This is a segment from The Drop newsletter. To read full editions, subscribe.
Truth Arts, the company behind the Goblintown NFTs, has plans to continue its gaming push and launched a Solana memecoin this week.
“Memecoins are clearly broken…so we built a new token design in attempt to fix them and make them more healthy + sustainable,” Truth CEO and cofounder Alexander Taub wrote in a post.
“We spent 6+ months analyzing what made coins succeed and fail. We studied every failure and flaw in memecoins we could possibly find, broke down the root causes, and added mechanisms that are attempting to fix them,” Taub said.
The team says they put measures in place to prevent “snipers, MEV bots, misaligned incentives between team and token holders, investor allocation dumps, pump-and-dumps, whale dumps, unchecked supply, lack of reinvestment — you name it.”
The token’s being slowly unlocked over time and allocated to Goblintown NFT holders as well as owners of Illuminati, The187, Big Inc, and Grumpl NFTs.
They’ve also implemented a “token tax” of 2.5% on every GOB transaction.
Source: CoinGecko.
Despite this, GOB is down roughly 60% in the past two days since its launch and has lost about 18% in the past 24 hours, with its market cap falling from a $30 million high to about $7 million as of Friday morning.
But it’s not over yet — and only about 10% of the total token supply is in circulation, according to the project’s “greenpaper.”
“It hasn’t even been 72 hours but that feels like a lifetime in Web3/crypto. Two thoughts about the future,” Taub told me in a DM. “The first is one thing I’ve heard from a few people is that we are trying to be too smart about all this stuff for our own good and should just get back to the goblin vibes. The second is we released a TikTok filter in conjunction with $gob and it feels like it has REAL mainstream potential.”
Regardless of what GOB’s price is doing, I do think the Truth team continues to find creative and funny ways to capture moments in crypto culture. That may continue to have some appeal.
The original NFTs came around a time when some traders were starting to embrace the chaotic degeneracy of the market and the volatility of NFT mints. The “WAGMI” NFT era was waning. Some Goblintown holders took to roleplaying as goblins at the time, posting about their obsessions with urine (yes, really).
For their Goblintown: Really Hard Driving Game, the team set up a DMV waiting simulator that was quirky and frustrating in equal measure.
If upset about GOB for whatever reason, there’s a hotline that lets callers complain. I called it, and all I’ll say is it’s real, and expect a long wait.
“Feel free to call our $gob Hotline on Telescram at (954) 869-4462(4GOB) and try to reach us,” a blog post reads. “We are open 24/7/365, but good luck getting an employee to pick up.”
Get the news in your inbox. Explore Blockworks newsletters:
Source: https://blockworks.co/news/goblintown-hotline-memecoin