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Blue Chip NFTs 101 – Down, Down, To Goblintown. An Unlikely Success Story

Goblintown ‘s rise to the top is one for the books. The Moonbirds came into prominence in a bearish market, but the Goblins took over in the middle of a global recession and the NFTs first winter. How did these misfits do it? Using confusion, misdirection, FOMO, and a great marketing plan that took everyone by surprise. People weren’t sure of what was happening, but they didn’t want to stay out of the party. 

The creators of Goblintown made it easy for them. First of all, the project was a free mint. Second, it uses a Creative Commons Zero license, which means no Copyright and the possibility of commercializing the Goblin drawings as needed. Third, even though the hype was there, they didn’t use influencers, cross promotions, or whitelisting. Maybe because of that, the mint didn’t generate a gas war like many other successful projects.

Goblintown ‘s Unusual Launch

Launched on May 22, 2022, the generative collection runs over the Ethereum blockchain. From the beginning, Goblintown promised, “No roadmap. No Discord. No utility. CC0. Contract wasn’t actually written by goblins.” The other sentence that stands out from Goblintown’s website is: “Don’t be f*cking greedy. That’s how we got ourselves here.” This suggests that the collection serves as a commentary on the NFT market and culture. And that’s not the only clue pointing that way. 

On the slightly negative side, the royalties are a whopping 10% and the creators set aside 1000 NFTs for their other projects’ holders. Considering Goblintown was a free mint, those two factors don’t seem that bad. So far, the main collection has generated 43.9K ETH in total sale volume and has a 3.1 ETH floor price at Opensea. For a moment there, Goblintown was so hot that it flipped the almighty Bored Ape Yacht Club and became the highest-selling collection for a day or two. 

The Mystery Of Goblintown’s Creators

At first, they thought it was notorious NFT artist Beeple. Then, that the infamous Yuga Labs was behind the project. For a time there, people even believed that the brain and voice behind “Beavis And Butthead” and “King of the Hill,” Mike Judge was Goblintown’s creator. And, since one of the Goblins kind of looks like Snoop Dogg, that rumor circulated too. It made sense because people still believe that Snoop is famed NFT collector Cozomo de’ Medici, even though that story proved to be false.

The only one that came forward and addressed the rumors was Beeple, who tweeted, “insane I have to say this, but I have not joined any shockingly low effort pump and dump projects that will remain nameless.” Later, as the Goblintown project proved its worth, the creator changed his tune and tweeted the piece “The rise and fall of Goblintown” together with the hashtag “#iamthefounder.”

However, Beeple was not the founder. Seeing Goblintown’s immense success, the mysterious creators had to doxx themselves. Just in time for the NFT NYC conference, they released a message in which they admitted that Truth Labs was behind the project. The company was behind the mildly successful NFT collections Illuminati Collective and The 187, and struck gold with their third outing.  

On Truth’s website they define themselves as:

“We are dedicated to sharing delightful blockchain mischief, exploring creatively, developing rich, fun worlds and experiences (both IRL and in the digital realm), and providing a platform for new voices and visions in this space.”

In a strange turn of events, as the creators doxxed themselves, Goblintown’s floor price fell from almost 5 ETH to a little over 3 ETH. 

ETH price chart for 07/16/2022 on Binance | Source: ETH/USD on TradingView.com
The Collection’s Iconography

The Goblintown name comes from The Hobbit, specifically from a J.R.R. Tolkien poem called “Down, Down, To Goblin Town.” That name also suggests that the collection serves as a commentary on the NFT market in the crypto winter. Are there other clues? Several. For example, one goblin like Dj and producer Steve Aoki, who’s a notorious NFT collector. Another one wears a t-shirt that says “Phunks, Zunks, Tendies, Azuki,” a clear reference to Azuki’s creator and all of his rugged previous projects.

Yet another one of the traits is a reference to the infamous Mike Novogratz’s Luna tattoo, and thus a commentary on Terra’s collapse. 

And, what about this image that references a lot of blue chip NFT projects and is titled “Up, Up, To Goblintown.” 

And well, speaking about Steve Aoki, he was the Dj at Goblintown’s highly coveted NFT NYC party. There, he premiered the horrible NFT song “Piss On the Dance Floor (Goblintown Anthem).“ You can still buy it at a reasonable price here. And, speaking about NFT NYC, for better or worse, Goblintown managed to be the center of attention throughout the whole conference. 

What a story.

Featured Image: Screenshot from their site | Charts by TradingView

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Snoop Dogg Joins The Bored Ape Yacht Club And The Sandbox. Read All About It

It’s official, Snoop Dogg joined the apes. The rap superstar and all-around businessman made a substantial NFT investment and is now showing a Bored Ape as his avatar on Twitter. Not only that, Snoop Dogg bought a full set, a Bored Ape, an M1 and an M2 Mutant, and their correspondent Bored Ape Kennel Club. They all match with each other and tend towards pink fur. 

Related Reading | A Bored Ape NFT Sold For 0.75ETH By Mistake. Another Sold For 347ETH, But Wait…

In the announcement tweet, Snoop Dogg claimed: “When I APE in I APE all the way in!!,” and he wasn’t lying. This buy puts him among the top celebrity NFT collectors. At least the ones who are public about their buys. 

When I APE in I APE all the way in!! pic.twitter.com/3XB3Jo5Fb6

— Snoop Dogg (@SnoopDogg) December 21, 2021

How Did Snoop Dogg Get Into The Bored Ape Yacht Club?

It all came from a deleted tweet. What did it say? We wouldn’t know. However, NFT strategist Just1n.eth brought another rapper into the conversation. “He needs to link up with Waka Flocka to talk about the NFT collection that he should be looking into!” And Waka Flocka went straight to the BAYC. “Uncle Snoop you need a Ape mane!!! Join the yacht club.” This was Snoop Dogg’s answer:

So who sendn that ape. My shit better have all gold everything.

— Snoop Dogg (@SnoopDogg) June 25, 2021

This was in June. Which shows how much of a patient businessman Snoop is.

Snoopverse In The Sandbox

Snoop Dogg is launching himself into NFTs with two feet. A couple of weeks ago, the superstar rapper announced a partnership with The Sandbox metaverse. There, he will have his own piece of the virtual world. There will be Snoop avatars and other Snoop-inspired NFTs for sale. And he will even perform live, and event that’s already selling early access passes for. 

Early peak of the @SnoopDogg Avatars! https://t.co/ckEOApZwL6 pic.twitter.com/l8gYQVASFc

— Snoop Dogg (@SnoopDogg) December 11, 2021

Not only that, the rap star even made a song about the whole ordeal.

And if you look closely, there are Bored Ape Yacht Club pieces on the walls in Snoop Dogg’s virtual mansion. Did he buy the set of apes to decorate his house? Maybe he did.

SAND price chart on Kraken | Source: SAND/USD on TradingView.com
But Wait… Wasn’t Cozomo De’ Medici An Alias For Snoop Dogg?

Notorious NFT collector Cozomo De’ Medici once did a publicity stunt that seemed to suggest that he was Snoop Dogg. However, since then, the prevailing sentiment is that he isn’t. Artnet’s .pdf mag about NFT culture, Artnet NFT 30, broke down the story:

“Is Cozomo really Snoop Dogg? That was the rumor that swept the internet after the collector announced that a celebrity would reveal Cozomo’s true identity (with the first to spot the announcement winning 1 ETH), only for Snoop Dogg’s official account to tweet shortly thereafter, “I am @CozomoMedici.” The frenzy of investigations that followed, however, cast doubt on the link, pointing to a selfie that Cozomo posted from Lake Como with the musician Jason Derulo that obscured their face but not their short, Caucasian body.”

Related Reading | Will NFTs Kill Traditional Art? Famed Collector Cozomo de’ Medici Makes The Case

If Snoop was Cozomo, he would be the biggest celebrity NFT collector without a doubt. But he isn’t. Or is he? Following Snoop Dogg’s BAYC announcement, Cozomo tweeted:

Oh and btw 😉 https://t.co/zn2ajWZFS4

— Cozomo de’ Medici (@CozomoMedici) December 22, 2021

What does that mean? You be the judge of that. 

Featured Image: Snoop Dogg on The Sandbox title screen | Charts by TradingView

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Will NFTs Kill Traditional Art? Famed Collector Cozomo de’ Medici Makes The Case

Digital magazine and gallery Artnet gave Cozomo de’ Medici the keys to the castle. The notorious NFT collector took over their very popular Twitter account to raise hell. Cozomo de’ Medici’s thesis is that “the internet killed the yellow pages. Netflix killed Blockbuster,” and NFTs will replace traditional art. A bold prediction, we know, but let’s give the pseudonymous collector the benefit of the doubt and explore his thread.

Related Reading | DAO To Make Jodorowsky’s Dune Manuscript Public: Member Won $3M Bid

The story starts with Artnet NFT 30. A list of the 30 most influential people in the NFT world. Of course, Cozomo de’ Medici was one of them. As a publicity stunt, Artnet gave Cozomo control of their Twitter. “And starting now, I will be taking over the ARTNET Twitter! I warned them I may be controversial ;),” de’ Medici said. And then, “Ok frens, so I dropped a bit of a bomb over on the Artnet twitter account. They had NO idea I was going to do this!”

Ok frens, so I dropped a bit of a bomb over on the @artnet twitter account.

They had NO idea I was going to do this! 😂

Read this below and please share the ArtNet post! (not this post).

Let's let the world know that WE are the digital revolution 🍷⚔https://t.co/yP9wjmiTmB

— Cozomo de’ Medici (@CozomoMedici) December 15, 2021

Besides NFT recommendations and commentary, Cozomo de’ Medici made a name for himself on Twitter by making outrageous statements. One of them is, “Crypto billionaires will flip traditional billionaires. NFTs will flip traditional art.” Let’s explore that idea.

BTC price chart on Bitbay | Source: BTC/USD on TradingView.com
NFTs Will Kill Traditional Art, According To Cozomo de’ Medici

The notorious NFT collector begins by comparing the NFT revolution to the advent of Reality TV. “For almost 100 years, the studios decided which actors would be lucky or talented enough to become stars. But then in the 2000’s, everything changed. The cameras turned from focusing on actors, to every day people. With Reality TV, soon it wasn’t a trained actor who was getting famous, but your classmate, co-worker, or next door neighbor. ”

4/ Now, someone like @MrBeast could build a more sizable, much more engaged following than the biggest tv or film star@guyraz could have more daily listens than the biggest radio stations

And those who used both social & reality tv, like Rogan & the Kardashians, built empires

— Artnet (@artnet) December 15, 2021

Ok, so far so good.

Then, Cozomo turns to art. For centuries, “kings, queens, and noble folk decided which art was relevant.“ Then, the tide shifted, “in the Victorian era of the 1800s, galleries, museums, and collectors began to move markets.” The problem here was that the public had zero access to these artists. By the time they learned “about Warhol or Basqiat, their work has become expensive, the best pieces gobbled up by known collectors and market makers.”

9/ And this is not just in the major markets – London, Paris, NYC – but globally.

I was recently chatting with a man who grew up in Morocco. As he described it, in Morocco there are 5 dealers who make up the "art mafia".

If an artist gets on the bad side of one, they are done.

— Artnet (@artnet) December 15, 2021

Enter NFTs. “No museums. No galleries, other than the marketplaces, and the galleries made by collectors themselves.” A heap of now well-known artists came out of this change of paradigm. But that’s not all, “any artist, from any where in the world, with no invitation, can mint a drop.” Also, the power shifted to the consumer. “YOU can decide which artists will define this generation.“

17/ Not by getting a museum show – but by producing great art, and cultivating a community using digital tools, like twitter and discord.

Now, you may be wondering… is there real size, and real provenance to be achieved this way?

— Artnet (@artnet) December 15, 2021

You’re In Control Of The New Art Elite

Then, Cozomo de’ Medici shouts out two artists. Who, of course, are part of Artnet NFT 30 as well.

19/ Or the previously mentioned @XCOPYART, a CryptoArt "OG" who has been minting art on chain perhaps as early as 2016…

And has had individual works sell for $3m, $4m, $6m, and $7m… all in the last 3 months. pic.twitter.com/zCdoXFXbTr

— Artnet (@artnet) December 15, 2021

Photographer Justin Aversano and Digital artist Xcopy. Who, of course, are a big part of Cozomo de’ Medici’s collection.

To finish, de’ Medici goes all in. “We are the market makers now. We create our own museums. We decide which art defines this generation. We are the digital renaissance.”

We r the digital renaissance ! @CozomoMedici https://t.co/zUz1EdkOEO

— Snoop Dogg (@SnoopDogg) December 16, 2021

The reactions have been mixed. Some people don’t buy it, some people think Cozomo de’ Medici is a genius. In what camp are you? Are you convinced or nah? Is Cozomo exaggerating for effect? Or does he or she really believe that? Is Cozomo ahead of his or her time or clinically insane? And, more importantly…

Who’s Cozomo de’ Medici?

No, he’s not Snoop Dogg. That was a publicity stunt that worked too well and even journalists still believe.

Love this. I was interviewed earlier today and asked if crypto is going mainstream. My answer was yes, and one of my supporting points was that Snoop Dogg had an anon NFT Twitter account. And now he drops one of the most insightful tweet threads on the future of NFTs. Must-read: https://t.co/ywNVaxpBN7

— Laura Shin (@laurashin) December 16, 2021

To answer the title’s question, let’s quote the publication that started this whole mess. In Artnet NFT 30, they introduce him as follows:

“Ever since the mysterious collector behind this Twitter handle emerged on the scene in August, they’ve captivated the cryptorati with a combination of gnomic utterances and sage NFT investment advice, all packaged under a playful identity claiming a parallel between the famous patronage of Renaissance Florence’s Medici family (albeit with a tweaked spelling seemingly borrowed from Seinfeld’s Kramer) and Cozomo’s own pursuits in the digital art world today.”

Related Reading | Christie’s Will Auction Original Art From Gary Vee ‘s Veefriends NFT Collection

And about his collection, a huge part of this story, Artnet says:

“With astonishing speed, Cozomo acquired a collection of Art Blocks and CryptoPunks alongside NFTs by Justin Aversano, Tom Sachs, and a host of other artists. He now owns hundreds of artworks, including coveted examples that the crypto community calls “holy grails,” that are together valued in the tens of millions of dollars— including what he calls a “grail of grails,” XCOPY’s Right-click and Save As guy,”

The estimation is that his whole collection is worth $17M approximately. Take that for what it’s worth.

Featured Image from Cozomo de’ Medici’s Twitter page | Charts by TradingView