Goblintown NFTs, which debuted on May 22, are unabashedly crude illustrations of goblin-like animals with a society centered on bad grammar, memes, and potty humor.
Goblintown’s success follows in the footsteps of other meme-laden NFTs like Kevin collections and the CryptoDickbutts.
The floor prices on OpenSea have more than doubled since Wednesday, from 3.3 ETH to 7.99 ETH at the time of publication.
A Goblintown NFT (Goblintown #6485) has already sold for over US$150,000 on the LooksRare NFT marketplace, according to CryptoSlam statistics.
Memes, on the other hand, may not be the main driving force here.
Wash trading, a type of market manipulation in which investors trade amongst themselves to raise prices, can boost sales prices and volume on platforms like LooksRare.