TLDR | What Is Art Gobblers?
Art Gobblers is minting today at 4:20 p.m. ET in what is the most hyped mint in months. But it's a confusing project to grasp.
In this post we will try to demystify the project, covering:
- What is Art Gobblers?
- Why are people talking about Art Gobblers?
- Art Gobblers' Four Core Components
Let's get into it.
What Is Art Gobblers?
Art Gobblers is an "experimental decentralized art factory."
The project aims to build "a self-sustaining ecosystem centered around creating and collecting the coolest art in the universe." That quote from the project's website helps to summarize the project, which is expanded upon in the project's whitepaper.
The best analogy is that Art Gobblers is part PFP, part art project, and part game - with tokenomics and an ongoing auction mechanism. It has similar features to projects like QQL (community curation) and Nouns (ongoing auctions).
There is no project roadmap; it is launching as a finished project, left for the community to define how it will evolve.
Ultimately the founders are trying to create a flywheel effect with the project, where artists make cool art within the ecosystem, growing the cultural relevance of Art Gobblers, which drives more attention to the artists who are incentivized to create cooler and better art.
Why Is the NFT Community Buzzing About Art Gobblers?
Art Gobblers caught the NFT community's attention at first as a result of the team behind the project. The Art Gobblers' art is from the Rick and Morty creator Justin Roiland, who has a massive cult following. Roiland has previously dropped NFTs on Nifty Gateway, multiples of which sold for more than $100,000.
Art Gobblers is also backed by crypto/web3 investment firm Paradigm, and any time NFT people see VC money, they get excited. Paradigm research partners also wrote the whitepaper and designed much of the tokenomics and project mechanisms.
From there, traditional NFT "influencers" have gotten behind it, expanding the reach of the project over the past week.
Chatter is growing now as allowlist spots are already receiving OTC (over-the-counter) offers for 3+ ETH, even though the project is a free mint.
Art Gobblers | Four Project Components
There are four primary components to the project:
- Gobblers: the characters who "gobble" art
- Goo: the native token, earned by Gobblers
- Blank pages: canvases that art can be created upon
- Art: created on blank pages
Gobblers are the animated PFP characters of this ecosystem, with 2,000 minting today at launch (for free!) and a variable amount set to launch every day using a variable auction (VRGDA) until 10,000 Gobblers exist (all priced in $GOO).
Gobblers emit Goo, and can "gobble" art to store it in the Gobbler's belly, or gallery.
In addition to the Gobblers minting today, there will be ten Legendary Gobblers. The ten Legendary Gobblers will be auctioned starting at a price of 69 Gobblers, and each successive Legendary Gobbler's auction will start at two times the prior sale.
Goo is created by Gobblers and is the token required to create new Blank Pages, and thus art. Goo can also be used to create new Gobblers.
The tokenomics are complex, and anyone interested in diving in should look into the whitepaper for exact details. But put simply, the prices for Blank Pages and Gobblers will change over time using a "Variable Rate Gradual Dutch Auction," which adjusts pricing based on Goo supply.
Blank Pages allows artists to mint 1/1 drawings into the ecosystem through a process called "glamination." This art NFT will then belong to the artist that created it.
The team describes art creation on the Blank Pages as the primary point of the whole ecosystem. The team expects Blank Pages to be rare, scarce, and valuable over time as more and more artwork is created.
Art is the core focus of the project, and the desire of artists to create art within the Art Gobblers' ecosystem will play a critical role in its success.
This is where the flywheel effect will become very important. If the cultural relevance and early community attract good artists, then demand will increase, artists will be incentivized to create more and better art, and the wheel will fly.
Early on, major artists are already submitting some pretty cool art, starting the fly wheel on a positive note.
Demand is already off the charts for this project, and it is the primary focus of NFT Twitter today. And while it is a very innovative, new project model...a few questions remain.
- Will artists come out and produce great art for this ecosystem?
- Can the market absorb the ongoing, increasing supply over the next months if the bear market extends
One thing is for certain, a lot of people will be watching.