Within a day of its launch, Art Gobblers, Justin Roiland’s much-anticipated NFT collection, has raked in over $11 million. Roiland, the Rick and Morty co-creator, developed the project with Web3 venture firm, Paradigm. A free-to-mint NFT project, Art Gobblers dropped at 20:20 UTC yesterday, October 31. What’s more, its floor has hit a whopping 13.42 ETH in a short span of time.
So, what exactly is the Art Gobblers NFT project? Who is Justin Roiland, the project’s creator? And why is the collection trending? We’ll cover all that and more in this article.
What is Art Gobblers NFT?
In the project’s own words, Art Gobblers is an “experimental decentralized art factory” by Justin Roiland and Paradigm. The project ecosystem revolves around Art Gobblers NFTs and the GOO token. In essence, there are 1,700 NFTs in the collection, which was free-to-mint for whitelisted users. The project also has plans to release an additional 8,000 NFTs over the next decade.
Justin Roiland: Who is the Art Gobblers NFT creator?
Justin Roiland, the co-creator of the hit animated comedy show, “Rick and Morty”, created Art Gobblers. Roiland is an American television director as well as a voice actor, writer, and producer. To be sure, as the voice of both Rick and Morty, Roiland has become a household name. Besides, the show is especially popular among crypto users, which explains the hype behind Art Gobblers.
How Does Art Gobblers NFT work?
Firstly, each NFT in the collection functions as an art gallery that “squirt Goo and gobble art”. In simpler terms, NFT holders can create and sell their own art. To elaborate, those who hold Gobblers can earn GOO, the project’s ERC-20 token. Using the token, NFT holders can create art on the Art Gobblers website, “digest” the work, and display it on their “art bellies”.
Alternatively, they can also create blank page NFTs. To clarify, these are digital canvases that users can digest, trade, or use to create custom art. It is to be noted that the artwork’s ownership as well transfers with the NFT. Art Gobblers’ innovative NFT minting mechanism is one of the primary reasons for the project’s current hype.
The project’s tokenomics, however, is slightly controversial. Essentially, users can earn GOO by holding Gobblers—the more GOO a Gobbler has, the higher the GOO it emits. Consequently, the process enables NFT whales to earn exponentially, establishing an unfair monopoly.
What is the future of the project?
Despite a bear market and dip in NFT sales, Art Gobblers is off to a promising start—at least by the numbers. Already, it has topped the OpenSea rankings for the highest-trading NFT collections in the last 24 hours and seven days. It is also one of the top 10 collections in terms of last month’s sales volume.
The artwork will reveal on November 1. From the few glimpses into the artwork on the website, the final Art Gobblers NFT artwork could be worth all the hype. Besides, the website currently allows users to create their own art, the outcomes of which suggest the pieces may not be too disappointing. Then again, with the NFT industry, one can never tell. It is also important to note that the project offers a 6.9% royalty rate. How the project performs and what it delivers in the coming weeks remains to be seen.