(MENAFN – USA Art News)

With crypto prices down almost 70% since their peak in November 2021, some are adopting creative – and frankly hilarious – ways to express their displeasure.

Holders of Goblintown Ethereum NFTs reportedly took to Twitter spaces last month to share various heartbreaking vocal arrangements of moans, howls, and squeals.

Then, apparently inspired by this project, the Bear Market Screaming Therapy Group on Telegram became a viral sensation where members post their own screams, moans and moans as a way of coping after several consecutive months of “rekt” (crypto language for “castaway”) on the market.

The Goblintown project, which claims to have no roadmap and no utility, consists of 9,999 generative NFTs. Since launching in May on OpenSea, the collection has so far far outperformed the collapse of the NFT market as a whole, beating several major “blue-chip” collections like Bored Ape Yacht Club, Moonbirds and Clone X in transaction volume. .

“The fact that the project guys are all using a speech synth to sound like goblins in their Twitter spaces only adds to the mystery,” Goblintown holder dgen.eth said in a DM to decrypt last month.

At its peak in June, Goblintown NFTs had a floor price of 5.5 ETH (around $5,500), which has since fallen to 3.39 ETH (around $3,390). Price floors and trading volume aside, NFTs signal what many see as a broader cultural shift in the crypto space toward meme-inspired artwork with little meaning, logic, or utility. .

There are also rumors that prominent digital artist Beeple has a stake in Goblintown, as evidenced by a cryptic tweet last month from Gordon Goner, one of the founders of Yuga Labs (the web3 company behind Bored Apes and CryptoPunks ):

To add to the mystery, one of Yuga Lab’s new brand managers, Noah Davis, who until recently was the head of NFTs at Christie’s (which was in charge of Beeple’s $69.3 million sale) , has its own NFT collection, ambiguously titled Howlerz.

In its most primitive form, the acoustic demarcation of this screaming new landscape is just the latest manifestation of a crypto-sphere seemingly obsessed with memes and “degen” (short for “degenerate”) culture.

The Bear Market Screaming Therapy Group’s featured image is of an angry Pepe the Frog known simply as “REEEEEE”, which according to the definitive source on the subject, Know Your Meme, refers to “an expression onomatopoeia of intense rage or frustration.”

So far, however, it’s unclear if Beeple or Yuga Labs participated in the NFT or Telegram group, or if Edward Munch’s estate gave its blessing, but it’s safe to say that the distressing calls have become a new mode of blockchain utility and expressionism.

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