Truth Labs, the company behind the infamous ‘Goblintown‘ NFT collection has once again courted controversy on the blockchain. This time switching out the artwork on its flagship NFT project in order to make a statement about creator royalties.
Goblintown recently sent shockwaves through its community when it altered its artwork to a single-fingered salute to those circumventing creator royalties. The shocking move was accompanied by a sarcastic statement that read, “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.”
Starting today, metadata for all @goblintown, @secretsociety, @The187 and Grumpls has been refreshed.
We are upgrading the contracts for all ERC-721’s in the Truth ecosystem. pic.twitter.com/WJufX5CNTh
— Truth Labs (@truth) April 11, 2023
The statement reflects the broad sentiment of the NFT creator community in the current climate, where artists feel they are losing out on much needed revenue. Creator royalties are fees attached to every secondary sale that go directly to a designated wallet, usually the project owner. However, in a bid to attract more traders to their platforms, many NFT marketplaces have abandoned this model by introducing bare minimum, and optional royalties.
Recently, Truth Labs is taking active steps to protect its creator royalties model, announcing it had disabled the bidding, listing, and trading of its NFTs on Blur and OpenSea while it upgrades to a new enforced royalties smart contract.
Goblintown to Airdrop new NFTs
Truth Labs new plan involves migrating its NFTs to a smart contract that ensures the complete payment of creator royalties on-chain. To facilitate this, the platform automatically airdropped new versions of the impacted NFTs to holders’ on April 16.
In addition to modifying the artwork of its more well-known collections, the company also made changes to the less prominent ones like IlluminatiNFT, The 187, and Grumpls. However, many NFT holders are unhappy with these modifications, which they see as evidence of centralized decision-making.
As Rahim Mahtab, founder of ArtsDAO, notes, “Not giving your holders the chance to [make] this decision goes against the ethos of this space.”
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Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.