Truth Labs, the company responsible for the popular Goblintown non-fungible token (NFT) collection, is set to release its Season 2 mint, further cementing its growing reputation as a tastemaker on the cutting edge of Web3 technology. What sets its latest collection, Big Inc, apart from many others in the space is the fact that it’s targeting an unlikely demographic – the worst traders in the NFT arena. By offering Big Inc NFTs for free to the top 1,000 worst traders in the space or holders of other Truth Labs NFT collections (such as Goblintown, Grumpl, and Illuminati), this innovative approach is drawing attention, both positive and negative.
On one hand, some argue that Truth Labs’ strategy is an opportunity for those who have had less-than-successful experiences in the market to take part in a new and potentially lucrative endeavor. With Goblintown Season 2, they’re not only getting something for free, but they’re also joining a narrative within a broader community that has remained resilient through the most challenging times in the Web3 era. This community-building aspect is one of the factors that contributed to Goblintown’s initial success, which generated $7 million in sales and a trading volume of over $116 million, according to data from OpenSea.
On the other hand, skeptics may question the ethics of a collection that seemingly exploits the failures of others for its own gain, effectively excluding more successful or experienced traders. Additionally, while Goblintown Season 2 plans to capitalize on the recent popularity of meme coin PEPE by offering discounts to those who choose to pay in PEPE tokens, it’s worth considering whether integrating meme-based cryptocurrencies is a sustainable long-term strategy.
Moreover, the approach of granting discounts based on individuals’ “rekt activity” has raised concerns about privacy and the implications of analyzing wallet data. Even though Truth Labs doesn’t explicitly disclose how it determines the quality of a trader’s NFT transactions, some users may be wary of sharing their wallet data with the company.
Despite these concerns, the unique approach taken by Goblintown Season 2 has captured the audience’s attention and offers a learning opportunity for the broader NFT community. As this industry evolves, discussions around ethical practices, privacy concerns, and the integration of different digital currencies will continue to shape the future of Web3 technology. Whether Goblintown Season 2’s tactic turns out to be a revolutionary way to build a strong community of followers or a flash in the pan remains to be seen.