Right in the middle of an unprecedented bearish trend, a spectacular NFT project called Art Gobblers debuted on OpenSea. Against all odds, the collection recorded significant trading volume within days of its listing. This read will provide you with an expert guide to the Art Gobblers.
What are Art Gobblers?
Art Gobblers is a decentralized art factory where artists/creators can draw art using a drawing tool compatible with desktop computers, iPad or Cintiq. The project was launched on October 31, 2022, and just 24 hours after launch, more than 8,000 ETH in trading volume was recorded at a floor price of 13 ETH.
Art Gobblers is the brainchild of Justin Roiland and Paradigm (a web3 investment firm), along with some other contributors such as designers, animators, strategists, illustrators and community builders. Justin is one of the early adopters and promoters of NFTs; he is the mastermind behind “The Smintons” artwork from “The Best I Could do collection,” which sold on Nifty Gateway in January 2021 for $290k.
What exactly are the Gobblers?
Gobblers are animated ERC-721 standard NFTs. They can be seen as masterpiece NFTs that emit other NFTs and ERC-20 tokens ($GOO). When artists draw their art on blank pages, they are ‘gobbled up’ (eaten) by Gobblers who turn them into 1/1 NFTs through gamification. All swallowed art belongs to the Gobbler that ate them on the chain and is permanently displayed in their stomach gallery. The on-site drawing tool also includes a live record feature that allows artists to play the creation of their artwork.
Art Gobblers ecosystem
The Art Gobblers platform runs on an interwoven framework where essential elements of the project will collectively establish a self-governing art ecosystem. As previously mentioned, Gobblers are animated NFTs with open or transparent bellies and serve as the backbone of this project and its ecosystem, as all other elements are directly or indirectly connected to it.
The Gobbler’s stomach also serves as the gallery where swallowed art remains and is displayed permanently. In addition, the Gobblers also issue blank page NFTs using the $GOO token; these blank pages are where artists/creators make their artwork. When artists have completed their drawings on these blank pages, they feed them to the Gobblers who then consume their work. Essentially, the ‘gobbling’ process is similar to coining an NFT, but ownership of the art is transferred to the Gobbler who ate it. So, when an owner sells or transfers a Gobbler, all gobbled up art pages go with it as well.
Therefore, it is sufficient to refer to the Gobblers as NFTs producing NFTs, since both the blank pages and art pages are non-exchangeable tokens. At launch, 2,000 Gobblers were minted, with 300 reserved for the team and contributors. However, through the VRGDA mechanism, community users and players will be able to use another 8,000 Gobblers with $GOO over the next ten years.
What is the VRGDA mechanism?
VRGDA (Variable Rate Gradual Dutch Auctions) is a custom NFT issuance mechanism designed by Paradigm for Art Gobbler. The mechanism carefully aligns the supply of tokens with expected demand growth at a specific time
For example, imagine that Art Gobblers intends to sell 5 NFTs daily at 1 ETH/token. On the fourth day, 20 NFTs should have been sold, but 35 NFTs were sold due to an increase in demand. This means the project is 3 days before its sales. With VRGDA in place, the price of each token will be algorithmically set higher using an exponential curve based on the available parameters. Because of this, in turn, it will make it harder to buy more Gobblers.
What if there is a shortage?
Assuming they sold 25 NFTs after seven days when they should have sold 35 NFTs, that means they are 2 days behind. With the above methodology of the VRGDA mechanism, 2-2 =0.25. So the new price for the Gobblers will be lowered to 0.25ETH to make it easier for investors and enthusiasts to buy.
As mentioned before, blank page NFTs are generated by Gobblers using $GOO tokens. Creating a unique NFT drawing requires ‘glamination’, which refers to the process of striking artists’ NFTs. The number of blank pages that can exist at any given time is limited by the VRGDA mechanism, which initially set the issuance rate at 69 pages per day and will gradually decrease to 10 pages per day.
$GOO is an ERC-20 standard token emitted by the animated Art Gobblers. Gobblers are co-curators of a decentralized gallery within the ecosystem; they issue $GOO tokens which are used to make new blank pages where artists can sign their NFTs. Gobblers are exciting creatures who enjoy the smell of their $GOO; the size of the $GOO in their tanks determines how quickly they emit more new $GOO. This allows the $GOO supply to grow faster every day, from hundreds to billions, but with the VRGDA in place, prices will be adjusted algorithmically over time.
The Legendary Gobblers are the rarest Gobblers that will rule the entire ecosystem. They will arrive at set times for the next ten years. Users will have to burn a lot of normal Gobblers to get a Legendary Gobbler.
Each Legendary Gobbler is pre-destined to arrive when the VRGDA releases an additional 10% of the total supply. Since the total supply of Gobblers is 10,000, each Legendary Gobbler will come with every 1,000 (10% of 10,000) Gobblers issued. This also means that only 10 Legendary Gobblers can ever exist.
How to get a legendary gobbler
As a reminder, many standard Gobblers must be burned to obtain a Legendary Gobbler, and 69 Gobblers must be burned to obtain the first Legendary Gobbler. To offset the Gobblers being burned, the Legendary Gobbler will emit $GOO at a rate double the combined rate of the Gobblers burned. For example, if the burned Gobblers emit a combined total of 6,900 $GOO (100 $GOO/Gobbler), the Legendary Gobbler would release 6,900 x 2 = 13,800 $GOO.
Art Gobblers are exciting animated NFTs equipped with multi-functional features that enable hitting NFTs on the chain. They are a unique entity containing NFTs and coin ERC-20 tokens. The remarkable custom VRGDA ensures that tokens’ distributions are proportional to maintain a decentralized and self-sustaining ecosystem.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our website moderators and are intended as educational material only. Individuals are expected to fully research any product before making any kind of investment.
Technical writer, an enthusiast for all things blockchain and decentralized world.