How these ugly NFTs are making investors rich (unbelievable)
Nfts have been criticized for let’s say Not having the best looking art okay and That might be putting it lightly for Example vice came out and straight up Asked why does nft art look so bad the Financial times claimed the real problem With nfts is that they’re ugly and this Article titled why do entities look like That starts off the article by saying if You know anything about nfts you know Most of them will look like sh and even Though i will grant that some of these Collections aren’t going to win any Award for their aesthetic beauty you can Easily make the counterpoint that you Know number one obviously all art is Subjective but number two a lot of these Collections aren’t trying to be fine art Right they’re trying to go viral or to Have that coolness factor that you might Get from comic book characters or video Games but just to get to the bottom of It i did go to twitter and i asked some Of you what were some examples of nfts That you would put up as good profile Pick arc we have these ai nightbirds for Example which use machine learning to Remix an existing collection into these Super trippy designs you have azuki Which easily has some of the cooler Looking aesthetics of any blue chip Collection especially if you’re into Anime and there are other great Aesthetics like crypto covens and bokeh
But now there’s a new collection that Everybody’s going crazy for and this One’s getting harder to defend against The critics because this collection is Truly unapologetically hideous and that Collection ladies and gentlemen is Called goblin town which is a set of Profile pics that released earlier this Month for free and which showcases you Know a set of high fantasy style Creatures that emerged from this goblin Town meme which is another way for Calling for a bear market and goblin Town is supposed to be a state of mind Right it’s a meme that people share when They’re down bad and the markets are Melting down around them and now finally We have a visual component to it and it Looks something like this and guess what People are getting absolutely rich off Of them at the time of this video these Nfts have a floor price of 6.5 eth or About 12 000 This has been one of the most insane Run-ups of any nft collection that we’ve Seen growing faster than most other blue Chips except for maybe moon birds Remember guys this was a completely free Mint and there were some people who Minted you know double digit goblins and Have held a bunch of them until now Meaning that some people have made well Into the six figures in profits in just A couple of weeks so let’s talk about
Why goblins have gotten so popular Despite being as ugly as they are what This means for the changing nft meta and How you can use this information to Maybe find the next big run-up now Unfortunately i stand before you as a Broken man because i did miss the goblin Train this part was just a step too far For me and for better or worse i try to Buy things that i personally like and Sometimes that means i miss out on money Also this came out in the middle of a Peak d-gen season where most free drops Were getting hyped up and dumped within A couple of hours which made it even Harder to differentiate but if you were One of the people who did mint a goblin And even better held it all the way Through then congrats my friend you are One of the chosen ones and you do Deserve a victory lap for the rest of us We can take comfort in the fact that no Matter how much generational wealth Slips through your fingers the like Button is always going to be there Waiting for you and waiting for your Gentle touch but really we can’t look Back at this and learn from this Experience and actually in retrospect There are some clear signs that you can Use to tell you maybe where the next Goblins are going to come from so let’s Get into why goblins have gotten so Popular and what that might tell us
About the direction that nfts are Heading into first off if you’ve watched My channel before or any other nft Channel on youtube you’ll hear somebody Talking about the importance of the Founding team okay and that’s because You know if you look at the top Collections like doodles or clonex or Boarded yacht club the team’s ability to Execute tends to be an incredibly Important factor as a result many people Have sworn off investing large amounts Of money into projects that have Anonymous founders first off because you Know they could end up being scammers But also because you can’t vet their Track record and understand how well They can nail the execution and it Happens to be the case that goblin town Has an anonymous team which right off The bat should be a non-starter right Except that in this case it’s a little More complex and here’s why so perhaps The first person who started talking About goblin town publicly was mike Dudas a venture capitalist who has Become a fairly well-known figure on Crypto twitter and although he often Deletes his tweets mike made comments That he knew the team that they were Legit and that they were going to reveal Themselves soon so therefore even though The actual team remains anonymous today This kind of endorsement by somebody who
Has a public reputation does de-risk it A bit because it makes it a lot less Likely that they’re just going to be Outright scammers i think this is Actually a big point when it comes to You know whales being willing to drop Five eighth or ten eighth or more Because they want to be sure that you Know the founders aren’t going to come Out as outright scammers or potentially Something much worse without that kind Of security you don’t get these classic Scenarios like the sandbox game which is A completely unrelated metaverse Platform buying this steve aoki goblin For 26 eth for some unknown reason Beyond that this project didn’t start as A typical roadmap collection where the Founder you know has this checklist of All these things that they want to Accomplish and in fact you know the Website outright says there is no road Map which means that presumably the Talent of the team isn’t as crucial as It would be in other projects so on that Point let’s talk about the road map or Lack thereof and you see recently we’ve Been coming from this breakdown in an Energy meta that was dominated by these Collections where the founders would put Up these blessed road maps about where They wanted to go many of these were Ambitious and they would talk about Metaverse land and merchandise and some
Of them even buying an actual olive Garden franchise or two but in most Cases these items didn’t even Materialize or when they did they were Poorly executed or they didn’t have the Desired effect that people were hoping For it’s gotten so bad that some people Have rejected road map collections Entirely for example this one collector On twitter says not gonna lie i’m really Sick of anything with utility when i Hear the words utility or road map i Just freak the out because i know i Have to join yet another discord on top Of the 50 i’m already on and check it Every day in case i miss out on the next Step of the ponzi seriously stop as We’ve said on this channel in recent Weeks a lot of those collections miss Some key ingredients like storytelling And fun and when we look at the goblins Those are the exact two things that They’re emphasizing storytelling and fun For example while most creators would Use social media to talk about what They’re building and how they’re gonna Bring value to the community the goblin Team uses social media to just enhance The world building twitter posts just Gave more glimpses of this weird Universe that they were creating and Their weird language was consistent Across all their posts the website would Give clues through a dynamic smartphone
That just kept updating with new lore And they even stayed in character during Their twitter spaces which would go on For hours with grown men basically Making goblin noises Yes that’s weird yes it’s kind of cringe But it’s also brilliant marketing Because it had everyone talking about it More importantly it was a fun break from The norm especially at a time when we’re On the brink of a deep recession and People are generally not having a great Time and i want to stress his point for A second okay and i can’t believe i’m About to pontificate about these damn Goblins but we’ve gone this far so let’s Just do it in general i think there’s a New type of media emerging that combines Platforms like twitter with nfts and it Creates a new type of storytelling i Think we’ve only scratched the service On this but basically what happens is That people are spending more time on These platforms and creators are finding Ways to combine you know platforms like Twitter microsites and digital assets Like nfts to raise the stakes and give The people ownership in this new media For example cyberbrokers is a collection That uses microsites and these nfts to Drive their storytelling and they use Quest to slowly build up the lore of a Dystopian futuristic world goblins are Just another evolution of this idea and
In their case they’re leaning into the Mystery and giving less away than most Other projects normally do i think at This point most people are buying into Goblins because they realize that Something is being built here even Though there isn’t a published road map And they realize that these creators are Unfolding this story in real time and That they’re very good at leveraging Social media to gather and drive Attention so the takeaway from this Point is that you do not need a stated Roadmap to build a brand and capture Attention and in fact having a roadmap For some people is actually an anti Signal right now founders should just be More creative in how they tell stories And i wouldn’t be surprised if goblin Town you know ushers us into an era Where we’re gonna see a lot more Guerrilla marketing and just similar Tactics to get the ball rolling okay now The final point we have to talk about With goblins is of course the art right We’ve gone full circle now is the art Ugly yeah i think it’s ugly but i also Recognize what they’re going for it’s Purposely ugly because that’s the vibe And this has resulted in the meme Feedback loop where the more the price Goes up the angrier people get because Something this ugly shouldn’t be doing This well and this makes it funnier to
Buy in and drive the price up even more And make those people even angrier as Usual when it comes to the internet the Fastest way to make something go viral Is simply to try to stop it okay and i Think we’re seeing some of that right Now the last note on the art is that It’s cc0 which simply means that it’s in The public domain so anybody can remix It and make derivatives without fearing Any repercussions and so as a result We’re now seeing a ton of other Collections that make references to Goblin town okay and they’re using that Same aesthetic but different creatures Like elves and orcs and all this Nonsense is popping up and now imagine a Lord of the rings style multiverse where All of these are interacting and Evolving in real time and going up in Price right surely that’s the worst case Scenario for everyone that’s still Coping and sometimes that means it’s the Likeliest scenario or maybe nothing Happens right a new project comes out Attention shifts like it always does Because i’m old enough to remember other Cc0 projects like cryptos that went up All the way to 15 eth and then crashed Back down we’ll see the point is that we Can use this goblin’s experience and Realizing why it did well and update our Own mental models for understanding why Some entities go viral and others don’t
Okay and that’s very important all right Guys that’s it for today thanks for Watching and i’ll catch you the next Video
