This article talks about Art Gobblers, an NFT collection by Rick and Morty co-creator and Web3 venture firm, Paradigm. Before jumping into this article, some knowledge of cryptocurrencies and Non Fungible Tokens is nice to have.
On the 31st of October 2022, “Art Gobblers”, an NFT collection created by television director and voice actor Justin Roiland and backed by Web3 venture firm Paradigm went live on the renowned NFT marketplace OpenSea.
Mr. Roiland is the co-creator of the IMDB 9.2 out of 10 ratings, the 6-season animated sitcom “Rick and Morty,” a show that is becoming increasingly popular among cryptocurrency enthusiasts. According to data from the new NFT marketplace Blur as of November 1st, 2022 only hours after minting on Monday night, the free-to-mint NFT collection had seen over 9,600 ETH in trade volume which is approximately 12 Million US Dollars at the time of writing this article and a very impressive figure, to say the least.
How Many Art Gobblers NFTs will there be?
There are a total of 10,000 Art Gobblers NFTs, out of which approximately 8,000 Gobblers remain. These 8000 Gobblers can be bought using GOO tokens in the next 10 years.
The Aim of Art Gobblers NFT
The goal of this collection as has been stated is to create a “decentralized art factory” using an interesting combination of Non Fungible Tokens, an ERC-20 token called GOO, and of course collaboration from the community. More light on how it all works and how the creators have planned to achieve this goal is shed in the next section of this article.
How Art Gobblers NFT works
Art Gobblers is a truly unique NFT project. The collaborative result of Justin Roiland and Paradigm consists of about 2,000 NFTs that “gobble” art. This art is just drawings made by people in the project community that can be minted as 1 of 1 Non-Fungible Token. Themselves and displayed in the Art Gobbler’s “belly gallery.” Added to all this are some funky “Goo” tokenomics that influence how much art users can create and an interesting burn dynamic. That serves as an incentive for the community to collaborate. As stated earlier, the project’s aim is to become a self-contained ecosystem of artists, collectors, and traders that can last long term.
The approximately 2,000 Non-Fungible Tokens in the collection other than the 8,000 that can be bought later. Are each meant to be an “own on-chain, transferrable art gallery”. NFT owners can “digest” artwork that is created on the project’s website and add that to their “art bellies”. These art bellies in turn become curated transferable collections as time goes on.
An ERC-20 token called GOO can be used to mint the Art. This token can be earned by holding Gobblers – the Non-Fungible Tokens in the collection. Tokenomics however can be a little tedious at first glance. After earning the token GOO, holders are able to create “Pages”. These Pages are in fact Non Fungible Tokens that act as blank canvases. Which can either be digested, traded, or “glaminated” (the process of adding glitter to a document. Then laminating it and thus making it glamorous) with custom artwork.
According to aggregated data from Blur’s NFT marketplace, the collection had an impressive 11 ETH floor price very early. On which at the time of writing this article is about 14,000 US dollars. The collection had a royalty rate of approximately 7 percent, and just under fifty percent of buyers were bypassing the royalty fee by utilizing royalty-optional marketplaces like Blur and X2Y2.
In less than 24 hours of trading, the collection was already in the top 10 for October sales volume. According to data from OpenSea.
The Art Gobblers Non-Fungible Token by Rick and Morty co-creator. Web3 venture firm paradigm is a one of its kind project that has undoubtedly made a huge sound in the NFT space early on after being live. However, whether or not you should invest in the project. Become a part of the community is something we leave up to you to decide.