Art Gobblers Gorge on NFT Markets as Volumes Surge

The latest nonfungible token (NFT) collection to sell like hotcakes is Art Gobblers. Volumes and floor prices are surging on OpenSea.

Just when everyone thought that the NFT market was dead, a new collection pops up and starts selling like crazy.

Art Gobblers have been gorging on the NFT market since their launch on November 1. Chinese crypto industry outlet Wu Blockchain reported that transaction volume has exceeded 12,000 ETH. This has topped the OpenSea daily volume chart, though the marketplace currently reports a volume of 6,568 ETH.

There are currently 1,072 owners and the floor price is a whopping 13.88 ETH (approx. $22,000). The most expensive one on OpenSea was listed for 100 ETH (approx. $158,000). According to reports, the collection made $14 million in trade volume, hours after minting was launched.

What are Art Gobblers?

Art Gobblers is an experimental “art factory” collection by Rick and Morty co-creator Justin Roiland and Web3 VC firm Paradigm.

The collection has 1,600 NFTs which function as on-chain art galleries. Holders can “digest” art created by the “factory” to create curated collections which are transferable.

Art can also be minted by using an ERC-20 token called GOO which is earned by holding the NFTs. GOO holders can then “glaminate” or create blank NFT canvases for more art to be created or digested.

The perpetual art factory model is appealing to NFT degens who are guzzling them up at the moment.

Additionally, there is a 6.9% royalty fee for the NFTs, but this can be bypassed by using marketplaces where they are optional.

Skeptics have suggested that the NFT scene is rigged or that this is a money laundering or Ponzi scheme. The volumes and prices do seem quite remarkable for the depths of a bear market.  

NFT market outlook

According to the Nonfungible.com market tracker, NFT sales are still on the floor. It reports that they are currently around $14 million in daily sales, down from over $150 million per day in January.

In its quarterly report, the firm revealed a massive 77% drop in terms of USD traded between Q2 and Q3 2022. Furthermore, there was a net quarterly loss of $450 million recorded for the first time ever.

OpenSea volumes have also tanked to their lowest levels since June 2021.

Cryptoslam is reporting that Art Gobblers are the top-selling collection over the past 24 hours (and week) with $17 million in sales. This is about double what the BAYC has made over the past seven days.   

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