Basic info
Last updated: Sep 21, 2023
Art Gobblers, a cutting-edge NFT collection, is attracting attention for its innovative approach to digital art and community engagement. Developed on the Ethereum blockchain, the project involves various digital creatures known as "Art Gobblers" that interact with art in intriguing ways. This article aims to delve deep into the aspects that make this project unique, from its launch and team to its one-of-a-kind mechanics.
The initial batch of Art Gobblers was launched on October 31, 2022, in a free minting event. All 1,700 tokens were immediately scooped up and started trading on secondary marketplaces with a floor price of 12.5 ETH, equivalent to $19,575 at the time. The trading volume astonishingly surpassed $10 million on the very first day.
Art Gobblers aims to have a total of 10,000 NFTs in its collection. As of now, 4,199 tokens have been minted. The project employs a custom minting mechanism, VRGDA – developed by Paradigm. VRGDS or, Variable Rate GDAs, as the mechanism’s paper describes it, adjusts the sell prices based on the pace of overall issuance. A creator fee of 6.9% is charged on each trade, and currently, 679 unique wallet addresses own these NFTs, making up about 16% of unique owners.
Art Gobblers adhere to the Ethereum ERC-721 standard. Each token has 18 attributes, generating a vast number of unique Art Gobblers traits. Ten "Legendary Gobblers" are planned to be released over the next decade. A unique feature is the ability to "feed" your Art Gobblers other art tokens, which are stored in their "stomach" permanently.
Justin Roiland, the co-founder of the popular animated series Rick and Morty, is the artist behind Art Gobblers. The project is backed by web3 investment firm Paradigm and a team of diverse contributors. With a strong following of over 43,800 Twitter users and an exclusive Discord server for NFT holders, the Art Gobblers community is thriving.
The main allure of owning an Art Gobblers NFT lies in its native GOO token. The token serves multiple purposes within the Art Gobblers ecosystem. Not only does it act as a fungible asset, but GOO tokens also directly impact the value of your Art Gobblers. For instance, your Art Gobbler can produce more GOO depending on how many art pieces it has "gobbled."
Community members are incentivized to create and showcase their artwork on the platform. Through a mechanism known as "glamination," users can mint and trade their creations in the form of new NFTs, referred to as Art Gobblers Pages. This new collection can also "feed" your existing Art Gobblers, thereby increasing their GOO production and thus the overall Art Gobblers value.
At the heart of Art Gobblers lies the Gradual Ownership Optimization (GOO) token, a fungible ERC-20 asset designed to support Paradigm's groundbreaking VRGDA mechanism. The token functions in an intriguingly complex, yet efficient way, defying the conventional notion of a capped total supply.
GOO is minted and burned through carefully crafted mechanisms and incentives, maintaining its value in a fluctuating market. This tokenomics model sets it apart, giving it a dynamic presence within the Art Gobblers ecosystem.
Uniquely, GOO can only be produced by Art Gobblers NFTs. That said, traders without an Art Gobbler can also derive benefits from the token, albeit to a lesser extent. It's worth noting that holding multiple Art Gobblers without a corresponding amount of GOO is deemed inefficient. This is because GOO production rates are proportionate to existing GOO holdings. Users have the flexibility to withdraw produced GOO at any time, but the whitepaper suggests maintaining constant production capacity for a stable share in the overall GOO supply.
GOO tokens are instrumental in creating Pages, a unique feature on the Art Gobblers platform that allows users to showcase their art. Moreover, the token plays a vital role in minting new Art Gobblers NFTs and serves various other functions within the expansive Art Gobblers metaverse.
For those keen to dive deep into the specifics, the Art Gobblers team has published a thorough tokenomics paper. This document explores the intricate details of GOO's role and its interplay with the larger Art Gobblers NFT collection.
Interested in joining this evolving ecosystem? Art Gobblers NFTs can still be minted within a 10-year timeframe through Paradigm's Logistic Issuance Schedule, part of the VRGDA mechanism. Alternatively, you can purchase a piece of the NFT collection on marketplaces like OpenSea and LooksRare, where the Art Gobbler floor price currently fluctuates around 0.14 ETH, placing the cheapest Art Gobbler NFT at around $230 based on market prices at the time of writing this review. The most expensive Art Gobblers NFT sold recently went for 0.36 ETH.
Art Gobblers presents a novel approach to NFT collections, offering a dynamic, interactive, and community-driven experience. Its unique tokenomics and engagement mechanics set it apart in a crowded market. Both Justin Roiland and Paradigm intend Art Gobblers to be a finished product, allowing the community to steer its future trajectory.
https://etherscan.io/address/0x60bb1e2aa1c9acafb4d34f71585d7e959f387769
https://www.paradigm.xyz/2022/09/artgobblers
https://www.paradigm.xyz/2022/08/vrgda
https://www.paradigm.xyz/2022/09/goo
https://docs.google.com/spreadsheets/d/1i8hYuWyAymjbwx54fA1HcEMEwfEEyluX4tPssOXoyf4/edit#gid=160866566 – Parameter Spreadsheet Published by the Art Gobblers Team
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Last updated: Sep 21, 2023
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