[Feature] Real or Fake Hype? Analysing Art Gobblers with on-Chain NFT Data

During Halloween, an NFT project named Art Gobblers was officially launched. The floor price soared to 15ETH, an all-time high, and it obtained a transaction volume of 6,800 ETH. This caused excitement in the already "cold" NFT market and sparked new interest once again for the industry.

Can Art Gobblers stir up the entire NFT market and start a NFT run? That is still uncertain. However, we can analyse the on-chain performance of their NFTs and what makes them so unique.

What is the operating logic of Art Gobblers?

Before analysing the data, we need to dive into the fundamentals of Art Gobblers. At the heart, NFTs are the Gobblers, Token is GOO, rarest NFTs are Legendary Gobblers, and collaborative NFTs are Drawn Pages. All of these are inter-linked.

Hence, these are the four components of Art Gobblers.

NFTs (Gobblers)

The Gobblers can be regarded as the base and starting point of the project. Users who own the Gobblers can participate in more rewarding protocols such as staking the NFT to generate GOO tokens.

Token (Goo)

After staking their NFT, users who have GOO tokens can use it to buy Gobblers. In addition, they can also buy Blank Pages, which can be used for graffiti creation. After creation, these blank pages become doodle drafts and enter the waiting area.

DIY plate

After the specific doodle draft is selected, it will combine with the Gobbler, and then a new rare NFT Gobbler will be formed.

Legendary Gobblers

Each time there is an increase in 10% of the NFT amount, a new Legendary Gobbler will appear, with a total of 10 Legendary NFTs. In addition to their rarity, this NFT can also get double Tokens when staking GOO tokens.

Below is a flowchart of the entire operational framework.

What about the stats for Art Gobblers?

After talking about the entire operation logic of Art Gobblers, let’s take a closer look at on-chain data performance for Art Gobblers.

Gobblers NFT Data

The official first phase of Art Gobblers released a total of 2,000 NFTs (Gobblers) in the form of a whitelist, and 300 were reserved for the core team.

According to GenliData, 1,883 NFTs have been circulated in the market so far, accounting for 94% of the circulation. The current 1,883 NFTs in circulation are stored in 811 IDs, and the current transaction frequency is 4,610.

In addition to the data above, it is worth mentioning that about 30% of the NFTs in the current market are concentrated in the hands of the 2%.

Pages NFT data

As of November 4, Art Gobblers has generated a total of 125 Pages NFTs, which are in the hands of 76 user IDs, which means that currently only 9% of the user IDs on the market have Pages NFTs.

From the transaction data, the price of each Pages NFT fluctuates between 2 and 2.5 GOO.

GOO Token data

Since you can obtain tokens from staking GOO, many tokens are currently staked in the contract, not much data can be retrieved from the wallet itself.

However, in terms of comprehensive transaction volume, when Gobblers broke out on November 2, the token transaction volume on that day reached 3,508, but the total amount in the wallet address on that day was close to zero, which means that users staked GOO to transfer on that day.

According to the Gobblers revenue model, if one person holds assets centrally, the rate of interest generation will be faster. Based on the above data, on November 2, there may be centralised transfers.

GeniiData analyst said in the interview: “According to the data, early users, leveraging the price difference between the Token and NFT, rely on GOO to quickly recover their capital and obtain profits. The whole project mechanism is very delicately designed. As for whether the ecosystem can prosper and develop in the future, it depends on whether Art Gobblers can introduce more utility to their NFTs and GOO tokens to form a positive cycle of value.”

Summary

At present, after analysing the on-chain NFT data, the first 2,000 whitelisted NFTs Gobblers are relatively concentrated, but utility is certainly much more novel than the traditional NFT projects, thus bringing a new "warm winter market" to the current NFT market.

It is good news, but whether it is a sustainable project to drive the market depends on whether Gobblers can withstand the next market test.