Art Gobblers NFT Tops on Opensea with $15M Raised in Just 2 hrs

Art Gobblers NFT is a new collection created by ‘Rick and Morty’ co-creator Justin Roiland, which pops up and starts selling like crazy on Opensea, with $15 million raised hours after mint.

 

It might be a bear season for the entire crypto market, but new non-fungible token (NFT) projects can still gain major traction and make buzzy noise. This is best evidenced by Monday’s release of ‘Art Gobblers,’ an new NFT collection that was created by crypto investment firm Paradigm alongside ‘Rick and Morty’ co-creator Justin Roiland.

 

The Art Gobblers NFT collection, which was free to mint, has so far seen over 9,600 ETH (around $15 million) in trade volume since minting hours ago on Monday night, according to data from new NFT marketplace Blur.

 

Art Gobblers’ stated goal is to create a “decentralized art ecosystem” using a combination of NFTs, a GOO token with unique complex tokenomics and community collaboration.

 

How does Art Gobblers NFT work? And what makes investors so excited?

Each of the collection’s 2,000 NFTs are meant to function as own on-chain, transferrable art galleries. Owners of the NFTs can “digest” artwork created on the project’s website to add to their “art bellies,” which become curated collections that are also transferable.

 

Art can be minted using an ERC-20 token called GOO, which is earned by holding Gobblers. The tokenomics get a bit complex – after earning GOO, holders can create “Pages,” which are NFTs that act as blank canvases to either digest, trade or “glaminate” with custom artwork.

 

The art reveal for the NFTs is slated for Tuesday, but holders and non-holders can create off-chain art on the project’s website as a preview of what’s to come.

 

At the time of writing, the collection has an impressive floor price of 11 ETH (~$17,000) based on aggregated data from Blur’s NFT marketplace. The royalty rate for the series is 6.9%, with just under half of buyers bypassing royalty fees by using optional royalty markets like Blur and X2Y2.

 

With less than a day of trading, Art Gobblers NFT has already cracked the top 10 in October sales, according to OpenSea.

 

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Discussion and debate on Twitter

Just as news of Art Gobblers’ success began to emerge, so did critiques of who made the project’s allow list for the free mint. NFT heavy-hitters like Farokh, Zeneca, Andrew Wang, and others received allow list spots for the project, causing some to speculate whether nepotism and collusion have influenced who does and does not get access to these coveted spots. Calls for influencers in the space to disclose when they’ve been given an allow list spot for promoting a project have grown increasingly strident due to the circumstances surrounding Art Gobblers’ emergence.

 

Innovations like this one inject much-needed creativity and activity into the NFT space in the midst of a bear market. Controversial or not, this is to be commended. It would be even more impressive if Art Gobblers could maintain its visibility and importance in Web3 for the long term.

 

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