Goblintown Creator to Enforce 5% Creator Fee for All Its Collections

Bidding, listing, buying, and selling on Blur and OpenSea have been disabled for Goblintown, Secret Society, The187, and Grumpls.
Image source: goblintown

Quick take:

  • Goblintown NFTs have been disabled on Blur and OpenSea.
  • The collection creator Truth Labs said collectors won’t be able to bid, list, buy or sell its NFTs on the two platforms.
  • The company wants to enforce a 5% royalty fee on all its collections.

Truth Labs has disabled the Bidding, listing, buying, and selling of Goblintown, Secret Society, The187, and Grumpls NFT collections on OpenSea and Blur. The company said Thursday that it will be moving its collections to a smart contract that fully enforces creator royalty payments on-chain.

“We as a team are committed to enforcing a royalty level that makes farming an unprofitable activity. All Truth collections will have a 5% royalty going forward,” the company wrote in a tweet on Tuesday.

The announcement comes at the back of another statement posted three days ago in which Truth Labs sarcastically mocked the recent policy updates by both OpenSea and Blur to implement 0.5% minimum royalty fees on all collections.

All Goblintown collections on OpenSea were replaced with the animated graphic, accompanied by the text: “F&*k royalties. F&*k supporting building and creatives. Flipping is the heart of what makes Web3 special. Honour the flipper, f&*k the community. Long live the slow rug.”

In a Twitter statement accompanied by the animated trident of middle fingers, Truth Labs said the metadata for all its collections including Goblintown, Secret Society, The187 and Grumpls had been refreshed. 

“We are upgrading the contracts for all ERC-721s in the Truth ecosystem.” a tweet posted on April 11 reads. As a part of the upgrade, Truth is giving away a new NFT for each affected NFT with the original artwork to be airdropped in the holders’ wallets by the end of the day on April 16.

In the update posted on Thursday, Truth explained the reason for disabling bidding, listing, and buying of its NFT collections on the leading marketplaces saying: “The holder snapshot is taking place now and any buys, sells, or transfers that occur from now until the completion of the airdrop are high risk and will not be honoured.”


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