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LAGOS (CoinChapter.com) — Despite the bearish season recorded across the nonfungible token space, a new free-to-mint NFT collection Art Gobblers, has seen a massive uptick in its trading volume in the last 24 hours.
In detail, Art Gobblers is the NFT project of Rick & Morty co-creator Justin Roiland and Web3 company Paradigm. The NFT project, in the first hours of its launch, rose significantly, surpassing popular collections like Bored Ape on OpeanSea.
Data from OpenSea indicated that Art Gobblers ETH trading volume rose enormously in the last 24 hours to 8595 (almost $14 million). The numbers are remarkable because the NFT collection only began minting on Oct. 31, and it has already more than tripled the volume of Bored Ape and CryptoPunk.
NFTStatistics also pointed out that the collection, in less than 60 minutes of its existence, was among the top 10 NFT projects for total ETH volume in October. NFT aggregator Cryptoslam also indicated that the collection has already generated over $26 million in secondary sales.
The collection’s floor price is 12 ETH at the time of publication. The NFT project also already boasts more than 1,000 owners in 48 hours.
What is Art Gobblers NFT?
Art Gobblers is the newest addition to the NFT ecosystem. It was launched on unique ideas which have been credited for its instant success. According to the project’s whitepaper, it aims to create a self-sustaining NFT mini ecosystem capable of thriving independently.
“Art Gobblers are called Art Gobblers because they gobble art. In particular, they eat art that artists draw using our draw tool and turn into 1/1 NFTs using in-game resources. All the artworks a Gobbler eats belong to it on-chain and are displayed in its belly gallery forever.”
The whitepaper stated.
Additionally, the gobble arts are ERC721 tokens that belong to artists who create them and can be transferred or sold. Finally, the project noted that the Gobbler NFTs also produce Goo tokens, used to make the blank pages required to create the art they consume.
Consequently, the more Goo a Gobbler has in its “tank,” the more art it can create. The Goo, according to the whitepaper, is designed to grow without end. Notably, this ensures that the ecosystem can not be balanced by giving NFTs fixed prices in Goo.
Additionally, the Paradigm team announced a VRGDA, a Gradual Dutch Auction that adjusts prices over time. Notably, this mechanism raises the price when sales are frequent and lowers them when sales lag.
Furthermore, Gobblers already launched 1,700 NFTs that could be minted for free by anyone who was added to an approved allowlist. Also, another 300 NFTs have been reserved for the project creators and contributors.
Additionally, 8,000 more Gobblers have been earmarked to be released over the next ten years using VRGDA.
Criticism, Backlash Trails Goobler Launch
Despite the impressive feat achieved by the crypto project within hours of its launch, several crypto community members have criticized the collection over the selection of people on its whitelist.
Crypto Twitter accused the NFT project of playing favorites towards prominent NFT influencers and content creators. They posited that influencers with a large audience were being given preferential treatment to boost the project’s popularity.
Calls for NFT influencers to disclose when they were given an allowlist spot for the project have grown. Popular influencers, including Rug Radio co-founder Farokh Sarmad, Fxnction, Andrew Wang, and Zeneca, amongst others, have been called out.
“The NFT world is very entertaining. NFT influencers who chided founders for arguing against 0% royalties are now asking people if they (the influencers) are expected to “work for free.” As they get challenged on making $20k on the Art Gobblers mint. Oh the irony.”
Pons Asinorum, founder of the Plague NFT said.
“Some of these ppl hosted spaces and were compensated for their time. the WL was heavily curated for artists and collectors. they’ve been out there for a while but not many people were listening.”
Another aggrieved user stated.
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