Cryptocurrency That Was Worth $3 Million – Why Are Art Gobblers Crazy?

A slightly unusual number – Every week, new projects NFT throw themselves In most cases, success is mixed. However, here and there several projects stand out and are showing great enthusiasm. This was the case with the project recently Gobblers Artlaunched by the co-creator of “Rick and Morty” and the company Paradigm.

Gobble Art: the new NFT trend

Justin Roiland is the co-creator of the anime series “Rick and Morty”. In January 2021, he entered the NFT sphere through the sale of several works in the form of NFT. One of the works named “The First Rick and Morty Crypto Art” had been sold at auction for $150,000.

He then quickly turned to his second NFT project. Indeed, in February 2022, the project’s Twitter account Gobblers Art it is created. We had to wait until July 1st to see the first release of the project. For information, this project comes from a PARTNERSHIP between Justin Roiland and the company Paradigm.

This NFT project aims to create a “autonomous ecosystem of artistic creation thanks to financial incentives”. This ecosystem has two types of arguments:

  • of GOO land allowing artists to create NFTs through the creation tool developed by Paradigm;
  • of NFT Gobblers which are generated in exchange for GOO tokens.
Art Gobblers Ecosystem Representation – Source: Block

NFTs were revealed on October 31st, and they quickly became all over OpenSea and the new Blur platform. In more detail, the collection records a total volume of 8,981 ETH, more 14 million dollars. NFTs currently present a floor price of 14.7 ETH.

>> Not enough ETH for these expensive NFTs? Let yourself be tempted by 8% FTX Earn (commercial link) <

Community project or money machine?

In the face of enthusiasm for this project, many Internet users have asked to conduct further research. This was especially the case with ours Konohmy national, who was able to bring together different sources to enable us to analyze the launch of this project as factually as possible.

Creating a healthy community

Initially, the project was presented as 100% community. Indeed, on September 15th, Art Gobblers had published a thread introducing the community aspect.

Thread posted by Art Gobblers.
Thread posted by Art Gobblers – Source: I tweet

Also, this thread was too opportunity to recruit artists, maintainers and builders to support the project and the growth of the thriving community.

“We’ve been building our community of artists, collectors and builders since May. We started by selecting an initial group of people we admired for their contribution to crypto-art. This group then nominated other deserving people, who nominated other people, and so on. »

Publication of Gobblers Art

Shifting and darkening throughout mint

Unfortunately, these apparently strong foundations were quickly shaken when the project was released. Evidence: Internet users such as @Pons_ETHHAVE discovered of mint reality. In fact, it seems that some crypto indicators have had access to the project mind through a permission list.

Beyond permission list WHO it lacks a lot of transparencythe choice of influencers who were able to access the project was not to everyone’s taste.

Free mint screenshot from some influencers.
Free mint screenshot of some influencers

GOO: absolute ponzi?

Then, some questions were raised about GOO land. As previously introduced, this allows you to create new NFTs.

In parallel, the sign can also be decided in the module “art factory” to generate more GOO tokens. In addition, holders of an Art Gobblers NFT are awarded one multiplier when set of their GOOs, generating even more tokens.

Unfortunately, the project may be headed for a high centralization. Indeed, although NFT Art Gobblers are quite decentralized with 80% of holders having only one copy in their possession, centralization will be felt in the GOO token.

As we have seen, holders of an NFT in the collection have a multiplier when placed. However, non-NFT holders have little incentive to hold GOO. As explained Dave White on Twitter:

Collecting GOO without owning a Gobbler is a bad strategy because everyone will produce GOO and your share of the total GOO pool will quickly be reduced to nothing. »

Comparing the GOO generation with or without Gobblers.
Comparing the GOO generation with or without Gobblers

In reality, this mechanism inspires many Internet users in a situation of massive dump of the first members projects for newcomers who wish to participate. Despite the widespread enthusiasm around the project, it may be prudent to avoid FOMO in order not to end up in liquid exit.

$3 million for a sign crashed into the ground?

If you were interested in the project, you have potentially come across the staggering price of the GOO token. More precisely, on the CoinGecko reference page, it appears at the modest price of $3 million per token. A staggering price that could make more than one crypto holder spin.

Wrong Price GOO - Source: Coingecko.
Wrong GOO Price – Source: CoinGecko

However, this price is not real and it is none other than the fruit of one lack of cash on Uniswap. Actually, when you take a closer look, GOO is only tradable on Uniswap through 3 pools:

  • 1 ETH/GOO pool;
  • 2 pools USDC/GOO.
The three pools of GOO on Uniswap.
The three GOO pools on Uniswap

At the end of the day, the price is distorted due to the second group USDC/GOO which presents a price of $3,034,000. A staggering price caused by the lack of liquidity in the pool. In practice, there are less than 0.001 ETH deposited.

Art Gobblers token price would be overused.  It is evidenced by the low liquidity of the GOO/USDC group.
GOO/USDC Pool Cash

The price is the result of a calculation made on the cash present in both assets.

At the same time, the NFT ecosystem is witnessing a battle of titans. Indeed, a new NFT exchange platform, Blur is aggressively vampirizing market share against giant OpenSea.

Does this new collection of NFTs leave you confused? A crystal clear performance offering is now available. Register now on FTX and enjoy 8% interest on your cryptocurrencies (trade link, see terms on official website).

Leave a Comment