Doodles, a prominent Ethereum-based NFT collection, has caused a stir among collectors and observers by declaring itself a “not an NFT project” recently. This move, announced by Doodles’ co-founder Jordan “poopie” Castro on the project’s Discord server, has been viewed as both ambitious and a rejection of Web3 principles.
Castro wrote on the Discord server, “We’re trying to go from a startup to a leading media franchise. We are no longer an NFT project. The more time/money/resources we invest in following the latest ‘build in public’ trends that fuel speculation, the less we have to achieve our long-term vision.”
Castro explained that the team’s approach to building new features and products away from the spotlight means that they are no longer just an NFT project but aim to become a leading media franchise. This approach has caused a mixed response on social media, with some lauding the project’s ambitious goals and others viewing it as a sign of it rejecting the scene that helped it find prominence in the first place.
Furthermore, Castro defended the team’s strategy and resources allocated towards building new features and products, stating that his and his team’s focus would be on their most loyal collectors rather than appeasing those with financial motivations. His comments were made in response to criticism from some holders who believe the team needs to focus more on building new features and products for NFTs.
While Doodles has been one of the most successful NFT projects in the NFT space, with prices skyrocketing in recent months, it has faced criticism for lacking communication from its founders and hosting an NFT NYC party last year viewed as a corporate presentation. The project’s floor price has fallen by 13% in the last 24 hours, down to around $5,850 (3.53 ETH), according to NFT Price Floor data.
Castro doubled down on his comments in a subsequent tweet, assuring the community that NFTs will remain the “connective tissue” across plans. As the NFT market continues to evolve, it will be interesting to see how other NFT projects follow suit and rebrand themselves as media franchises or other types of businesses. Doodles’ move indicates an attempt to establish itself as a significant player in the Web3 space and move away from being perceived solely as an NFT project. However, it remains to be seen how this will affect the project’s long-term goals and relationship with its collectors.
NFTs have gained significant attention in the past year as digital art and collectibles quickly surged in popularity. The blockchain technology has enabled artists and creators to monetize their work in a way that wasn’t previously possible. The success of some NFT projects, like Bored Ape Yacht Club and CryptoPunks, has sparked a boom in the industry. NFTs have been sold for millions of dollars, with some high-profile sales even breaking records.
However, the NFT market also faces criticism for being environmentally unfriendly due to the vast amount of energy required for blockchain transactions. Furthermore, NFTs’ high prices have caused some to view them as a speculative bubble that could eventually burst. Nonetheless, many remain bullish on the future of NFTs, and the market continues to evolve and attract new participants.
In conclusion, Doodles’ move to rebrand itself as a media franchise and not just an NFT project has caused tension among collectors and observers. While some applaud the project’s ambitious goals, others view it as a rejection of Web3 principles. As NFTs continue to gain traction and evolve, it will be interesting to see how other NFT projects follow suit and rebrand themselves as media franchises or other types of businesses. The future of NFTs remains uncertain, but the market continues to attract attention and evolve.