Goblintown sparked major controversy in the NFT space last week. The project changed the metadata of the collection without any warning, angering its holders and drawing sharp criticisms from the wider Web3 community. Why did Goblintown change its metadata?<\/p>\n Truth Labs<\/a>, the company behind Goblintown, decided to replace every Goblintown NFT. They changed the NFTs to the same animated picture of a middle finger holding up more<\/em> middle fingers. Above the middle finger, the team included a message reading, \u201cFuck royalties. Fuck supporting builders and creatives. Flipping is the heart of what web3 special. Honor the flipper, fuck the community. Long live the slow rug.\u201d<\/em><\/p>\n Truth Labs also clarified the situation with an additional message beneath the middle finger. The message read \u201cGoblintown, Illuminate, The187, and Grumpls will be migrating to new contracts before Monday the 17th of April. All holders will be airdropped identical replacement NFTs. Wait for after the migration to buy. This NFT will have no value after Thursday, the 13th of April.\u201d<\/em><\/p>\n Furthermore, Goblintown made the move to update their contract to enforce royalties on Blur<\/a> and OpenSea<\/a>. The team felt that it was unfair that sellers were circumventing Goblintown\u2019s 5% creator royalties. They decided to announce the contract migration with the project\u2019s trademark tongue-in-cheek communication style, hence the middle finger character.<\/p>\n It backfired. Many holders immediately sold their Goblintown NFTs. Some people assumed the worst and thought Truth Labs effectively burned the entire collection. These people took to Twitter to slam Truth Labs, complaining that they paid premiums for unique assets that had now become fungible.<\/p>\n Other people just didn\u2019t appreciate the tone of the message, especially considering the project is down more than 95% since reaching an all-time high floor price over 9 ETH last year. This group criticized the project for blaming the negative price action on flippers. Instead, they felt that Truth Labs bore the responsibility for failing to drive value to holders and shouldn\u2019t be pointing fingers at all (middle or otherwise).<\/p>\n The team followed the metadata change by freezing trading on OpenSea and Blur. Holders could still trade on Truth Labs\u2019 native marketplace, however. On Sunday night, the project airdropped new matching Goblintown NFTs to holders on the new contract.<\/p>\n![\"Goblintown](\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/04\/Goblin-Town-NFT-Article-Website.jpg\")
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Image Credit: Truth Labs<\/figcaption><\/figure>\nWhy Did Goblintown Change its Metadata?<\/strong><\/span><\/h2>\n
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Image Credit: Truth Labs<\/figcaption><\/figure>\nWhat is Goblintown NFT?<\/strong><\/span><\/h2>\n