Truth Labs Teases New NFT Collection Days After Trashing Old Goblintown NFT Artworks

Updated: 17 April 2023

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Truth Labs, the digital assets incubation studio and the parent company behind the popular Goblintown NFT collection, has announced plans to launch a new non-fungible token collection to replace the old Goblintown NFT collections.

Truth Labs Trashes Old Goblintown NFTs

In an April 16 blog post, the digital assets incubation firm teased launching a new NFT collection to replace the popular Goblintown NFT collection. While teasing the new NFT collection, Alexander Taub, the co-founder of Truth Labs, wrote:

“The Goblintown prophecy has been foretold. Born amidst great fanfare, Goblintown shall rise at speeds not known to mankind. Yet, like all things born of great hype, it shall become its namesake and plummet to zero.”

Metadata has been updated on our old @goblintown , @secretsociety , Grumpl, & @the187 collections.

Airdrops have been completed, and we are waiting on exchanges to migrate full collection information.

Then, the migration will be over. We will update you when that happens. pic.twitter.com/uM5LcujAK3

— Truth Arts (@truth) April 16, 2023

Launched in May 2022, Goblintown is an NFT collection featuring a fixed set of 10,000 NFTs. This free-to-mint Ethereum PFP project captured the attention of the greater NFT community, and they were swept up almost instantly.

Since its inception, the popular Goblintown NFTs have fallen dramatically, with the floor price dropping 90% from its ATH, following the recently fading bear market. But interestingly, the team behind the development has recently done some restructuring to revive the fallen collection.

Truth Labs announced plans to rebrand the Goblintown collection last week. At the time, the digital asset firm cramped creator royalties and changed the project’s artwork into animated GIFs of a middle finger holding up three additional middle fingers.

Starting today, metadata for all @goblintown, @secretsociety, @The187 and Grumpls has been refreshed.

We are upgrading the contracts for all ERC-721’s in the Truth ecosystem. pic.twitter.com/WJufX5CNTh

— Truth Arts (@truth) April 11, 2023

Truth Labs Rebrands Its Goblintown NFTs

Even though some NFT traders were unhappy with the creator’s surprise moves and rebrand, the digital assets firm has reassured collectors to remain calm. The firm has affirmed that the end of the Goblintown NFT collection is not the end of the project. Taub explained:

“But fear not, for this is not the end of the story. From the ashes of Goblintown, a new collection shall emerge, reborn like a phoenix. This new collection shall bear the scars of its predecessor, but it shall also possess a newfound strength and resilience. Thus, let it be known that the tale of Goblintown is not one of unending tragedy but rather a cycle of birth and rebirth.”

In the meantime, Truth Labs has already completed updating the metadata of the Goblintown, Grumpl, and the 187 NFT collections. The digital asset firm has also completed airdropping the new collection and its exchanges to migrate full collection information. Truth Labs has promised to give an update once the process is over.