Dec 2, 2024: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly Highlight — U.S. Economy Growth Driven by Improved Productivity

If U.S. economic growth is strong, why is the Federal Reserve considering interest rate cuts? This question was recently posed to Fed Chair Jerome Powell. Instead of focusing solely on the Fed's actions, we should explore the reasons behind the robust growth, and see how it can be sustained.

Real GDP is expected to exceed pre-pandemic levels for the second consecutive year. Typically, strong growth raises concerns about overheating, but inflation has actually fallen. Recent growth is largely due to increased productivity and a growing workforce, which are not inflationary and can help rebalance supply and demand.

A significant factor behind this success is the rise in labor productivity, averaging 2.3% over the past two years — faster than the four years before the pandemic. This uptick is linked to a surge in new business applications, especially in the tech sector, as the pandemic's economic shifts and relief measures lowered barriers to entrepreneurship, particularly benefiting underrepresented groups.

The boost in productivity also reflects workers moving to roles better suited to their skills, a trend accelerated by the 

. This mobility has been essential for productivity gains, as higher job turnover correlates with increased business dynamism.

However, sustaining higher productivity is a challenge. The Fed must avoid overly restricting the economy, as high interest rates can deter investment in technology. Additionally, a gradual cooling of the labor market, with declining job quits, is concerning.

For policymakers, monitoring labor market dynamics and business formation is crucial. If these indicators decline, productivity and growth could wane. The U.S. economy has made significant progress, and maintaining this momentum is essential.

Weekly Crypto Highlight — Sui Is Poised for Growth

Bybit has released the Sui ecosystem report, with its key takeaways below. (Read the full report 

: Sui has achieved impressive performance, processing over 297,000 transactions per second (TPS) while maintaining low latency. This positions it among the fastest blockchains available.

: In 2024, Sui's market capitalization skyrocketed over 1,000%, reaching $9.5 billion and reflecting strong investor confidence and growing adoption.

: The total value locked (TVL) in Sui’s DeFi ecosystem has surpassed $1.5 billion, ranking it 11th among major blockchain networks and highlighting its rapid growth in 

: The launch of the Grayscale Sui Trust has significantly increased institutional interest, resulting in an 89% price surge for the SUI token in Q3 2024, indicating its appeal to accredited investors.

: Sui is making strides in the gaming sector, introducing the SuiPlay0X1 handheld gaming device and various 

, enhancing user engagement and expanding its ecosystem.

Developed by Mysten Labs, Sui is a Layer 1 

 (PoS) blockchain launched on May 3, 2023. Its object-centric data model allows for parallel transaction processing, enhancing throughput and reducing latency. Its use of the Move programming language ensures resource safety through rigorous bytecode verification, mitigating common blockchain vulnerabilities.

: Partnerships with firms like Copper and Zero Hash strengthen Sui’s infrastructure and credibility in the financial sector, enhancing its offerings in digital asset custody and transaction facilitation.

: Sui’s DeFi sector is thriving, with leading protocols like 

 offering diverse financial services. In gaming, initiatives such as the SuiPlay0X1 device and various web3 projects bolster user engagement.

In summary, Sui is poised for continued growth, driven by technological innovations that are expanding its presence in both DeFi and gaming.

Advanced

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Weekly Institutional Insights: Sui Poised for Growth; U.S. Economy Driven by Productivity Growth

Chill Guy is a viral meme illustration that took social media by storm before a crypto project used the meme to launch a Solana-based token. Learn more here.

What started as a simple illustration of a laid-back dog has become a global meme sensation, with the cartoon character known as Chill Guy dominating both social media trends and cryptocurrency markets. Created by artist Phillip Banks in October 2023, the easygoing canine character sparked a viral movement that has attracted major brands worldwide.

This article follows Chill Guy’s transformation from a social media sensation to a cryptocurrency asset. We'll examine its viral beginnings, community growth, market impact and what potential investors can expect from CHILLGUY in the future.

 is a viral meme illustration by artist Phillip Banks, depicting a laid-back dog in casual clothes whose easygoing attitude took social media by storm before a crypto project used the meme to launch Just a Chill Guy as a Solana-based token.

What Does Just a Chill Guy Aim to Achieve?

The CHILLGUY meme coin aims to spread a "Why worry?" philosophy into cryptocurrency markets by embracing the laid-back, stress-free attitude that made the original meme go viral. The project transforms this easygoing vibe into a community-driven token, where being low-key isn't just a catchphrase — it's a shared mindset among holders.

The CHILLGUY community brings this philosophy to life by sharing endless variations of the CHILLGUY meme across social platforms. Through market swings and viral trends, CHILLGUY keeps his iconic pose: hands in pockets, subtle smirk, perpetually relaxed.

Just a Chill Guy (CHILLGUY) operates as a Solana Program Library (SPL) token on the 

 blockchain, leveraging the network's ultrafast speeds and low costs to ensure smooth trading. The token was created using Pump.fun, a specialized platform that lets users launch Solana-based tokens without any fees, removing traditional barriers to token creation.

CHILLGUY is a community takeover (CTO), meaning it's completely owned and directed by its token holders with no central team in control. This decentralized structure ensures the project stays true to its community-driven nature, its holders collectively guiding its future while embodying the laid-back spirit of the original meme.

The CHILLGUY token launched with a maximum supply of 1 billion tokens, of which 999,965,435 are currently in circulation. This near-complete distribution of tokens to the market supports active trading and community participation.

What makes CHILLGUY's tokenomics particularly notable is its widespread distribution across more than 142,000 unique holders (as of Nov 27, 2024), achieved in just 12 days. This rapid expansion of its holder base demonstrates strong community adoption and aligns with the project's decentralized, community-driven principles.

CHILLGUY has exploded across social media, especially on TikTok, where the meme has amassed hundreds of millions of views. Its laid-back character resonates with users worldwide, inspiring countless creative adaptations.

Major brands worldwide have embraced CHILLGUY in their marketing campaigns. From Sprite Europe to NFL on CBS, the character has resonated across mainstream media, even catching the attention of global figures like El Salvador's president Nayib Bukele.

The “Chill Guy” meme’s influence spans multiple social media platforms, with a growing community of followers: 96.6K on X (

). On the other hand, the meme token itself also has a vast community, with 39.9K on X (

) and an active Telegram channel of over 15,000 members. These numbers reflect the meme's ability to engage audiences across different platforms.

The token's popularity in cryptocurrency markets matches its social media success, with CHILLGUY maintaining a substantial 24-hour trading volume of over $330.03M as of Nov 27, 2024. This high trading activity demonstrates the strong market interest in CHILLGUY beyond its meme status.

Looking to trade Just a Chill Guy tokens? Bybit now offers the CHILLGUY/USDT Spot trading pair and CHILLGUYUSDT Perpetual contract. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

While CHILLGUY has maintained strong trading volumes and continues gaining mainstream attention through its viral social media presence, investors should carefully weigh its strengths and risk factors before making investment decisions.

With its widespread brand adoption, sustained trading activity and explosive community growth of over 142,000 holders, CHILLGUY demonstrates significant market potential. However, meme coins are inherently volatile. Potential investors should 

 and invest no more than they can afford to lose.

CHILLGUY is the latest viral sensation to harness the power of the attention economy to convert social media momentum into crypto market success. While CHILLGUY has already demonstrated its ability to capture mass appeal, its position as a leading meme token will depend upon how effectively it maintains its cultural relevance and community engagement in this fast-moving market.

Intermediate

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Just a Chill Guy (CHILLGUY): Embracing the Art of Nonchalance

Zircuit (ZRC) combines optimistic and ZK rollups with AI-driven security, offering fast, low-cost Ethereum Layer 2 solutions. 

 network has flourished, mainly due to the ongoing network congestion, high fees and poor scalability of the latter. Many of these platforms use rollup technology, whereby batches of multiple transactions processed off-chain are bundled together and posted in bulk to the underlying Layer 1. Ethereum-linked rollups mainly come in two varieties 

 (ZK). While optimistic rollups boast lower computational overhead, the ZK variety of these networks features a higher degree of security.

Zircuit (ZRC) is a Layer 2 chain that adopts a hybrid approach, combining the elements of optimistic and 

. This lets the platform offer the performance benefits of optimistic technology along with the security of ZK validity proofs. To further enhance overall security, Zircuit uses a unique 

 (AI)–driven system of monitoring for malicious transactions.

 (ZRC) is a hybrid Layer 2 blockchain that combines the features of optimistic and ZK rollups, and uses AI-driven monitoring for potentially harmful transactions. 

 rollup development technology, a popular framework for building optimistic rollup networks. Additionally, it uses zero-knowledge proofs, which lets the platform offer the best of both worlds 

 the performance benefits of optimistic rollups and the security of ZK technology. Zircuit is 

The Zircuit project takes security very seriously, and has introduced a unique system of AI-based protection against malicious transactions at the sequencer node level. The use of ZK proofs and an AI-based protection system make Zircuit one of the most secure platforms in the competitive world of Ethereum Layer 2 chains.

Along with its excellent security benefits, Zircuit also boasts low costs, fast transactions, excellent scalability and 2-second block production intervals. All these features make it an ideal environment for 

 (DApps) in various niches, particularly 

 (DeFi). In fact, the leading protocols within the Zircuit ecosystem are all dedicated to the finance niche, with Zircuit Staking being the largest application by TVL.

With its heavy focus on DeFi, Zircuit aims to become a leading liquidity hub for various token types within the sector, including 

. These assets can be staked through the Zircuit staking program — supported by the platform's Liquidity Hub — to earn staking APRs, airdrop rewards and points based on the Zircuit Point program (covered further in our article).

The platform also operates a secure native bridging solution, 

, to help users transfer assets between its Layer 2 network and Ethereum Layer 1.

The company behind the project, Zircuit Ltd., was founded in 2021 in Canada by Dr. Martin Derka, Jan Gorzny and Angel Xu. Zircuit's testnet was launched in November 2023, but made headlines in April 2024 when the project reported that its 

 (TVL) had soared past $2 billion. While testnet TVLs are more a gauge of future potential for a blockchain than an indicator of its existing worth, the news attracted the attention of industry observers toward the platform. Following its highly publicized testnet success, Zircuit launched the first phase of its mainnet in August 2024. This was followed by the launch of the platform's native token, ZRC, in November 2024.

As a typical rollup, Zircuit uses an off-chain sequencer node to batch and organize Layer 2 transactions for subsequent posting to the underlying Ethereum Layer 1. The batches have ZK validity proofs attached to them to signal to Layer 1 validators that they’re free from fraudulent transactions. Zircuit's architecture also includes prover nodes, whose job is to produce these validity proofs.

However, unlike other rollups using ZK proofs (also known as validity proofs), Zircuit doesn't generate validity proofs for every block of transactions. Instead, some blocks have pre-generated template proofs, while others go through the process of having a dedicated validity proof created for them. After a few blocks featuring validity proofs, there are several more that utilize template proofs. The image below illustrates this approach.

The key reason Zircuit has adopted this form of proof design is that the process of generating ZK proofs is computationally intensive. By using template proofs for some of the blocks in a sequence, Zircuit can reduce the overall computational overhead. However, the project’s team has stated that the template proof model is temporary, and will be phased out in the future. At that stage, the platform will move to generating ZK proofs for each block.

Zircuit features a highly modular design whereby provers — responsible for generating validity proofs on the platform — can easily be plugged into or removed from the network. This modular approach is distinct from the standard ZK rollup design, in which provers are more tightly and less flexibly integrated into the overall architecture.

As noted earlier, Zircuit uses a dedicated sequencer to organize and batch transactions into blocks. The platform also applies AI-driven monitoring at the sequencer level (the Sequencer Level Security, or SLS) to spot and exclude fraudulent transactions before they’re finalized on Layer 2.

When transactions are first posted to Zircuit, they enter the 

 — a temporary area from which the sequencer picks and organizes individual transactions into blocks. The mempool is being monitored at all times, using AI algorithms to identify suspicious transactions. If a transaction in the mempool raises a flag, it's quarantined and assessed for validity before the sequencer can include it in a block. The image below shows how this process works.

One of the distinct features of Zircuit is its hybrid architecture, which combines the properties of optimistic and ZK rollups. At the base level, Zircuit is built using Optimism's Bedrock development framework, a technology popular for optimistic rollup networks. However, the use of ZK proofs — or, to be more precise, a combination of validity proofs and template proofs — ensures that Zircuit enjoys a security level that standard optimistic rollups normally can't match.

The use of AI-based SLS provides robust security to Zircuit, complementing the already highly secure ZK proof system. Very few Layer 2 networks in the industry currently feature anything similar, making the platform a true pioneer of AI use for sequencer-level operations.

Like any rollup based on Optimism Bedrock, Zircuit enjoys EVM compatibility. This allows for smooth interoperability with the underlying Ethereum Layer 1. EVM compatibility also makes it easy for developers familiar with Ethereum’s environment to develop Zircuit-based DApps, or to port existing Ethereum applications to the platform. Developers can take advantage of technologies commonly used for Ethereum (e.g., the Solidity programming language and the Hardhat development framework) to build Zircuit applications and smart contracts.

Zircuit Bridge is a native bridging solution designed to easily transfer tokens between Ethereum and Zircuit. It boasts high security, low transaction fees and fast transfers, and allows users to move a variety of cryptocurrencies between Ethereum and Zircuit, including ETH, 

) and LRTs like Super Symbiotic LRT (weETHs). As of late November 2024, the total number of cryptos supported by the bridge is close to 30.

Zircuit has launched a reward program called Zircuit Points. Users can earn these Points by staking supported assets, and by participating in the Build to Earn initiative (more on this below). Accumulated points will be converted to ZRC tokens in the future. Points also create the opportunity to qualify for token airdrops.

The primary way for most users to earn Zircuit points is via 

. The Zircuit Staking program lets you stake LSTs, LRTs, popular stablecoins, some wrapped tokens and Ether (ETH) to earn points. Using LSTs and LRTs, you can earn yields (along with native Zircuit staking APRs and Points) from the respective staking and restaking platforms that issue these assets.

Zircuit Points earned via staking have different multipliers, depending upon the asset. For example, Ether has a multiplier of 0.5, while LSTs, LRTs and stablecoins have a multiplier of 1. Multipliers for different LST and LRT assets may be subject to change in the future.

Build to Earn is another way to qualify for Zircuit Points. The program allows developers to contribute to the Zircuit ecosystem and earn Points in a number of ways, including:

Launched in November 2024, ZRC is the platform's native cryptocurrency. It's an 

 asset deployed on both Zircuit and Ethereum Layer 1. ZRC is mainly used for reward distributions, and participation in token airdrops for ecosystem DApps. Currently, transaction fees on the network are paid in Ether. It's possible that, in the future, ZRC might be used for some transaction fee payments.

ZRC is also used for rewards under the Gas Rebate program. As users conduct transactions on the platform, they 

. Zircuit’s Gas Rebate program provides rebates to offset some of the incurred fees. The amount of ZRC earned as a rebate is proportional to the amount spent on gas in ETH; the project's documentation states that for each ETH spent on gas, the user earns 125% in ZRC. All kinds of gas fee payments qualify for the rebate, including ordinary asset transfers and transactions involving interaction with Zircuit DApps.

ZRC is a supply-capped token, with a maximum and total supply of 10 billion. The token's supply allocation shares are as follows:

The ZRC token is available on Bybit's Spot market as a swap pair with USDT (

 to grab a share of the 5 million ZRC prize pool. New users who sign up for a Bybit account and complete identity verification can earn ZRC rewards by accumulating a deposit volume of at least 2,000 ZRC, or by depositing 100 USDT and trading 100 USDT worth of ZRC via their first trade with Bybit. 

Meanwhile, existing users can qualify for ZRC rewards by trading at least 500 USDT worth of ZRC on the Bybit Spot market, with the possibility of earning up to 10,000 ZRC based on trading volume. The 

 event will run through Dec 10, 2024, 8:59AM UTC.

Zircuit is among the pioneering Layer 2 platforms to adopt a hybrid design for a rollup network. Thanks to the platform's architecture, users can take advantage of low transaction costs, fast transfers and great scalability while enjoying the benefits of high security delivered by ZK proofs and AI-driven mempool monitoring. AI-based monitoring for fraudulent transactions is a particularly notable feature of the platform and is undoubtedly among the most advanced technologies employed in the blockchain industry.

User security combined with faster and cheaper transactions for the Ethereum network — all in one package — is now feasible, thanks to Zircuit's innovative technology and unique approach!

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What Is Zircuit (ZRC): Where Performance Meets Cutting-Edge Security

Bybit is celebrating its sixth anniversary with the #Super6Bybit event, offering a $1.2 million prize pool and focusing on its bbSOL token.

Daily Top Performer — Virtuals Protocol (VIRTUAL)

On Wednesday, the S&P 500 fell 0.38% as tech stocks dropped and inflation data reinforced a hawkish Fed outlook. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 0.40%, with Bitcoin and Ether dropping by 1.86% and 1.79%, respectively in the past 24 hours.

Today's top performer is VIRTUAL, which surged 53.6% following the launch of the $MUSIC token by Agentstarter, featuring AI-driven music video capabilities and community-focused tokenomics.

Virtuals Protocol (VIRTUAL), founded in 2021, allows users to invest in and co-own AI-driven virtual assets like companions and influencers. Its model fosters community ownership, transforming AI agents into revenue-generating assets across platforms like Roblox and TikTok. The platform attracts contributors from AI and gaming to drive innovation in virtual economies. 

, using AI to create music videos and offering features like animated videos, voice mimicry, and karaoke tracks. The tokenomics allocate 60% for airdrops, 20% for liquidity, and 10% each for the development team and Virtuals Protocol.

Check Out the Latest Prices, Charts, and Data of 

Bybit is celebrating its sixth anniversary with the 

, offering a $1.2 million prize pool and focusing on its bbSOL token. Launched in September 2024, bbSOL is the first exchange-backed Liquid Staking Token on Solana, providing liquidity and staking rewards. The campaign, running from November 28, 2024, to January 6, 2025, invites participants to build, transform, and supercharge their bbSOL through tasks, leaderboards, and community milestones, increasing rewards. The event combines gaming mechanics, community engagement, and opportunities to win prizes while promoting innovation and growth in the crypto space.

Yesterday, there were no flows in BTC Spot ETFs, including GBTC and non-GBTC categories.

. Stake BNB on Lista's portal to get slisBNB, then deposit it into Astherus to earn airdrop points with multipliers (3X for Lista, 1.15X for Astherus). No lockup is required, and slisBNB is the most efficient option.

Beginner

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Bybit Celebrates 6th Anniversary with $1.2M Prize Pool and bbSOL Supercharging Campaign

Bybit Learn

Curiours about the Goblintown NFTs that have been the talk of the town recently? Read on as we dive into Goblintown.wtf and what makes them so unique.

In an age with a meme for every occasion, none represents the current bearish crypto market better than “Goblin Town.” A reference to a song (“Down Down to Goblin Town”) from the 1977 film adaptation of J.R.R Tolkien’s 

, the meme captures the gloomy sentiment of the current crypto and NFT markets. 

Ironically, a new NFT collection has sprung up from the ashes of this depressing meme, briefly unseating top collections like 

Why are these unsightly digital avatars gobblin’ up all the attention and cash? If you have the stomach for rot, fecal matter and other unwholesome obsessions, hold your noses and join us as we dive into the Goblin-town NFT project.

In terms of sales and trading volumes, Goblintown NFTs have also toppled those of BAYC.

The Goblintown NFT derives its name from a cryptic term in the cryptosphere that refers to bearish conditions when prices of digital assets plummet badly. The Goblintown NFT project was launched on May 22, 2022, when the cryptocurrency market was in the midst of a sell-off, and assets were trading far below recent highs.

Even though it had a quiet launch, the Goblintown NFT collection 

The Goblintown NFT didn’t launch with any campaigns or collaborations, just a promotional offer of free NFTs to the interested public. The project's website, 

, states that it has no road map, utility, or Discord channel.

Surprisingly, Goblintown went on to gain momentum. It created a buzz in the NFT community and recorded remarkable success in secondary sales for the following weeks.

For now, the team behind the Goblintown collection has not yet been revealed, remaining anonymous. However, the Twitter crypto community has made an effort to unveil the identities of those involved in producing the Goblintown NFT. 

One of the individuals tied to Goblintown is Beeple. This came about 

The famous digital artist has, however, denied this speculation. Others claim that 

 might be involved in the project, but they’ve also denied any involvement.

Another theory used to explain Goblintown’s creation is that 

 creator Mike Judge may have been involved in the project's development process. According to one Twitter user, Mike Judge’s style matches that of Goblintown, and he has been active on the NFT scene. 

About 2,000 people joined a Twitter space hosted on May 26, trying to figure out what the project was about and those behind it, but to no avail.

The success of the Goblintown NFT Project has convinced people involved with NFTs that the Goblintown team must be filled with prominent names in the cryptosphere.

 by 458% in its first six days of launch — in the middle of a bear season when almost every collection in the NFT market had significantly lost value.

In Goblintown’s first week going live, one NFT trader made a 

 on his Goblintown assets. For context, Bored Ape Yacht Club (BAYC) NFTs that sold for $400,000 in April dropped by half in that same period. 

Globintown NFTs have become the new “to the moon” asset in the NFT and crypto community — and that’s quite a surprise, considering the circumstances surrounding the project’s launch.

As of June 10, 2022, the floor price of a Goblin NFT stands at 3.4 ETH (about $5,225.61) and an average price of 6.63 ETH ($12,600). That’s still not deterring collectors from grappling to get their share of Goblin NFTs, as they believe the project is the bull in a bear market.

 project has momentarily snatched the limelight away from “blue-chip” NFT projects like 

Goblintown.wtf has not only succeeded in beating other NFT collections in terms of weekly sales, but it’s also been able to compel users, convincing them of its ability to create something out of almost nothing.

Its increasing popularity is quite surprising, but the unconventional and innovative marketing tactics that Goblintown NFT has employed — along with several other factors surrounding the project — might be responsible for this.

Let’s look at some possible factors behind Goblintown’s launch to the moon.

This NFT project is the brainchild of a team of anonymous developers, although that’s not uncommon in the world of crypto. The anonymity of the team behind such a well-coordinated project has further stirred the pot, causing excitement as the crypto world is on its toes trying to unlock the mystery behind the Goblintown NFT team. 

Ultimately, the popularity of Goblintown NFTs is mainly due to the high quality and polish of the project, drawing attention and causing people to speculate that the team behind it must be very good at what they do.

One of the founders of Yuga Labs, “Gordon Goner,” 

 a tweet saying, “This guy with great hair showed up to dinner and started making goblin [sic] sounds. What does it mean?”

This tweet aroused a lot of suspicion, and the name that came to people’s mind was Mike Winkelmann (popularly known as 

), a prominent digital artist and graphic designer who is known for selling NFTs.

This link with Beeple helped propel Goblintown NFT sales and boost its popularity, as the digital artist is prominent for selling some of the world’s most profitable NFTs. 

Most developers of NFT projects are usually quick to bask in the glory and praise they receive for their project’s success. It seems, however, that the developers of the Goblintown NFT project prefer to remain unknown.

Even if its creators didn’t intend to remain anonymous for this long, the success and popularity the project now enjoys might make them wary of blowing their cover and ruining the air of mystery surrounding Goblintown.

Goblintown gained popularity from its launch because it started as free to mint. Minting new NFTs can cost 

, and sometimes even more. This gave the Goblintown NFT project a quick head start, allowing newbies to enter the space.

The unconventional yet innovative approach which the creators of Goblintown NFT used to launch the collection seems to have helped it gather a lot of moss. As seen on its largely minimalistic website, they state that the project has “no road map, no Discord, no utility …”

There is in fact no stated road map for Goblintown, and the creators have indicated that there are no plans to launch its native crypto token any time soon, although this remains unclear.

The project was launched without any ceremony or partnerships (as has become the norm in the cryptosphere, where announcements are usually made in advance). Goblintown did the complete opposite.

This nonchalant approach went on to become its biggest selling point. The Goblintown collection has shown, once again, how unpredictable the world of NFT can be.

One of the reasons for the popularity of Goblintown NFTs is the rumor that the collection is associated with 

, the web3 company behind the Bored Ape Yacht Club.

, a real-time crypto and NFT insights provider, claimed that the creators of BAYC and 

 might also be behind the Goblintown NFT.

 published on its official Twitter handle, Nansen was probably the first to try to provide a link to the Goblintown NFT and BAYC projects. These highlighted several similarities between Globintown and BAYC to bolster this claim.

This rumor of a link between Goblintown NFT and Yuga Labs was further fueled by a 

 from Yuga Labs, in which Goblins was mentioned as one of the company’s revenue channels.

The NFT community is known for its rich meme culture, on which the Goblintown NFT collection is mainly based. There are many Goblintown NFTs on the internet, and even a one-of-one NFT of 

Meme sentiments in this project are, however, chaotic and unusual. The project is “meme manifested. It is cultural agony, rage, greed, and joy personified,” as one NFT enthusiast on Twitter comments.

, thinks the Goblintown NFT collection is funny and exudes real meme vibes.

Goblintown didn’t merely wind up on the lips of NFT observers, but also those of some industry names like social entrepreneur Gary “Vee” Vaynerchuk. This has helped the project trickle its way into mainstream consciousness. 

, the director of product design at Netflix, described the Twitter space hosted by Goblintown as “either an absolute new low or brilliance. The line is very thin here.”

Markus Magnusson, founder of the ETH NFT collection 

, tweeted “The Goblins got us.” The tweet suggested that the buzz around the Goblintown NFTs was relegating 

 and other NFT collections to the background.

The characters that make up Goblintown are distinct in a unique way. This NFT collection features an army of crooked-faced goblins that converse in gibberish.

One would think that these “ugly” features would have affected its popularity. Instead, it seems to be compounding the interest, so to speak. According to some Goblintown fans, less is more, and ugly is a type of beauty.

The price of Goblintown NFTs is volatile, given the floor price of one Goblintown NFT more than doubled from 3.9 ETH to 8.95 ETH, essentially 

As of June 10, 2022, the Goblintown NFT’s floor price is 

. So to join this exclusive community of goblins, you’d have to splurge a few thousand dollars on a Goblintown character. 

 so far is that of “Hoo Let Dat Orc In Hear?” (

There are 10,000 NFTs in the Goblintown collection. Some are more expensive than others, due to a 

Each Goblintown NFT has its unique features. Some NFTs come with very rare traits and attributes. There are 13 one-of-one NFTs in Goblintown.

Is Investing in a Goblin a Good Investment?

Goblintown NFTs could be a good investment — especially for the initial investors. Because minting was initially free for everyone at the time it launched, initial investors didn’t have much to lose.

Despite this, Goblintown still saw over 32,000 ETH ($57.6M) in TVL traded in less than three weeks of launch, while minting for free. This enabled it to hold the top spot on OpenSea’s ranking. Between May 22 and May 31, 2022, 

s were traded — this in just nine days, which is quite significant for a project that launched in the midst of a bear market.

The hype created in the background by observers also doesn’t seem to be dying down anytime soon. As the buzz continues to build up with each passing day, the price could continue to move with it.

For later investors, investing in Goblintown NFTs might be encouraged by the buzz surrounding the project … at least popular NFT whale and DJ 

Unusual though they may seem, the rarity and uniqueness of Goblintown NFTs have potential that could see their value appreciate further in the future.

Tailing the success of Goblintown are several other goblin-related derivatives which, in a bid to replicate Goblintown’s success, have also launched their own NFT collections. These derivatives include 

 and many more that wish to capitalize on the goblin hype.

Over the past month, Goblintown has provided plenty of newfound energy to the NFT market, despite the current loss of momentum.

Whether this innovative collection was planned by its creators, or happens to just be a stroke of luck, we don’t know — but the project has been able to succeed with the precept that less is more. For more insights, check out our article that discusses how 

Goblintown: The NFT PFP Project That Proves Less Is More

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards