New Dapps Report: Goblin Town – Defying Tradition and the Bear Market

New Dapps Report Goblin Town
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Goblin Town has joined the ranks of major NFT collections in two weeks, defying the odds of a Bear Market.

In the June 2022 edition of DappRadar’s New Dapps Report, we look at popular and interesting NFT collections, and this time we cover Goblin Town. The New Dapps Report serves as a deep analysis of financial metrics for NFT collections. 

This New Dapps Report is part of a series of executive reports that provide readers with a high-level perspective of promising, generative NFT collections. The report focuses on financial metrics, including sales activity and price analysis, and distribution metrics like Unique Holders Ratio and Whale Concentration Index. It additionally dives into whales’ behavioral patterns and social and technical overviews. 

Goblin Town is a collection of 10,000 NFTs released on May 19th. The collection has flipped the script on standard NFT practices and does almost everything backwards. The most notable unusual methods implemented by this project include an anonymous team, no Discord server, a free mint, and incoherent screeching during the first community call.

Ironically this proved to be the winning formula as it is the number one most selling collection in the last seven days with over $33 million in sales. 

Please do not consider this document as financial advice. 

Data updated on: June 9th, 2022

Table of Contents

Key Takeaways

  • Goblin Town is the number one most traded collection in the last seven days with a volume of $33,3 million.
  • The floor price has appreciated by 4,568% since the mint, surpassing 5 ETH at the time of this writing.
Goblin Town NFT stats
Source: DappRadar

Goblin Town  – Strong Performance 

Blockchain: Ethereum

Launch date: May 19, 2022

Edition size: 10,000 – Limited Edition

Traits: 10

Attributes:  193

Floor price: 5.35 ETH

Sales Volume Average Price
Source: DappRadar

Goblin Town generated $33 million over the last seven days, nearly 50% of the total sales for the collection. The total trading volume is over $67 million, making Goblin Town the fifth most traded collection in the last two weeks, edging out collections like CloneX, Doodles, and Moonbirds. Although the mint was free, the average sale price during the day of the mint was 0.11 ETH.

The current floor price of 5.35 ETH at the time of writing has appreciated by 4,568%, while the average price appreciated by 5,659%. Goblin Town outperforms many successful collections that we covered recently, such as Beanz from Azuki, Murakami Flowers, and Cyberbrokers. These had floor price growth of 42.5%, 3,696%, and 620%, while their seven-day volumes were $10, $18, and $3 million respectively.   

Most collections usually experience massive trading spikes during the first couple of days, followed by a sharp falloff. Goblin Town follows a different pattern where the daily trading volume swings back and forth showing overall growth. The most intensive trading day was June 1st, exactly more than a week after the initial mint, unlike most collections, which usually have their biggest days on the day of the mint. 

There are still 1,000 Goblins held in reserve, to be released at a later date. This indicates potential for more vigorous trading activity soon because usually, the rarest ones are held in reserve.

Added Utility – No utility

The team behind Goblin Town claims there is no roadmap and no utility associated with the project other than the art itself which adds to the bizarre element of this collection. 

On the official website, there is a subsection called Goblin Town burger where users can connect their wallet design their goblin burger and mint it for free provided they own a goblin. 

As of now, these burgers have no utility but there was an interesting sister website launched called This website lists the team with their respective Twitter handles and hints at greater plans in the future. There is a mention of a roadmap and a teaser pointing that ‘’sumtinn delishus wuz brewin’’(sic). However, nothing is specified. 

Social Awareness and Engagement 

Source: DappRadar

Goblin Town continues to defy tradition. It has no Discord server for people to congregate around the project. Their Twitter went live in May 2022 and currently has 69,689 followers

The account experienced 100% of its total growth in the last 30 days, gaining an average of 2,085 new followers per day. This is a strong indicator of growth and increasing demand for the collection.

On a side note, there have been unsubstantiated rumors on Twitter that this collection is a secret project of Yuga Labs ( of the Bored Apes fame) which continue to drive speculation and interest in the collection. 

Goblin Town Burger Joint

The Goblin Town team has not made themselves public and their identities remain a mystery to everyone. The team members are only known by their Twitter accounts most of which are less than a few months old.  Creators are self-aware of this fact and make light of it on the official page. 

The leads of the project are Garf and Urki.  The sister website lists the team of goblins tending the Goblin Town burger joint.  The management team consists of @crypto4nft@aforafro@waterdeepeth@MrMcgoblin@inetdave and @Wire_lyss. While members @TheChainGamer, @DadMod_xyz, and @DremeKrispy are not listed with a specific role.

Traditionally this lack of transparency would concern most investors; however, the community has decided to embrace this aspect of the collection. As mentioned above, some speculate that either Yuga Labs or Gary Vee are behind the project, but this has not yet been confirmed. 

Whale Wallet Analysis

Goblin Town currently has a Unique Holders Ratio of 46%, indicating a relatively concentrated collection. A lower ratio indicates higher susceptibility to sudden price changes. At 3.3%, its whale concentration is very low. A higher whale concentration suggests an increased risk of price manipulation by prominent collection holders. 

One notable whale, 761.eth is among the top five holders. They hold 55 Goblins or 0.5501% of the total collection. The low involvement of remarkable whales indicates that the collection is at low risk of price manipulation. Their absence also sometimes shows a reduced financial attractiveness of the collection. Potential buyers are always advised to exercise due diligence. 

Technical Overview

Like most NFT projects, Goblin Town stores its metadata using IPFS rather than fully on-chain. This type of storage is common among NFTs since storing images fully on-chain would be too data-heavy.  Although there are no known technical issues reported about the project, it is always advisable to exercise caution, especially due to the lack of transparency of the development team. It can be difficult to gauge the team’s expertise in running these projects and their intentions. 

  • Audit status: no audits performed yet
  • Storage: NFTs are stored as ERC-721 tokens on the Ethereum blockchain, and visuals live on IPFS for immutable ownership.


Goblin Town is a contradiction by its sheer existence. According to established practices, it’s a collection that should not succeed, yet it follows none of the traditional conventions and thrives in a market full of headwinds. In the last seven days, the collection has accrued a weekly trade volume of over $33 million and has a total volume of over $67 million. At the time of writing, it is the most traded collection in the last week and the fifth most traded in the previous two weeks. It also has a very significant floor price appreciation of 4,568% 

The collection lacks many features associated with traditionally successful NFT projects despite the successful financial stats. Although it does have a significant following on Twitter, it does not have a Discord channel to create a community around the project. 

Moreover, the project displays that it has no roadmap and no utility (besides the PFPS) on its official page. As such, it’s challenging to ascertain whether the collection has any long-term staying power as a project. 

On Twitter, many have speculated that the collection is a secret side project of Yuga Labs or potentially the latest Gary Vee undertaking. These rumors have not been substantiated but continue to drive the interest of the NFT community.  

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