Written on 7th June 2022

While everyone is talking about ‘crypto winter’ currently, the NFT scene is in its summer with goblins celebrating on the beach. If you are not sure what happened in the NFT scene recently, let me give you a quick brief.

goblintown.wtf, a free mint project that come out of nowhere launched on 22nd May 2022, is on an unstoppable streak be it popularity or floor price. On the first day of trading in the secondary market, goblintown secured an average sale price of 0.0966 ETH (~USD$184).

$184 profit sounds not bad for a free mint NFT project, right? Not really, the best is yet to come. First-day sellers might be regretting it for the rest of their life as goblintown hit a 9 ETH (~USD$17,000) all-time high floor price 10 days later. It’s a whopping 92 times gain if one manages to HODL. As of the writing of this article, goblintown floor price has retraced to 5.73 ETH (~USD$10,800), still a tremendous gain for early holders.

Thanks to goblintown, the NFT market is suddenly flooded with a lot of its derivatives. Elftown.wtf, GoblinGirlz, hobotown.wtf, you name it. One of them that stood out is called ‘ill poop it nft’ (poop nft), which is today’s protagonist. ‘Poop’ aka ‘shit’, is a childish word for feces according to vocabulary.com. Please do not search for the picture of this NFT while having a meal.

So how does it relate to goblintown? Well, the backstory is that the poop is in fact the ‘product’ of goblins. poop nft inherits a couple of features from goblintown: art style, free mint, meme material, storytelling, unknown team, and most importantly, gimmick.

The leading role of this PFP is of course the poop, and it consists of 10 different types of poops. The rarest poop is the golden one, followed by diamond and cake poop, then chewing gum, normal and even Play-Doh poop. Occasionally, there will be a piece of blue-chip NFT such as BAYC, Cool Cats, and Azuki, stick on top of the poop. This poop nft team is literally not giving a shit to big players in the scene.

Besides mocking blue-chip, poop nft delivers an interesting backstory too. Just 3 days after launching, the poop nft team came out with a mint teaser, whereby holders are allowed to burn 2 poops, in exchange for Shitcoin and summon the God of Poop, by the name of ‘ShitBeast’. A ShitBeast looks like a wolf with poop on its head. Holders may spend Shitcoin they earned to purchase an elixir, to cure ShitBeast into a ShitHead (sorry for the language). If holders are not keen to purchase the elixir, they can swap these coins into a sweet amount of ETH.

As everything comes so fast and swift, poop nft failed to deliver its minting on time, most PFP holders were afraid of getting rug pull, hence the floor price tumbled nearly 95% from its (then) all-time high. After a full day of panic selling, the volume started to pick up and a new mint page was announced afterwards.

The new mint page lasted 24 hours, which allow holders to burn 2 of their poop nft in exchange for a new NFT collection called ‘ShitBeast’ and 10 billion of Shitcoin. Rarely we see a NFT project airdrop cryptocurrency, ApeCoin (by BAYC) is the notable one in recent days and that’s it. Each Shitcoin worth only $0.000000284 in the beginning, seems like a small number but not if you multiple it by 10 billion. Let’s do some simple mathematics calculation here, assuming one poop nft cost 0.05 ETH, that will be total 0.1 ETH (~USD$190) to mint for a ShitBeast and coins.

The Shitcoin worth $284 after a multiply of 10 billion and don’t forget, it comes with a whole new NFT too. The new NFT plays a crucial role in this whole episode and caused a FOMO spree later.

The whole process formed a poop arbitrage: buy 2 poop nft > burn them > get 1 new NFT and 10 billion coins > sell coins > buy 2 poop nft > repeat. After subtracting the gas fee and swapping fee, holders are getting likely zero cost NFT. The gain of poop nft from its ATL to ATH is an eye-popping 29 times, let alone a free NFT and coins too!

The best is yet to come, poop nft team later announced a public sale of ShitBeast at 0.06 ETH each and a toilet cleaner will be airdropped to those who burnt their poop. The market was upset as the ShitBeast floor price was around 0.4 ETH during the time of the announcement meanwhile the public sale price was so much lower. It caused a FUD moment, ShitBeast price free fall without gravity. At this moment, nobody knows they messed up a big time.

It turned out that the burnt version of ShitBeast has a ‘Genesis’ trait, which is worth a whopping 1.1 ETH (~USD$2100) and going. Genesis ShitBeast can evolve into human form using an elixir which is not been released yet at the time of this piece.

From the teaser by poop nft team, it is known that ShitBeast can be staked to earn ShitCoin in future, there will be a pixelated poop nft airdrop as well. All in all, it’s been a wild ride watching this NFT project hits the 1 ETH milestone.

It’s been only a week since poop nft launched, yet it feels like this project has developed for months. Bear in mind that BAYC mutated serums only airdropped 4 months after the born of BAYC, poop nft did it on the 6th day. Other than that, the price movement of this whole NFT project is also mind-blowing, kindly DYOR (do your own research) before you decided to ape in.