Token the piss? Goblintown trolls NFT marketplaces; Illuvitar sells for $45k USD; Canon joins NFT fray
There’s plenty going on in crypto this week, and that includes the frothy NFT sub-sector. Making news: Goblintown-related controversy; plans for a Canon NFT marketplace; and a hefty Illuvium “Illuvitar” sale.
NFTs in the toilet-humour-tastic Goblintown.wtf collection have all, temporarily, had their original artworks removed and changed to an animated image of a giant bird-flipping hand that’s also holding up three additional middle fingers, surrounded by some expletive-filled messaging/whinging. Suddenly, and without prior warning.
WTF indeed. Here, this is what we mean…
We are upgrading the contracts for all ERC-721’s in the Truth ecosystem. pic.twitter.com/WJufX5CNTh
— Truth Labs (@truth) April 11, 2023
In what’s clearly a sarcastic tone, all of the 10,000 Goblintown NFTs currently read:
Truth Labs, the founders of Goblintown and other related NFT projects, are not happy with changes from major NFT marketplaces regarding royalty payments for creators of NFTs.
And that’s pretty understandable given that top NFT marketplaces Blur and OpenSea have recently decided to enforce just a mere 0.5% creator royalty fee for many/most projects. These are the fees NFT creators receive for the on-selling of their NFTs on secondary marketplaces.
It’s a little more complicated than that for Blur, however, which, as reported by Decrypt, has pretty much declared NFT marketplace war by offering full creator royalties for NFT collections that block trading on OpenSea.
NFT creator royalties have tended to range between about 5% to 10% of the sale price – a potentially very handy earner for NFT artists and project founders.
A bit late on the GoblinTown drama, but it seems like people are now just realizing that most NFT metadata can in fact be changed at any time.
The metadata is controlled by a string that the contract owner can change at any time. Here's the txn that changed the GoblinTown data: pic.twitter.com/VW76sjRYKg
— cygaar (@0xCygaar) April 14, 2023
The reason, by the way, for the temporary change to the goblin NFTs is to give Truth Labs time to alter the assets’ smart contracts to help enable creator discretion on royalties. New versions of the NFTs with their original goblin artworks are due to be dropped to holders by the end of this weekend.
While Truth Labs have called out the NFT marketplaces for a “slow rug”, some of the project’s holders aren’t so happy with Truth Labs themselves – largely for making a call on smart-contract alteration without consulting the Goblintown community of holders.
By the way, if you want to learn a bit more about what Goblintown actually is and how it came about, nft now has an excellent write-up on the project here.
• An Illuvium: Beyond player has struck the jackpot by unveiling a coveted Illuvitar NFT in a “D1SK” pack, selling it on for a whopping US$45k, per official Illuvium sources. (It’s slightly more, though, according to the Illuvitars bot tweet below).
Said NFT is a “Holo Blazing Rhamphyre” – a rare asset in the Illuvitars collection, which consist of more than 150 NFTs based on Illuvium’s in-game Illuvials characters.
Is this another sign of frothy excitement returning to crypto and the NFT market more specifically? We’ll field that one… and we say unequivocally, absolutely yes.
The lucky buyer/seller/flipper found the Illuvitar NFT inside a D1SK – a type of digital loot box that contains random Illuvitars and accessories. And you can buy those for only about only US$32. This translates to a profit of oh, only about 140,525%.
Not a bad fraction of a day’s work, really.
🚨🚨🚨 Holo Blazing Rhamphyre 230959 sold for 25.9875 ETH (~$48379.63)
🦘 Line: Pterodactyl
✨ Tier: 5
⚡ Total Power: 3620/9999
— Illuvitars Bot (@Illuvitarsbot) April 10, 2023
• Canon USA, the American division of the global camera and photographic imaging titan, has announced it will be launching an Ethereum NFT marketplace later this year concentrating on NFT-enabled photography.
Dubbed Cadabra, and being previewed at this week’s NFT NYC conference, it will be a curated marketplace for tokenised photos across various categories, including wildlife, sports, lifestyle and landscapes.
Canon is getting into NFTs by launching its own marketplace. https://t.co/sedztB10ki
— PetaPixel (@petapixel) April 13, 2023