It might be a bear season, but new NFT projects can still gain major traction and make substantial noise. That’s been best evidenced by Monday’s release of ‘Art Gobblers,’ an NFT collection that was created by crypto investment firm Paradigm alongside ‘Rick and Morty’ co-creator Justin Roiland.
The highly-anticipated project has delivered in early hours; will the ecosystem live up to all it’s hyped up to be?
Let’s take a look at all you need to know regarding today’s Art Gobblers mint, the massive reselling happening, what this project is all about – and where it could go next.
For Gobblers, Excitement Is An Understatement
It took less than an hour for Art Gobblers volume to crack the top 10 in NFT collection volumes in October, as aptly noted by NFT specialist NFTstatistics.eth:
‘@artgobblers is now in the top ten for total ETH volume in October despite only existing for 50 minutes. pic.twitter.com/gpDxjOnGVD
— NFTstatistics.eth (@punk9059) October 31, 2022
It’s difficult to say if Gobblers excitement alone has justified it’s ability to rapidly yield volumes that surpass once-considered blue chips like Doodles and Moonbirds with ease, or if the NFT market is just so deeply entrenched in a bear market that the bar is just this low. Regardless, roughly $8M in volume in such short time is commendable no matter the market.
At time of publishing, the Art Gobblers floor is over 11 ETH.
Ethereum (ETH) has seen a nice bounce recently as the NFT market continues to show promise. | Source: ETH-USD on TradingView.com
NFT Check… What’s Good With Gobblers?
So what’s the secret sauce? Gobblers gained attention when Paradigm released their deep-dive whitepaper outlining the project’s vision last month. For those passionate about new projects in the space, the whitepaper is worth a read on it’s own. However, in short, the project looks to create a de facto tokenized ‘decentralized art factory’ where Gobblers, which were available to mint for free today, can ‘eat up’ art that becomes part of a bigger gallery.
It’s an interesting and unique concept within a space that has felt oddly dry of new ideas in recent months. Additionally, the full ecosystem layout carries substantial depth: there is an ERC-20 associated GOO token, as well as ‘pages,’ which are the blank canvas templates that owners can use to mint new art pieces. These pieces, along with the Gobblers themselves, create the bones of a flywheel; however, many early critics believe that the currently flywheel model of Art Gobblers incentivizes early holders at the expense of future ones. Paradigm and Roiland have also structured the project to launch “as a finished product, designed to bootstrap a self-sustaining ecosystem.”
This sounds great on paper, but can often prove challenging in practice, and can often serve as an easy way to easily wipe hands clean when the going gets tough. We’ll see if Art Gobblers can prove doubters otherwise.
Featured image from artgobblers.com, Charts from TradingView.comThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
Source: https://bitcoinist.com/art-gobblers-nft-project-5000-eth-two-hours/