Goblintown NFTs notch up over US$10 mln in sales over 24 hours

Goblintown NFTs, a new meme-adjacent collection, surpassed the likes of Bored Ape and Mutant Ape Yacht Club, according to CryptoSlam. 

Fast facts

• Launched on May 22, Goblintown NFTs are unapologetically crude drawings of goblin-like creatures, with a culture built around poor grammar, memes and toilet humor. 

• The success of Goblintown is the latest in a trend of meme-laden NFTs such as Kevin collections and the CryptoDickbutts. 

• To join the eccentric bandwagon, buyers must pony up at least US$15,000 after Goblintown.wtf floor prices on OpenSea more than doubled from 3.3 ETH on Wednesday to 7.99 ETH at publishing time. 

• According to CryptoSlam data, a Goblintown NFT (Goblintown #6485) has already sold for over US$150,000 on the LooksRare NFT marketplace.
• However, memes may not be the only driving force here. 
• Wash trading, a form of market manipulation where investors trade between themselves to push up prices, on platforms such as LooksRare, can inflate sales prices and volume.