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We are in the middle of a bear market. Naturally, NFTs, especially blue-chip NFTs, are down. Many collectors are questioning their investment choices. Some have left the space. But, what is really surprising—or perhaps, not so surprising at all—is the rise of some utterly ridiculous, senseless NFT projects. As shocking as it may seem, some of these collections are mooning over much-loved blue-chip NFTs. First, it was the ugly Goblintown NFTs. And now, others like I’ll Poop It and ShitBeast have followed suit (both from the same creator).
If you have been loitering around NFT Twitter over the past few weeks, you are highly likely to have come across some of the ugliest NFTs in the history of NFTs. To be honest, this isn’t new. We have all occasionally come across ridiculous NFT projects that often attain momentary success.
We raise questions, laugh about it, some even spend a few hundred bucks on them, and before we know it, we have all moved on to the next project (hopefully, a genuinely good one). Everyone remembers Pixelmon’s Kevin, right?
But this time around, in the middle of what is referred to as “NFT Winter”, things are a tad bit different. For one, Goblintown managed to stay in the game, and even flip blue chips like Cool Cats. At the time of writing, while Cool Cats’ floor is a mere 3.78 ETH, Goblintown’s floor is at 5.45 ETH! (I have so many questions!)
Now, collections like ShitBeast are climbing OpenSea charts. This particular one now ranks at number seven in terms of the past 24-hour trading volume. Its floor’s been rising and is currently at 0.285 ETH.
Yup, as the name sounds, the ShitBeast collection features well, umm, beasts with a poop head. In all honesty, I wouldn’t be caught dead trying to describe this abomination further.
In addition, the project has a website, which doesn’t have much to offer either collectors or visitors. Except for one statement: “Your NFT is just a piece of sh*t” (?!). On their Twitter bio, it adds, “10,000 pile of sh*t on your ‘bluechip’ nft or whatever jpg you are holding. You are ngmi. and yes we are selling sh*t.”
The project creator, who goes by the name “PieceOfShitDeployer” on OpenSea, has also dropped two other projects—I’ll Poop It and ShitPlunger. The first is—to put it bluntly—a piece of poop. The second is self-explanatory. I’ll Poop It also has seen its floor climbing—0.48 ETH at present.
This brings us to the original question—why are absurd collections like I’ll Poop It and ShitBeast trending? As previously mentioned, the NFT space is no alien to meme collections. We all love a good laugh. But is that enough to spend upwards of $5,000 on them (as some have done for Goblintown)?
To give credit where it’s due, Goblintown is one of the few projects that have managed to pick up sales in the bear run. It remains to be seen if I’ll Poop It and ShitBeast will pull up similar results. But that said, the long-term future of these projects is anybody’s guess.
As Beeple said about Goblintown amid rumours of his involvement with the project: “Look at the charts of similar projects, you know in your heart how this story ends.”
So, dear collectors, despite the hype, we can’t help but ask—why?
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All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
Reethu Ravi is a journalist based in India, covering environment, sustainability, tech and innovation. When not found between the pages of a book, she can be seen catching up on the latest developments in the tech world. A naval architect-turned journalist, she loves bringing stories of change and innovation to the limelight.
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