Art Gobblers is "a digital art experiment" by Justin Roiland and Paradigm . Justin Roiland is best known as the co-creator of the popular show Rick and Morty, while Paradigm is considered by many to be one of the most prominent investors in the crypto space.
Art Gobblers aims to facilitate the creation and collection of digital art. It is a dynamic ecosystem with three main components, Gobblers, Pages and GOO tokens.
Gobblers NFT is the hub that connects everything. Each Gobblers is an ERC-721 NFT. In addition to its bold look, Gobblers also functions as a digital showroom, with its owner as the curator. Gobblers also generate GOO tokens, which are needed to summon more Gobblers and create Pages. Pages are essentially digital canvases (more on this in the next section).
Specifically, after artists create 1/1 art NFTs on Pages, Gobblers owners can issue these art NFTs to their Gobblers. Ownership of the NFT artwork transfers on-chain to the Art Gobblers contract, which indicates the specific Gobblers to which the artwork belongs. The art NFTs thus become a permanent part of the Gobblers gallery. If one moves a Gobblers, all of its artwork will follow it.
Gobblers has an initial supply of 2,000, 300 of which goes to core contributors and the rest to whitelisted community members. The minting process began on October 31, of which 1879 pieces had been minted as of November 3.
Over the next ten years, the Art Gobblers smart contract will issue 8,000 more Gobblers under the Dutch Variable Rate Gradual (VRGDA) auction model. In a word, the project will release around 200 Gobblers per month at first, but the pace will slow down over time 6,343 Gobblers are expected to be released in the first two years.
Similar to the Nouns model, one out of ten newly minted Gobblers accumulates for the development team. One out of every 10 people will come to the vault to distribute to the community. This means that only 8 out of 10 newly released Gobblers are up for public sale.
There are also Legendary Gobblers and there are only 10, making them extremely rare. Legendary Gobblers can be minted by burning regular Gobblers. The starting price of the first Legendary Gobbler will be equivalent to 69 regular Gobblers, otherwise the price will decrease over time like a Dutch auction. Each successive Legendary Gobbler will start at twice the price of the last Legendary Gobbler.
The two addresses own the normal 67 Gobblers each at this point. We could witness the birth of the first legendary Gobbler shortly.
Legendary Gobblers generate GOO tokens at twice the rate of other Gobblers. Assuming a person owns 69 Gobblers at the moment and summons a Legendary Gobbler, the amount of GOO he earns will double.
Art Gobblers provides a drawing tool for community members to create art. Some examples are shown below.
The cool thing about Art Gobblers is that this tool captures the entire creative process. For any artwork created through Art Gobblers, one can replay its drawing stroke-by-stroke.
Pages are like digital paintings. They can be created using GOO. Furthermore, these drawings can be printed on blank Pages through a process called Glamination and become ERC-721 NFT.
The initial Pages supply is zero. The Art Gobblers smart contract currently releases 69 Pages per day, but the rate will slow down until it reaches a constant number of 10 Pages per day. One out of ten newly created Pages goes to a vault to be distributed to the community.
Both Gobblers and Pages are released under a model called Variable Rate Gradual Dutch Auctions (VRGDA) designed by Paradigm. Essentially, this mechanism allows the project to release supply close to a predetermined schedule. VRGDA raises prices when sales are ahead of schedule and lowers prices when sales are slow.
Example: The project targets an initial rate of 69 per day for empty Pages. Pages are minted with GOO. If less than 69 Pages are created on a given date, VRGDA will reduce the amount of GOO needed to purchase Pages and vice versa. Similarly, the price of a new Gobblers summoning will depend on the difference between market sales and schedule.
The release schedule of Art Gobblers is shown below. While Gobblers have a fixed supply of 10,000, Pages' supply is infinite.
GOO is a utility token in the Art Gobblers ecosystem, which has two uses. It can be burned to mint empty Pages or summon new Gobbles.
The project has designed a mechanism called Gradual Ownership Optimization (GOO) to ensure that ownership of the GOO token does not deviate too much from Gobblers' ownership of NFT.
When NFT projects issue a token, the holders of the NFT and that token tend to differ over time. Art Gobblers wanted to avoid that prospect. According to GOO, the more Gobblers there are, the faster GOO tokens are generated. That is, more and more GOO tokens will be released daily. This incentivizes Gobbler holders to hold GOO tokens to ensure a consistent flow in the future, because if a person owns many Gobblers but few GOO tokens, his token count will lag behind those of the other Gobblers. others.
Therefore, holding GOO tokens without owning Gobbler NFT is not a smart move, because inflation is real and will outstrip demand.
Art Gobblers NFT may fly higher in the short term, but may not sustain mid to long term success.
Art Gobblers is a project that promises innovation.
VRGDA helps the project develop better. Many past NFT projects have struggled to release an entire collection of 10,000 or more products to the market at once. Supply overwhelms demand, destroying floor prices as well as community spirit. VRDGA is a notable upgrade. More and more NFT projects adopted it, and Art Gobblers will always be remembered as VRGDA OG.
It is also possible that Art Gobblers will achieve the growth the team envisioned, cultivating a strong art community that continually curate top-notch artwork, in which case the value will be reflected. in the floor price of the Gobbler NFT.
Also, Paradigm's name alone is enough to create hype and FOMO. Plus limited initial supply. Supply/demand dynamics will maintain the floor price of the project in the short term.
However, in the medium and long term, Art Gobblers faces many challenges whose success may not be sustainable.
First, the project team has made it clear that they will NOT support the project once it's done. There is no route. According to Paradigm, “Art Gobblers will be launched as a finished product. Neither Justin, Paradigm nor the Art Gobblers team plan to build anything new after the upcoming free release.”
Any early stage venture requires strong leadership to navigate the treacherous waters of a rapidly changing market environment, so that the community can rally around a central figure. for guidance and support during difficult times. Only a DAO would be able to fulfill that role.
Second, art is a niche in NFT. It only accounts for 7.33% of the NFT market according to NFTGo. While Art Gobblers' gallery model is appealing, its appeal is limited to a small audience. And that restriction is further amplified because Gobblers can only consume work created on the Page. Because the artwork is small and requires skill, it's unclear if Art Gobblers will be able to provide enough content to engage the community and keep them entertained. While the art of gobbling is a fascinating concept, it's still a simple game mode and can get boring quickly.
Third, only a few pay attention to the art of Gobblers. The most notable case is people mocking Gobbler #69. The art certainly reflects Justin Roiland's style.
The entire collection is animated. There are a large number of characteristics so every part looks unique. But whether such a style will appeal to the community is still up for debate.
Art plays an important role in most blue-chip NFT projects, including Bored Ape, Doodles and Fidenza. Although there are "unique" collections that only achieve short-term fame, such as Kevin or Goblintown.
Azuki 's art is the main reason why so many people join this collection. Azuki shows how art speaks for itself. Although an art project, the Art Gobblers work may not serve to bring its community together. Some artists may not want to see their hard work end up in the creature's belly.
When a project is attracting great attention, it is often the best time to sell, not to buy. If we look at the history of the major NFT collections (Azuki, Moonbirds, Doodles…), there are usually much better entry points right next to the mint.
Similarly, the best plan is to closely monitor Art Gobblers. The best time to start appears when a major FUD event dips but the fundamentals remain intact.
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