What is Art Gobblers? How it works? Why does it sweep the NFT market?
Successfully launched on October 31 and skyrocketed above 17 million in trading volume on the Opensea, Art Gobblers NFT is on wonder one of the most talked about new projects that sweep the NFT community. It is actually a somewhat confusing project to grasp.
In this post we will try to demystify the project, covering:
- What exactly is Art GobblersNFT?
- Why are the whole NFT peopletalking about it?
- Four Core Componentsof Art Gobblers, and most importantly, how it works.
Hope this will help you to understand this popular NFT better and decide whether to participate in it or not. Let’s start it.
First, what exactly is Art Gobblers?
Art Gobblers is an “experimental decentralized art factory” created by Rick & Morty co-creator Justin Roiland and Web3 firm Paradigm.
The project aims to create “a self-sustaining ecosystem centered around creating and collecting the coolest art in the universe.” That quote from the project’s website helps to summarize the project, which is expanded upon in the project’s whitepaper.
The best analogy is that Art Gobblers is part PFP, part art project, and part game – with tokenomics and an ongoing auction mechanism. It has similar features to projects like Nouns (ongoing auctions) and QQL (community curation).
One thing to note is that the project does not have a roadmap; it is launching as a completed project, left for the community to define how it will evolve.
Ultimately, the founders are trying to create a flywheel effect with the project, with artists making cool art in the ecosystem, increasing the cultural relevance of Art Gobblers and thus driving more attention to artists who are inspired to make cooler, better art.
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What makes the NFT community so excited about Art Gobblers?
Art Gobblers initially caught the attention of the NFT community because of the team behind the project. The Art Gobblers’ art is from the Rick and Morty creator Justin Roiland, who has a large cult following. Roiland has previously dropped NFTs on Nifty Gateway, multiples of which sold for over $100,000.
And now the NFT project proved to be extremely successful, claiming top in the trading volume on the Opensea, which is selling like crazy. So it is no doubt attracting more and more NFT enthusiasts.
Art Gobblers is also being backed by crypto/web3 investment firm Paradigm, and any time NFT people see VC money, they get excited. Paradigm research partners also wrote the whitepaper and designed much of the tokenomics and project mechanisms.
From there, traditional NFT “influencers” have gotten behind it, expanding the reach of the project in the past week.
Chatter is now growing as allowlist spots are already receiving OTC (over-the-counter) offers for 3+ ETH, even though the project is a free mint.
Four major parts of Art Gobblers project – how it works？
The project includes four major components:
- Gobblers: the creative characters that”gobble” art
- Goo: the native token, obtainedby Gobblers
- Art: central focus, created on blank pages
- Blank pages: canvases on whichart can be created
Let’s take a close look at how Art Gobblers ecosystem works with these four major components.
Gobblers – characters of the ecosystem
Gobblers are the animated PFP characters of this ecosystem, with free minting and a variable amount will be posted daily using a variable auction (VRGDA) until 10,000 Gobblers exist (all priced in $GOO).
Gobblers emit Goo, and can “gobble” art to store it in the Gobbler’s belly, or gallery.
In addition to the Gobblers minting, there will be ten Legendary Gobblers. The ten Legendary Gobblers will be auctioned starting at a price of 69 Gobblers, and each successive Legendary Gobbler’s auction will begin at twice the price of the previous sale.
Goo – the native token
Created by Gobblers, Goo is the native token needed to create new Blank Pages, and thus art. The token is also used to create new Gobblers.
The tokenomics of Art Gobblers is complex, and anyone interested in delving into it should check out the whitepaper for exact details. But in short, the prices for Blank Pages and Gobblers will change over time using a “Variable Rate Gradual Dutch Auction,” which adjusts pricing based on the supply of Goo.
Art – core focus
Art is the central focus of the NFT project, and the desire of artists to create art within the Art Gobblers’ ecosystem will play a key role in its success.
This is where the flywheel effect will become very important. If the cultural relevance and early community attract good artists, then demand will increase, artists will be motivated to create more and better art, and the wheel will take flight.
Early on, some popular artists have submitted some really cool art to start the flywheel with a positive attitude.
Blank Pages – canvases for art
Blank Pages enables artists to mint 1/1 drawings into the ecosystem through a process called “glamination.” This art NFT will then belong to the artist who created it.
The team describes the creation of art on Blank Pages as the main point of the entire ecosystem. As more art is created, the team expects the blank pages to become rare, scarce and valuable over time.
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The demand for the project has exceeded expectations and it is the main focus of the NFT Twitter today. While it is a very innovative new project model …… there is still some unanswered questions to be seen.
- Will artistsparticipate in this ecosystem and create great art for it?
- If the bear market continues, will the market be able to absorb the continued increase in supply over the next few months?
Well, one thing is for certain – many people are and will be watching.
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