Analyzing Elftown.wtf’s NFT Project

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Today on Opensea, Elftown has taken the number one spot by volume, with 1.8k eth in sales, and a floor of 0.14eth or $300.

Elftown is a NFT spoof project of GoblinTown.wtf. According to the elftown.wtf website,  their mission is to overtake the goblins and stop them from being so popular, and have wine to celebrate.

Looking at the domain name for elftown.wtf, you can see that it was registered on May 28, 2022, and the site was put up shortly thereafter on Squarespace.  On May 29, they minted all 10k NFTs and currently have 4.7k owners, so about 2 NFT’s per owner, which is standard.  On twitter, their oldest tweet was posted on May 28, so they are extremely new there as well.

There’s also an GrandElf twitter account,  and I’m almost certain that they are the person behind the project.  The fact that the site is hosted on Squarespace corroborates the suspicion that some random degen decided to see if they could make a quick buck off of elves NFT’s by following the same exact roadmap as Goblintown.wtf.  If you look at the smart contract, you’ll notice that it hasn’t even been verified, meaning that the source code is not visible, and that in itself, along with the everything else I’ve mentioned should create FUD.  Just as an additional fact, their official twitter account only has 4,870 followers – nearly 10x less than Goblintown’s 42k followers.

If I were making this project, I would have started first with the NFTs themselves and probably taken a week to create and generate the different NFT trait combos.  Next, in a day, I would have pretty much copy-pasta’d the Goblintown.wtf smart contract and changed up the variables to point to my own NFT metadata.  Then, 2 days before, I would have registered the domain name and signed up at Squarespace, and created the simple website for minting, and registered with twitter at the same time.  The next couple days, while minting was open, I’d just spend the entire day retweeting random stuff related to the project.

Elftown.wtf NFTs are available on opensea.io, looksrare, rarible, and other NFT marketplaces.  Their website is located at https://elftown.wtf/ and they can be found twitter @elftownwtf