader, the NFT market is clearly more resilient compared to the cryptocurrency market, and the NFT industry is more mature and may even be decoupled from the crypto market, which means there are likely to be several oddities ‘s NFT project will kill a bloody way.

According to Dune Analytics data, although OpenSea’s monthly transaction volume fell from about $3.5 billion in April to $2.6 billion in May, if you compare it with OpenSea’s transaction value data in November last year, you will find that this metric does not appear. sharply lower.

Many players say that they are increasingly unable to understand the current NFTs, but in fact, once the broader crypto market plummets, NFTs, DeFi, and other vertical fields will be affected. The “bad system” NFT may just be for fun, so that members of the crypto community can find a little fun in the depressed market sentiment.

At least for now, these NFTs have been embraced by the crypto community.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/this-nft-is-fighting-the-bear-market-with-lying-flat-and-diablo/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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