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

NFT Non-fungible tokens Trading

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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June 26, 2023 06:58 EDT

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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 CryptoPunks, according 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.

Azuki is down 57% to USD 23,410, while MAYC has also been hit hard, with the floor price diving nearly 50% to around USD 36,180. BAYC’s floor price has also fallen just below 40% to USD 187,900, and CryptoPunks has seen a drop of 45% to USD 91,860, according to DappRadar.

Moonbirds, on the other hand, is an established NFT collection that has seen gains over the past month, with its floor price up 40% to around USD 42,300. Notably, the collection’s market capitalization is still down by 57%.

In general, the NFT market has crashed massively over the past 30 days. The total number of sales has dropped by 85% to 16,000 over the past month, while sales volume has plunged by over 88% to USD 31m, according to NonFungible.com.

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