Oxalus Insights

Art Gobblers NFTs Steal The Spotlight, Leading Trading Volume On The Most NFT Marketplaces

News Nov 6 2022

Amid the “NFT winter” when most people believed that the cash flow had dried up, the disruptive introduction of Art Gobblers shook the market once again.

On Monday, November 1, 2022, ‘Rick and Morty’s co-creator Justin Roiland’s Ethereum NFT project, Art Gobblers, was released, and its secondary market value soared. Within the first hours of its minting out, Art Gobblers jumped into the top 10 projects by total ETH volume in October, according to NFTstatistic.eth. As of the end of the first day of trading on OpenSea, the project had a total trading volume of 7,426 ETH, or almost $12 million, with a floor price of 12.5 ETH.

What Is Art Gobblers?

Investors are encouraged to study the project’s white paper in its entirety, but in essence, Art Gobblers is “designed to bootstrap a self-sustaining NFT ecosystem” that can survive and thrive on its own.

The initial 2000 free mint Gobblers “gobble art,” or eat works created by artists using the project’s built-in drawing tool and transforming them into unique 1:1 NFTs. All the eaten artworks are permanently exhibited in the Gobblers’ on-chain “belly gallery”. The creators retain ownership of the work until they transfer or sell the NFTs in the form of ERC-721 tokens to someone else.

Source: Art Gobblers white paper

Additionally, the Gobbler NFTs generate Goo tokens, which are exchanged for the blank pages necessary to draw the works of art they gobble. Gobblers may produce more Goo in proportion to the amount of Goo they have in their “tank.” Because this token is meant to expand indefinitely in supply, setting fixed pricing in Goo for NFTs will throw the ecosystem out of whack. Instead, the Paradigm team has developed VRGDA, a variant of the Gradual Dutch Auction that dynamically adjusts prices by increasing them during periods of high sales volume and decreasing them during periods of low sales activity.

To foster artistic exploration amongst community members, the Art Gobblers team has configured the ecosystem to release 69 blank pages every day; however, this number is gradually reduced to 10 pages per day to maintain focus among artists. Ten years from now, “players,” as the project white paper called them, will have to shell out Goo to mint eight thousand more Gobblers. 

In addition, 10 1-of-1 Legendary Gobblers exist, and their acquisition requires the burning of a significant number of standard Gobbler NFTs, which serves to motivate community cooperation.

Source: Art Gobblers white paper

Art Gobblers is not just another PFP project because it was designed as a complex and refined system that introduced a combination of novel elements to the NFT community.

  • Hand-drawn art by artists all around the globe instead of a generative art collection created by a group of artists
  • NFTs contain NFTs
  • NFTs generate tokens
  • Burn NFTs to get NFTs
  • Burn tokens to get NFTs

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Empowering The Artist Community

The unspoken reality of Art Gobblers is that many local, independent artists who have been very active over the past several months have made a healthy profit despite the state-of-the-art market. They were successful in bolstering the smaller artistic community, the same group they had set out to support.

Art Gobblers is also anticipated to alleviate this subset of artists’ difficulties in the NFT art market. Lack of liquidity and the chance of loss owing to costly gas expenses deter many undiscovered artists from minting their NFTs artwork. Art Gobblers solves this problem and incentivizes artists to make art through blank pages with the prospect of selling artwork at a high value. It does this by establishing a community of supporters of artworks inside the Art Gobblers ecosystem and a mechanism that enhances the rarity of artworks over time. As more and more artists, both established and up-and-coming, mint NFTs in Art Gobblers ecosystem, the initiative will gain notoriety and draw potential NFT collectors, completing the self-thriving ecosystem.

“As artists make cool art, Gobblers gain cultural relevance, making collectors want the art more, incentivizing artists to make cooler art. It’s also an on-chain game.” (Art Gobblers white paper)

Art Gobblers is unique in that it supports original work made by actual artists. Because creators are required to draw on the Gobblers app and the sketching process may be rewound, instances of plagiarism, copying, and reliance on AI when making art will be reduced.

New Game For NFT Collectors

If you’re a collector, owning Gobbler NFTs is like having a golden board on which to showcase your finest items. The value of your collection will skyrocket above that of regular Gobblers if you take the time to make it one-of-a-kind. You can do so by making strategic investments, such as paying artists to draw blank pages for their collections or amassing blank pages from well-known artists.

At the same time, you can earn passive cash flow through Goo tokens generated by your Gobbler NFTs.

When compared to other PFP NFTs on the market, investing in Art Gobblers stands out as an intriguing option for NFT collectors.

Critics of NFT Influencer Ethics

Since the time of the project minting, the Crypto Twitter chatter has not only centered on the trading demand but has also included numerous critiques about the whitelist of the 2,000 free mint Gobbler NFTs.

Crypto Twitter was ablaze with messages posting lists of influential NFT content creators, celebrities, and influencers who had successfully mined one of the NFTs during the rush of secondary sales. The first reaction was mostly negative, with several users arguing that it was a reflection of the disproportionate power of those who command a huge online following. 

In short order following the free mint, NFTs started fetching ridiculous prices on secondary markets, with the cheapest NFT now going for 10.28 ETH, or around $15,724. On Monday night, a single NFT traded hands for about $138,000 in ether. Some speculate that the group of influencers is responsible for the extraordinarily high price floor, which allows them to utilize the price as an anchor and engage in a pump-and-dump game.

It’s evident that the community is frustrated, but no corroborating evidence has been found to back up their suspicions as of yet. Some people argue that for an NFT project to attract a community and profit, it is necessary to give the whitelist for major influencers more priority.

Final Thoughts

It’s too early to conclude Art Gobblers’ long-term success potential. 

The question is whether or not the initiative will succeed in its goal of creating a self-sufficient ecosystem and earning a place among the blue chips. Is this a legitimate opportunity, or simply another “pump and dump” scheme?

Furthermore, despite the excitement surrounding Art Gobblers’ release, total NFT sales decreased by 25% in October 2022, highlighting the grim state of the market as a whole. This fact raises another question: will the advent of Art Gobblers in the NFT winter be a disadvantage for the project’s survival or will it turn into an NFT icon in the next uptrend cycle?

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