Goblintown NFTs Are Down 90% From ATH: WTF Happened?

The popular Goblintown NFTs have fallen dramatically in price, with the floor price down 90% from its ATH. When the weird and fabulous Goblintown NFT project first came out in May, it was the talk of social media.

This free-to-mint Ethereum PFP project captured the attention of the NFT community, and the NFTs were swept up almost instantly. Since then, Goblintown has announced various additions and launched the McGoblin burger. With an active community, unique NFTs, and a creative team, how is Goblintown 90% down from its ATH?

Goblintown ATH is a million miles away

The Goblintown NFT collection arrived in the middle of the bear market, and for some, it offered hope and a creative, fun project to join. Following the weeks after the mint, there was huge hype surrounding the project offering “No roadmap. No Discord. No utility. CC0.” 

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

So, why is the price falling so much? To start, it is important to remember we are still in a bear market. The consensus is that there will be a turnaround soon, but it is hard to tell.

However, the market is not stopping awesome new NFTs from launching daily. Goblintown, with its free mint, crazy PFPs, and devil may care attitude to roadmap and utility, certainly fits that bill.

Goblintown utility?

One reason for the fall in price for the Goblintown NFT could be down to the very thing that made it so popular in the first place. The project has no official Discord, no utility, and no roadmap – all they have is a  website. Perhaps this is one of the reasons for the Goblintown ATH dropping more than 90%.

Finally, one other factor to consider is the Steve Aoki curse. It is a popular urban legend in the NFT community that his purchase of an NFT is more of a curse than a blessing. In June, we wrote about the curse and how Steve Aoki buying two Goblintown NFTs could spell disaster for the new project. Months later, it seems the curse may have come into effect.