While everyone is talking about ‘crypto winter’ currently, the NFT scene is on its summer with goblins celebrating on the beach. If you are not sure what happened in the NFT scene recently, let me give you a quick brief.
goblintown.wtf, a free mint project come out of nowhere launched on 22th May 2022, is on an unstoppable streak be it popularity or floor price. On the first day of trading in secondary market, goblintown has secured an average sale price of 0.0966 ETH (~USD$184).
goblintown first day average sale price on OpenSea
$184 profit sounds not bad for a free mint NFT project, right? Not really, the best is yet to come. First-day sellers might be regretting for the rest of their life as goblintown hit a 9 ETH (~USD$17,000) all-time high floor price 10 days later. It’s a whooping 92 times gain if one manages to HODL. As of the writing of this article, goblintown floor price has retraced to 5.73 ETH (~USD$10,800), still a tremendous gain for early holders.
goblintown all-time high
Thanks to goblintown, the NFT market is suddenly flooded with a lot of its derivatives. Elftown.wtf, GoblinGirlz, hobotown.wtf, you name it. One of them that stood out is called ‘ill poop it nft’ (poop nft), which is today’s protagonist. ‘Poop’ aka ‘shit’, is a childish word for feces according to vocabulary.com. Please do not search for the picture of this NFT while having a meal.
So how does it relate to goblintown? Well, the backstory is that the poop is in fact the ‘product’ of goblins. poop nft inherits a couple features from goblintown: art style, free mint, meme material, storytelling, unknown team and most importantly, gimmick.
The leading role of this PFP is of course the poop, and it consists of 10 different types of poops. The rarest poop is the golden one, followed by diamond and cake poop, then chewing gum, normal and even Play Doh poop. Occasionally, there will be a piece of blue-chip NFT such as BAYC, Cool Cats and Azuki, stick on top of the poop. This poop nft team is literally not giving a sh*t to big players in the scene.
In the order of BAYC, Azuki and Cool Cats
Besides mocking blue-chip, poop nft delivers interesting backstory too. Just 3 days after launching, the poop nft team came out with a mint teaser, whereby holders are allowed to burn 2 poops, in exchange of Sh*tcoin and summon the God of Poop, by the name of ‘Sh*tBeast’. A Sh*tBeast looks like a wolf with poop on its head. Holders may spend Sh*tcoin they earned to purchase an elixir, to cure Sh*tBeast into a Sh*tHead (sorry for language). If holders are not keen to purchase the elixir, they can swap these coins into a sweet amount of ETH.
Elixir that transforms Sh*tBeast into human form
As everything comes so fast and swift, poop nft failed to deliver its minting on time, most PFP holders were afraid of getting rug pull, hence the floor price tumbled nearly 95% from its (then) all-time high. After a full day of panic selling, the volume started to pick up and a new mint page was announced afterwards.
The new mint page
The new mint page lasted 24 hours, which allow holders to burn 2 of their poop nft in exchange for a new NFT collection called ‘Sh*tBeast’ and 10 billion of Sh*tcoin. Rarely we see a NFT project airdrop cryptocurrency, ApeCoin (by BAYC) is the notable one in recent days and that’s it. Each Sh*tcoin worth only $0.000000284 in the beginning, seems like a small number but not if you multiple it by 10 billion. Let’s do some simple mathematics calculation here, assuming one poop nft cost 0.05 ETH, that will be total 0.1 ETH (~USD$190) to mint for a Sh*tBeast and coins.
The Sh*tcoin worth $284 after a multiply of 10 billion and don’t forget, it comes with a whole new NFT too. The new NFT plays a crucial role in this whole episode and caused a FOMO spree later.
The power of multiplier and price movement of Sh*tcoin
The whole process formed a poop arbitrage: buy 2 poop nft > burn them > get 1 new NFT and 10 billion coins > sell coins > buy 2 poop nft > repeat. After subtracting gas fee and swapping fee, holders are getting likely zero cost NFT. The gain of poop nft from its ATL to ATH is an eye-popping 29 times, let alone a free NFT and coins too!
Price movement of poop nft
The best is yet to come, poop nft team later announced a public sale of Sh*tBeast at 0.06 ETH each and a toilet cleaners will be airdropped to those who burnt their poop. The market was upset as the Sh*tBeast floor priced was around 0.4 ETH during the time of announcement meanwhile the public sale price was so much lower. It caused a FUD moment, Sh*tBeast price free fall without gravity. At this moment, nobody knows they messed up a big time.
Price movement of Sh*tBeast, seems familiar?
It turned out that the burnt version of Sh*tBeast has a ‘Genesis’ trait, which worth a whopping 1.1 ETH (~USD$2100) and going. Genesis Sh*tBeast can evolve into human form using an elixir which is not released yet at the time of this piece.
Floor price difference between normal and genesis Sh*tBeast
From the teaser by poop nft team, it is known that Sh*tBeast can be staked to earn Sh*tCoin in future, there will be a pixelated poop nft airdrop as well. All in all, it’s been a wild ride watching this NFT project hits 1 ETH milestone.
It’s been only a week that poop nft launched, yet it feels this project has developed for months. Bear in mind BAYC mutated serums only airdropped 4 months after the born of BAYC, poop nft did it on the 6th day. Other than that, the price movement of this whole NFT project is also mind-blowing, kindly DYOR (do your own research) before you decided to ape in.
Written by: [Coinlive] Nell
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