Goblin Town Surges as Blue-Chip NFT Collections Take a Hit in May

Source: A screenshot, goblintown.wtf

The goblin-themed Goblin Town non-fungible token (NFT) collection registered notable gains throughout May despite the overall sour market conditions that wiped out as much as half of the value of some blue-chip collections.

With an outstanding market capitalization of over USD 96.4m and a floor price of ETH 4.79 (USD 9,400), Goblin Town is currently the 13th most traded NFT collection over the past month, sitting above established collections .

like Meebits and CryptoPunksaccording to NFT data aggregator DappRadar.

The collection’s rise has been particularly interesting since it was rather unexpected, given a free mint and nearly no marketing, hype, or even influencer involvement. The collection’s website even claims that it has: “No roadmap. No Discord. No utility.”

So far, the collection’s most expensive sale was seen by goblintown #8995, which goes by the name Crustybutt Da Gobblin King. The NFT last was sold for ETH 69.42 (USD 136,440).

Meanwhile, other blue-chip NFT collections have seen a plunge in their floor prices and market capitalization. More specifically, popular Ethereum (ETH) NFT projects such as CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Azuki are all down approximately 40%-60% over the last 30 days.