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Gate.io Blog The Highway of the Doodles NFT to Rich

The Highway of the Doodles NFT to Rich

26 September 11:27

TL;DR

Doodles is an NFT work designed by Burnt Toast, with a total number of 10,000. It will be released in October 2021 at a price of 0.123 ETH. It is currently recognized as a blue chip NFT.

The members of the Doodles team are a star-studded squad, including founding members of CryptoKitty, a famous early NFT project.

The highway of Doodles to be rich also needs to be "good timing, geographical convenience and good human relations". As a blue chip NFT Doodle, there are also several highways to be rich.

In the face of thousands of NFT projects, we should find our favorite blue chip NFT, or do our own DYOR well.

What Is Doodles NFT?

Doodles are NFT works designed by Burnt Toast, with a total number of 10,000. They will be released in October 2021 at a price of 0.123 ETH. After the release, the floor price on Opensea will remain around 1 ETH.

After several rounds of growth, it now ranks 11th in the total trading volume on Opensea, with a floor price of 7.95 ETH, which is currently recognized as a blue chip NFT.

Doodles is an NFT project with a total circulation of 10,000 personal page photos in light colors and soft colors. It first appeared in March 2021. With the performance and growth of the series, it soon received widespread attention and "blue chip consensus".

Doodles is a happy, interesting and approachable community. At the same time, this brand is also very ambitious and intends to develop Doodles into a large web3 entertainment company.

In the Doodles ecosystem, there are humans, cats, pickles, apes, living flames, skeletons, aliens, etc. Like almost all the generative avatar series, Doodles NFT has different degrees of rarity, which is determined by their characteristics. Although the Doodles team has never officially released a catalog of the rarest and most common features, the resale prices of skeletons, cats, aliens, apes and mascots have always been the highest.

The Doodles project is also favored and praised from time to time in terms of art, founder, community first system, activities in real life, historical performance and innovation.

Team Background

The founding members of the Doodles team are a star-studded squad, including the founding members of the early CryptoKitty of NFT. The most important thing is that their painting style has made a way in the NFT market. The simple and fashionable painting style conforms to the modern trend and is cute. It can be said that it is a super IP that is well-liked by people of all ages.

Doodles has three founders: Scott Martin (Burnt Toast), Jordan Castro (popie) and Evan Keast (Tulip).

Evan Keast and Burnt Toast are both Canadians. Before joining Doodles, he worked as a marketer and NFT consultant, and in Kabam Games, Dapper Labs and Cryppo Kitties;

Evan Keast is the former marketing director of Dapper Labs and CryptoKitties, and Jordan Castro is the former project director of CryptoKitties of Dapper Labs;

CryptoKitties is an early NFT project - an Ethereum blockchain game developed by Dapper Labs, which allows players to purchase, collect, breed and sell NFT cats. This is one of the first attempts to use blockchain technology for entertainment and leisure.

CryptoKitties itself is a very successful and innovative project, which was completed in early 2017 (the era of CryptoPunks). They invented some technologies widely used in NFT space today, such as packaging and cultivating NFT.

They entered the field of NFT/web3 very early, and they are important innovators. It is no surprise that they achieved such great success when they were able to implement the second project in NFT space.

Their success in Dapper Labs may mean that they have rejected a great opportunity for VC financing - this is important because it shows their commitment to web3 and decentralization, and thus brings value to the holders.

Highway to Rich

On September 13, Doodles announced that it had completed equity financing of $54 million with a valuation of $704 million. Alexis Ohanian's 776 Fund led the investment, and Acrew Capital, FTX Ventures and 10T Holdings participated in the investment. For NFT projects in the bear market, this is obviously a quite good financing transaction.

On September 14, according to NFTScan, Doodles NFT's turnover in the last 24 hours was 1,482 ETH, an increase of 989%. A total of 169 transactions were completed within 24 hours, with an average transaction price of 8.76 ETH and the current floor price of 7.95 ETH.

In fact, the highway of Doodles to riches in the near future is a comprehensive factor with the integration of good timing, geographical convenience and good human relations. Next, we will comprehensively analyze the highway of blue chip NFT Doodles to rich:

Space Doodles

Although the bottom price of Doodles has remained between 1-5ETH in the months after its launch, things will really recover at the end of 2021. Around this time, Keast and other Doodles members began to release short animations to forecast the upcoming new things. This led to a surge in secondary sales and some of the largest sales of Doodles to date.

However, when a project issues a major announcement (such as Nike's acquisition of RTFKT) or a collector award, there is usually a rapid increase in purchases and transactions, while Doodles can maintain its momentum one month after the announcement. What is the announcement?

Although we have seen the launch of Cool Pets, Bored Ape Kennel Club, KingFrogs and more projects to help popular projects take advantage of their needs and further expand their collector base, Space Doodles directly cooperated with the initial 10,000 NFT collections.

In short, the Doodles team did not launch additional NFT series to supplement their original collection, but implemented a mechanism to allow Doodles owners to exchange their NFT for a new spaceship themed NFT. These spaceship themed NFTs live in a different set on the Ethereum blockchain as a way to distinguish them from the original NFT.

Only the holders of Doodles can obtain them. Castro stated that Space Doodles is "the non-dilutive extension of Doodles". Castro's Twitter thread even outlines all the technical details.

Doodles 2

Even excluding Space Doodles, Doodles 2 may be the most exciting next step in Doodles' long road map. However, Doodles seems to have given up the route of supporting projects again and launched a completely unique new initiative, aiming to enable more fans to join Doodles and a larger NFT ecosystem.

Doodles 2 may live entirely on different blockchains. Although the founder of Doodles said that the whole content of this decision was still to be decided, the team hoped that it could help the Doodles project to be further adopted by the public on a large scale.

Doodles 2 is called "everyone's Doodle". It will allow new collectors to mint a basic level Doodle, select common features such as skin color and hair color, and then customize your Doodle with wearable devices with different rarities. It is said that Doodles 2 is a dynamic NFT. The owners can change their appearance at will, switch between full body or PFP perspectives, unlock their animated version of NFT, and provide original music.

Doodles 2 is also the place where something called Doodles Genesis Box works. This NFT box was unveiled in the previously mentioned Genesis Factory. It contains the first version of wearable devices, which will become the seed of Doodles 2 wearable device economy. This complete series of boxes has 24,000 NFTs and is launched through a unique auction form called bucket auction by Doodles. Let Doodles NFT connect all Metaverse (including Sandbox, Decentraland, OthersideMeta, etc.), and it will become the first wearable NFT series that can connect multiple platforms in the meta universe.

Doodles Records

Another new department of the overall Doodles brand that Doodles fans can expect is Doodles Records. Although we know little about this so-called record company, the first volume of Doodles Records has announced the original music executed and produced by Pharrell, the album art hand-painted by Scott Martin, the chief Doodles artist, and the limited edition wearable device produced for Doodles 2. The first volume was launched in cooperation with Columbia Records, which features that Doodles 2 users will be able to layer music into their new animated NFT.

Dooplicator

The Dooplicator is one of the most mysterious parts of the Doodles ecosystem. It is said (through the Doodles Twitter account) that it has "permanent utility beyond Doodles 2". Keast, co-founder of Doodles, said that these NFTs are a choice for dealers. When it comes to interacting with a larger Doodles ecosystem, it will allow collectors to bring the rarest original Doodles features into Doodles 2.

Julian Holguin

The participation of Julian Holguin, former president of Billboard, has undoubtedly brought great help to Doodles. He began to build brands around Doodles and explore large-scale commercialization, "Doodles has a large amount of cash on its balance sheet, which can fully support a mature technology and media company. It is not special to use blockchain technology or NFT to create new experiences for potential customers, but you need to have a brand and be able to tell stories. It is not special to make a T-shirt, which is very special for Gucci. This is the significance of Doodles in the NFT ecosystem."

To ensure brand cohesion, Doodles chose to let NFT holders only have limited IP rights, which seems to be incompatible with the concept of decentralization. But if we see Yuga Labs' strategy, we will find that Doodles' practice is actually very reliable. Yuga Labs acquired Larva Labs earlier this year, and then released complete IP rights to Bored Ape Yacht Club holders, CryptoPunks and Meebits, setting high standards for NFT projects. This move has quickly achieved results, especially in the bear market. Yuga Labs' NFT projects still maintain a high value, and there is no "discount" because of the bad market environment.

Obviously, the Doodles team hopes to bet on the overall long-term value of the brand and the owner, rather than directly giving IP rights to individuals. Some projects have started to contact Doodles and hope to obtain authorization, such as comics, TV programs and music videos. However, it seems that the Doodles team has not yet opened its IP to the public. It is reported that Doodles is seeking to establish a higher level partnership and may even be acquired in the future.

Pharrell Williams

Director Pharrell Williams, as the chief brand officer of Doodles NFT, believes that he will definitely lead a wave of trends for Doodles. He once said in the film played at the event that he is also a loyal fan of Doodles, and he will bring Doodles to a new height and level in the future. After that, he will also make an album inspired by them: Doodles Records: Volume 1. Let’s wait and see.

Doodlebank

Of course, in the development of Doodles, the community treasury "Doodlebank" also played a key role. NFT holders can vote on some aspects of the project, such as creating official derivative projects Noodles and Pukenza, and determining the development roadmap of the expansion project Space Doodles.

Future Development

After all, the Doodles project is still very young. It is amazing to see the growth and achievements of this project and its three founders. At present, this series has accumulated more than 149,100 ETH in the secondary market. Although Doodles still has a long way to go before being considered the true competitor of PFP NFT crown, Bored Ape Yacht Club has produced more than 629000 ETHs, but this energetic character collection has undoubtedly won the hearts of countless NFT fans.

More importantly, the Doodles project did not show any signs of slowing down, even since its birth, the price of cryptocurrency continued to fluctuate significantly. From on-site and immersive activities to unique and innovative project development, the company has brought a series of talents into the team, including Julian Holguin, former president of Billboard, as the CEO, and Pharrell Williams as the Chief Brand Officer.

The top blue chip NFT project Doodles has received a financing of $54 million. It is necessary to integrate activities, technology, music, games and innovative products, and prepare a 5 to 10 year plan to achieve this goal and build it into a world-class entertainment brand native to web3. In this way, we can meet the new needs of more new users, rebuild the brand and user relations, and have a large space for future imagination and development.

Let the web2 attributes of NFT enter the web3 world to make the NFT ecosystem bigger. On the one hand, there needs to be more narrative and utility beyond PFP, which is the battlefield that experienced web2 veterans can play; On the other hand, web3 of traditional brands is also a process of introducing new web3 users.

Conclusion

Doodles, as a PFP avator NFT, has an overall artistic style that can be widely accepted and loved by audiences from both East and West and even from various other cultural backgrounds. Moreover, the head portrait has a variety of types and genders. The differences between the head portraits are enough and the series itself has a high degree of recognition. People of different genders can always choose their favorite options in the series. The works also cover figures, animals, aliens, even ice cream, cucumbers and other shapes, which can be highly accepted and applied by all ages. The design and art of the works are not only highly accepted by the public, but also fascinated by this simple but not simple head portrait series by art and design professionals.

Presently, a large amount of "hype" and popularity around Doodles have only increased, which also proves that it is one of the most iconic and well-known projects, and is widely considered a top blue chip project of NFT. It also has outstanding performance in different market environments, which also reflects the continuous demand for Doodles from outside.

From the current actions of Doodles, it is crucial to meet the new needs of new users and rebuild the brand and user relations. Long term community operation is also an essential part of NFT project operation. It is not easy to operate NFT projects well, and the requirements for brand mentality and organizational ability are also high.

In a word, when we are facing thousands of NFT projects and finding our favorite blue chip NFT, doing our own DYOR well must come first!

Author: Gate.io Observer: Byron B. Translator: Joy Z.

Disclaimer:

* This article represents only the views of the observers and does not constitute any investment suggestions.

*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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