The creator of Goblintown NFTs at Truth Labs has announced plans to release Season 2 of the collection called Big Inc, comprising 15,000 units. The date and time of the mint have yet to be disclosed.
Speaking to CoinDesk, a representative from Truth Labs said that the collection is searching for “the worst traders in NFT land.” It will give preference to collectors with a track record of “rekt activity” or unsuccessful trades in the field.
Truth Labs said that people among the 1,000 worst-performing traders in the NFT industry would have a 24-hour window to claim their free Big Inc acceptance letter.
The owners of other NFT collections by Truth Labs, such as Grumpl, Illuminati and Goblintown, will have exclusive benefits that allow them to mint their Big Inc tokens at no additional cost.
The Goblintown Season 2 collection revolves around the story of the fictitious corporation Big Inc, where animals are brainwashed into working for them. The artwork in the collection showcases animal heads sporting various facial expressions.
Artist and co-founder of Truth Labs Process Grey said that Goblintown Season 2 aims to acknowledge and honor the culture and community that established Web3, regardless of whether the market is experiencing a bullish or bearish phase.
The co-founder added that the original concept of Goblintown revolved around the shared feelings of despair during the initial market crash. With Big Inc, the purpose is to compensate those who have persevered through difficult times.
Collectors who are interested in participating can apply to mint. Truth Labs will evaluate their application based on their wallet data to assess the quality of their NFT transactions. Traders will then be ranked on the Down Bad Board, which essentially tracks the worst performers in the industry.
The Goblintown Season 2 collection aims to leverage the popularity of the meme coin $PEPE, which has experienced a 2,100 percent price surge in the past month, leading to a market capitalization of $502 million. Traders can get a discount on the token mint for Goblintown Season 2 by paying in $PEPE.
The cost of participating in the mint is 0.096 ETH, which equates to approximately $175. However, traders who pay for the collection using $PEPE will receive a 50 percent discount, with NFTs being dynamically priced at 0.048 ETH, roughly $88.
Truth Labs ‘rugs’ holders
The news of Goblintown season 2 came after some unexpected actions by its creator. In April, Truth Labs faced accusations of “rugging” holders because the project’s artwork was changed into animated GIFs featuring a hand with one middle finger raised and three other middle fingers.
“Fuck royalties. Fuck supporting building and creatives. Flipping is the heart of what makes Web3 special. Honor the flipper, fuck the community. Long live the slow rug,” the animated NFTs said.
The “rugs” typically refer to NFT projects that creators have abandoned. NFT traders are unhappy with the sudden change in artwork and trading restrictions.
Truth Labs’ sarcastic and mocking tone represents its stance against the trend among some traders who no longer pay the complete creator royalty fees when selling NFTs and the marketplaces that enable this behavior.
The creator has been pushing for the enforcement of creator royalties, but this has been met with opposition from the NFT community, as top marketplaces like Blur and OpenSea recently implemented a minimum 0.5 percent creator royalty fee for certain projects.
It also took additional actions besides changing the artwork. It disabled all trading, bidding and listing of Goblintown NFTs on Blur and OpenSea, anticipating transferring its NFTs to a new smart contract.