Goblintown NFTs down 90% from ATH: WTF happened?

The popular Goblintown NFTs plummeted in value, with the floor price dropping 90% from ATH. When the weird and wonderful Goblintown NFT project came out in early May, it was the talk of social media.

This free-to-mint Ethereum PFP project caught the attention of the NFT community, and NFTs were snapped up almost immediately. Since then, Goblintown has announced various additions and launched McGoblin’s Burgers. With an active community, unique NFTs, and a creative team, how did Goblintown drop 90% of its ATH?

The ugly goblin of Goblintown
Goblintown NFTs have dropped in value to about 90% of ATH.

Goblintown ATH is a million miles away

The Goblintown NFT collection arrived in the middle of a bear market, and for some, it offered hope and creativity, an exciting project to join. In the weeks following the show, there was a lot of buzz surrounding the project’s offering. “There is no roadmap. There is no disagreement. There is no facility. CC0”

The floor price quickly increased and was almost 2 ETH by the end of May. The Goblintown project rose to an ATH of around 8 ETH in June. However, SSince then, the price has fallen rapidly, and now, you can pick up one of the Mad Goblin NFTs for 0.98 ETH (at the time of writing).

So why is the price dropping so much? To begin with, it is important to remember that we are still in a bear market. The consensus is that change is coming soon, but it’s hard to say.

However, that is not stopping the market from launching new NFTs on a daily basis. Goblintown, with free mint, crazy PFPs, and a devil may care attitude to maps and consumption, definitely fits that bill.

Goblintown facility?

Part of the reason for the price drop for Goblintown NFT may be due to what made it so popular in the first place. The project has no official Discord, no resources and no roadmap – all they have is a website. Perhaps this is one of the reasons why the ATH for Goblintown was reduced by more than 90%.

Finally, another issue to consider is Steve Aoki’s Curse. It is a popular urban legend in the NFT community that buying NFT is more of a curse than a blessing. Back in June, we wrote about the curse and how Steve Aoki’s purchase of two Goblintown NFTs could spell doom for the new project. Months later, the curse may come into effect.

All investment/financial opinions expressed on NFTevening.com are not recommendations.

This article is educational material.

As always, do your own research before making any investment.

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