What is Doodles NFT?

Among the many endeavors of the NFT ecosystem, Doodles NFT project is a fascinating phenomenon in the world of digital art and collectibles of the Web3 ecosystem. The Doodles project started on October 17, 2021, at a mint price of 0.123 ETH and reached the peach of 20 ETH in May 2022. In addition to the unique arts, innovative rewards, and goal of becoming a comprehensive web3 entertainment brand.

As Doodles has experienced both successes and challenges within the dynamic NFT ecosystem, leveraging its innovative token mechanics, prestigious partnerships, and extravagant in-person events to establish itself as a top Web3 brand. This comprehensive guide aims to equip readers with a comprehensive understanding of Doodles.

What are Doodles NFTs?

Doodles NFT Project Homepage Banner

The Doodles NFT collection comprises 10,000 generative digital art pieces created by a trio of artists - Evan Keast (Tulip), Scott Martin (Burnt Toast), and Jordan Castro (Poopie) - who prefer to work under pseudonyms. Keast and Castro had already gained prominence in the NFT community for their involvement in the iconic CryptoKitties project in 2017, while Martin had established his creative brand by minting his own pieces and contributing to the NFT space for over a year. Later, they formed together to create the Doodles NFT collection, bringing their unique talents and experiences to produce a PFP NFT project into a form of entertainment community for everyone.

The Doodles NFT universe features a diverse array of characters, including humans, cats, apes, pickles, skeletons, aliens, and sentient flames. Like most generative avatar collections, each Doodles NFT is unique and possesses varying degrees of rarity based on its individual traits. Although the Doodles team has not published an official catalog that ranks the rarity of specific traits, enthusiasts can refer to unofficial lists such as those compiled by Rarity Sniper.

Types of Doodles NFTs

Doodles NFT Collections

Doodles

Being the first genesis of Doodles NFT, by owning this NFT, you gain access to Space Doodles, community voting rights, products, and events. You are involved with the founders’ team with the aim to develop a collaborative roadmap in the community.

Doodles 2

Doodles 2 is the next NFT project in line. It has been announced that this collection will be in the form of a customizable Doodle; a base Doodle Character that you can customize by clothing and accessories, thereby creating a personal stylish Doodle.

Dooplicator

The Dooplicator is a utility NFT, which can be employed in the upcoming game “Doodles2.”

In Doodles 2, the holders of the collection can create wearables of the OG Doodles collection and gain access to Doodles 2 beta pass.

Doodlebank

The Doodlebank acts as the governance DAO system of the community, and it is operated through the forum by creating a roadmap and proposals. One point of voting power in the community is granted to one Doodles NFT.

Space Doodles

Space Doodles is a unique spaceship for the Doodles NFT with several different traits. The Space Doodles NFT can be obtained by transforming the Doodle NFT, and by wrapping the NFT through Doodle.app, so both NFTs can’t be held simultaneously.

Genesis Box

The Genesis Box is an NFT with a mystery box function that lets the owner gain 2 random wearables and a Doodles 2 Beta Pass.

The Milestones of Doodles

Doodles Ecosystem Map

Equity Financing

On September 13, 2022, Doodles raised $54 million in equity funding with the support of Reddit co-founder Alexis Ohanian’s 776.

Doodles Space

Doodles launched the Space Doodles conversion portal on March 2022. Doodles Space acted as a portal for Doodles holders to convert Doodles NFTs to Space Doodles NFTs anytime or vice versa.

Doodles Records

Doodles Records is a division in charge of Doodles music and is in collaboration with Columbia Records with the goal of releasing a music album that corresponds to the “Doodles Records: Volume.” With the incorporation of this division, the Doodles team has announced that holders can add a layer of music to their Doodles 2 NFT.

Doodles 2

The Doodles 2 project was announced in June 2022, and it was promised to offer customization options for Doodles NFT. Users will be able to decorate original images with various wearable and accessory NFTs, which would be stored on-chain without requiring any gas. Doodles 2 features dynamic NFTs and allows owners to switch up their NFTs as per their preferences. The customization extends to full-body, PFP views, animated versions, and original music, thereby offering limitless options to holders.

In addition, Doodles 2 would be complemented by other projects such as NFT Dooplicator (bringing rare OG features), wearables NFTs The Genesis Box, and the documentary Doodles Records: Volume 1, all of which would contribute to the evolution of Doodles 2.

Data Analytics of Doodles

Market Cap & Volume Analysis

Doodles NFT Market Cap & Trading Volume in ETH (NFTGo.io)

The Doodles project has stable liquidity in the NFT market because the project was able to maintain a steady trading volume during the bear market of 2022 Q3 and Q4 after peaking at 240,697.12 ETH on Apr 27, 2022.

At the market of March 2023, the Doodles’ total trading volume is 1.7%.

Wash Trading Volume Analysis

Doodles NFT Wash Trading & Trading Volume Comparison (nftgo.io)

According to data analysis, the wash trading volume of the Doodles collection is almost non-existent and the project team is not involved in market making. The highest amount of wash trading was executed in December 2022. The total wash trading volume was recorded at 6192.83 ETH in 893 Sales.

Top 5 Doodles NFT Sales

Doodles Top NFT Sales Statistics (nftgo.io)

The most expensive Doodles NFT sale is Doodles #6914, which was sold for 269.69 WETH on January 6, 2022. Doodles #6914 has a total trait count of 5 and was owned by 3 different owners. As for the rarity of the NFT, it is ranked at #12 on Rarity Sniper. The other expensive NFTs are Doodles #2238, #44, #7675, and #5337 at an average price of 249.92 ETH.

Doodles NFT Overall Statistics of Mar.2023 (nftgo.io)

Roadmap

Regarding the future, Doodles co-founder Keast has repeatedly mentioned that the ultimate goal of Doodles is to become a comprehensive Web3 entertainment company.

In addition to the implementation in the Web3 space, Doodles has been expanding its user base with measures such as allowing users to pay with credit cards instead of cryptocurrency to purchase characters and animations.

It is expected that the team will integrate music, games, animation, and other entertainment products to form a new entertainment consumer brand within the community.

Conclusion

Doodles is a colorful NFT collection developed by a popular trio of artists. A typical Doodle NFT is recognizable by its cheerful and vibrant colors, and the collection is called a “community-driven NFT project” by the team. This means that Doodle owners can make suggestions for the future of the project, as well as provide feedback.

The NFT ecosystem continues to grow despite volatility in the market. We can’t predict the future of the Doodles NFT, but its values are likely to remain strong. The popularity and growth of Doodles make them a better investment choice than choosing newer NFTs.