Art Gobbler NFTs Top $20,000 Within Minutes of Free Coin

by James · October 31, 2022

Art Gobbler NFTs Top ,000 Within Minutes of Free Coin

Table of Contents

Important takeaways

Art Gobblers launched to much hype today.
The free-to-create Art Gobbler NFTs immediately traded for tens of thousands of dollars on secondary markets.
The artwork will be revealed on November 1.

Art Gobblers went live as a free coin earlier today. They currently trade at around $20,000 and have already amassed over $10 million in trading volume.

Art Gobblers is live

Art Gobblers are alive and kicking on the secondhand market.

The NFT collection, designed by Rick and Morty co-creator Justin Roiland and crypto investment firm Paradigm, launched today at 20:20 UTC to much hype and fanfare. While the project was launched as a free coin – meaning enthusiasts only had to pay gas fees to secure their NFTs – the undisclosed NFTs are already trading for tens of thousands of dollars on the secondary markets.

At the time of writing, the cheapest Art Gobbler NFTs are shopped for 12.5 ETH (worth approx. $19,575) on OpenSea, with some pieces trading closer to 15 ETH shortly after launch. Data from recently launched NFT marketplace Blur indicates that the collection has already done so accrued over 6,714.07 ETH ($10.4 million) in trading volume.

*An Art Gobbler NFT, pre-reveal (Source: OpenSea)*

The 1,700 NFTs initially available for minting were available to whitelisted addresses via the Art Gobblers website. The NFT artwork currently shows a pulsating cartoon-style incubation chamber ahead of a November 1 reveal event. 300 Art Gobbler NFTs are reserved for the project’s creators, and another 8,000 are planned to be released over a period of 10 years through the project’s unique coining mechanism.

Art Gobblers are designed as one factory NFT collection, meaning Gobbler NFTs will produce a token called GOO. The GOO token can be used to create new Gobbler NFTs, or Blank Page NFTs. The Blank Page NFTs can be used by artists as a digital canvas which can then be absorbed by Gobblers – ownership of the art is therefore transferred to the NFT itself. Gobblers are poised to become tradable, decentralized art galleries.

Art Gobbler’s tokenomics, on the other hand, left a lot to be desired, as the project rewards early Gobbler owners at the expense of future buyers. The more GOO a Gobbler has, the more GOO it emits, exponentially. It opens an opportunity for Art Gobbler whales to create a monopoly on the economics of art experimentation.

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH and several other cryptocurrencies.

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