This NFT Collection Is Rallying Despite A Crypto Crash

The Goblintown NFT collection saw a large surge in popularity in the past few days, even as broader crypto markets fell sharply.  

The collection’s trading volumes rose 50% to over 4800 ETH in the past 24 hours, making it the most traded collection on OpenSea. In comparison, popular projects such as Bored Ape and Otherdeed saw their volumes slump by 36% and 80%, respectively. 

Goblintown’s market capitalization jumped nearly 300% to $150 million. The collection’s floor price has also doubled overnight from 3.9ETH to 8.95 ETH, according to data from NFTpricefloor. 

The collection has surged in popularity even as the crypto market logged a large decline in prices. 

What is Goblintown? 

The Goblintown collection consists of 9999 tokens, each featuring unique artwork of the eponymous goblins. Most of the communication around the project has been in barely-legible “goblinspeak,” and its creators have remained anonymous. 

The collection has gained traction on Twitter, with nearly 2000 mentions in the past few hours. Much of the hype around the project also appears to come from its potential for memes. 

Data from cryptoslam shows that one token, Goblintown #6485, has already sold for over $150,000. 

The Goblintown space is either an absolute new low or brilliance. The line is very very thin here.

– Kristy Tillman, Netflix’s director of product design said in a tweet

The lack of communication around the project has also driven wild speculation over its origins. NFT analytics platform Nansen compared Goblintown to the Bored Ape collection, also pointing out that a bulk of Bored Ape holders also own Goblintown tokens. 

Trading boom comes despite crypto, NFT crash

Goblintown is seeing a surge in trading despite broader weakness in the market. Major tokens Bitcoin and Ethereum slumped over 5% each, with the former dropping below $30,000 again. 

The trading boom comes even as other NFT collections contend with waning interest over the past few months.