Truth Labs: The Studio Behind GoblinTown Made A Shocking Move To Enforce Royalty Fees

Let’s say you woke up, looked at your wallet to see your precious NFTs from Truth Labs and boom! Your NFTs suddenly changed. 

And this move shows not just an ordinary transition but a middle finger image kind of change. 

You may not have this, but Goblintown holders are experiencing this major shift in their project’s ecosystem. 

And now you may be wondering why. In that case, let’s dive into this article to learn more! 

THE ALPHA (Truth Labs)

Truth Labs, the company behind Goblintown, recently announced that it would renew the contract of its four projects before April 17, 2023. 

This new contract mainly focuses on applying royalty fees for every NFT transaction from its Truth project collections, namely: 

• Goblintown

• Illuminati

• The187

• Grumpls

And to align with this decision, the company changed all the projects’ NFTs metadata artwork with an F* you GIF expressing a sarcastic message. 

MORE DETAILS ABOUT THE CHANGE 

Following their announcement, Truth Labs disabled all transactions and interactions related to their projects’ NFTs in Blur and Opensea. 

Moreover, the core team ensured holders the safety of their own NFTs by airdropping them with identical replacements under the new contract. 

The airdrop will be done once all holders are given NFT replacements with the exact metadata from their original ones, particularly on Sunday. 

WHAT REASON/S DROVE THE DECISION TO HAPPEN? 

Given the company’s recent actions, most of them serve as a protest against the current optional royalty system. 

For context, many NFT project companies couldn’t fully monetize their assets because of optional creator royalties. 

One of those that got negatively affected by it was Truth Labs. 

Therefore, these projects didn’t get to achieve their roadmap efficiently and, in some cases, effectively due to slow financial progress. 

WHY ENFORCE ROYALTIES, THEN?

If we look up the stats, the projects that Blur and Opensea enforce creator royalties are the ones that bagged the most (red bars). 

With this information, Truth Labs seeks to become part of the top projects collecting the most royalties. 

And implementing the same on four of their projects marks their initial progress in attaining their vision. 

Besides that, Truth Labs is also one of the studios that have always supported creator royalties alongside Yuga Labs. 

So to defend their interests, this move not only served as a financial opportunity but also paved the way to combat NFT farming and retrieve what makes Web3 unique in the first place.

THE COMMUNITY’S REACTIONS 

Despite the sudden bold move, people were disappointed as they were not given a choice to decide. 

In other words, Truth Labs operated and controlled this decision alone, which beats the purpose of “decentralization” in the space. 

Some degens were also bullish with the move, given that their Web3 NFT experience was way better than before when optional creator royalties were not a thing. 

https://twitter.com/AlezDeon/status/1646401899367903232?s=20

CONCLUSION 

The change remains active today, and the company is ready to take the next huge step in their ecosystem.

Although it’s a significant highlight for the company, we cannot conclude if it turns out in their favor or not since it’s still a developing story.

And besides that, there are also factors involved that are needed to be considered.

We’ll get to know more about its progress soon. What do you think about this update?