Doodles stands as one of the most engaging and creatively ambitious projects within the Web3 digital art and collectibles space. Launched on October 17, 2021, with a mint price of 0.123 ETH, the collection reached a peak value of 20 ETH by May 2022. Beyond its distinctive visual style, the project is recognized for its innovative reward mechanisms and its broader vision of building a comprehensive Web3 entertainment brand.
Navigating both successes and challenges in a dynamic NFT market, Doodles has worked to establish itself as a premier Web3 brand through unique token mechanics, high-profile partnerships, and exclusive live events. This article provides a comprehensive guide to understanding the Doodles ecosystem.
What Are Doodles NFTs?
The Doodles NFT collection consists of 10,000 algorithmically generated digital art pieces. The project is the creative brainchild of three artists: Evan Keast (known as Tulip), Scott Martin (Burnt Toast), and Jordan Castro (Poopie). Keast and Castro first gained prominence in the NFT community through their work on the iconic CryptoKitties project in 2017. Meanwhile, Martin had been building his own creative brand by contributing to the NFT space for over a year. Together, they pooled their unique talents and experience to create Doodles, a profile-picture (PFP) NFT project designed to be an inclusive and entertaining community for everyone.
The Doodles universe features a wide array of characters, including humans, cats, apes, pickles, skeletons, aliens, and even sentient flames. Like most generative avatar collections, each Doodles NFT is unique and possesses varying levels of rarity based on its combination of traits. Although the Doodles team has not released an official ranking of trait rarity, enthusiasts often refer to unofficial resources, such as the list compiled by Rarity Sniper, to assess the scarcity of their assets.
The Different Types of Doodles NFTs
The Doodles ecosystem has expanded from its initial collection to include several complementary projects and utility-driven assets.
Doodles (The Original Collection)
The original Doodles collection serves as the foundational project. Ownership of one of these NFTs grants access to future drops like Space Doodles, community voting rights, exclusive products, and event invitations. Essentially, owning an original Doodle means joining the founding team and helping to shape the project’s community-driven roadmap.
Doodles 2
Doodles 2 is the next evolution of the brand. This collection will feature customizable Doodle characters. Owners will be able to personalize a base Doodle with a variety of clothing items and accessories, creating a unique digital identity.
The Dooplicator
The Dooplicator is a utility NFT designed for use in the upcoming Doodles 2 ecosystem. Holders of this asset will be able to create wearable items based on traits from the original Doodles collection and will also receive a beta pass for Doodles 2.
Doodlebank
Doodlebank is the community's governance DAO (Decentralized Autonomous Organization). It operates through a forum where members create and vote on proposals and roadmap initiatives. Each original Doodles NFT grants its owner one vote in these community decisions.
Space Doodles
Space Doodles are unique spaceship NFTs tied to the original Doodles. Each ship has its own set of traits. A Space Doodle NFT is acquired by wrapping an original Doodle NFT via the Doodle.app portal, meaning you cannot possess both the original and the spaceship version at the same time.
Genesis Box
The Genesis Box is an NFT that functions like a mystery box. Owners can open it to receive two randomly assigned wearable assets for Doodles 2 and one beta pass for the Doodles 2 platform.
Key Milestones for Doodles
The project's growth has been marked by several significant events and announcements.
Equity Funding Round
On September 13, 2022, Doodles raised $54 million in an equity funding round led by Seven Seven Six, a fund founded by Reddit co-founder Alexis Ohanian.
Launch of Doodles Space
In March 2022, Doodles launched the Space Doodles conversion portal. This platform allows holders to seamlessly convert their Doodles NFT into a Space Doodles NFT and vice versa.
Doodles Records
Doodles Records is the music division of the brand, formed in partnership with Columbia Records. Its goal is to release music albums, starting with "Doodles Records: Volume 1." Following its formation, the team announced that holders would be able to add a music layer to their Doodles 2 NFTs.
Announcement of Doodles 2
The Doodles 2 project was officially unveiled in June 2022. It promises extensive customization options for NFTs, allowing users to adorn their base characters with various wearables and accessories. These dynamic NFTs will be stored on-chain without incurring gas fees for changes. Owners can switch between a full-body view, a PFP (profile picture) view, an animated version, and even feature original music, offering nearly limitless personalization.
Furthermore, Doodles 2 will be supported by assets from other parts of the ecosystem, such as the Dooplicator (for importing rare OG traits), wearable NFTs from The Genesis Box, and content from the "Doodles Records: Volume 1" documentary.
Doodles Market Data Analysis
Understanding the performance and market behavior of the collection is crucial for any collector or investor.
Market Capitalization and Trading Volume
The Doodles project has demonstrated relatively stable liquidity in the NFT market. After reaching its peak market capitalization of 240,697.12 ETH on April 27, 2022, the project managed to sustain consistent trading volume even during the bear market of the third and fourth quarters of 2022. As of recent market analyses, Doodles accounted for approximately 1.7% of the total NFT market trading volume.
Wash Trading Analysis
Data indicates that wash trading volume for the Doodles collection is nearly negligible, suggesting the project team does not engage in market manipulation. The highest recorded instance of wash trading occurred in December 2022. The total wash trading volume was recorded at 6,192.83 ETH across 893 sales.
Top Five Doodles NFT Sales
The highest-priced Doodles NFT sale was for "Doodles #6914," which sold for 269.69 WETH on January 6, 2022. This NFT has 5 traits, has been owned by 3 different wallets, and is ranked #12 in rarity on Rarity Sniper. Other high-value sales include "Doodles #2238," "Doodles #44," "Doodles #7675," and "Doodles #5337," with an average sale price of 249.92 ETH.
The Doodles Roadmap and Future Vision
Doodles co-founder Evan Keast has frequently stated that the project's ultimate goal is to evolve into a fully-fledged Web3 entertainment company.
Beyond its Web3-native initiatives, Doodles is also focused on expanding its user base by improving accessibility. Measures include allowing users to purchase characters and animations using credit cards instead of solely cryptocurrency.
The team aims to converge various forms of entertainment—including music, gaming, and animation—to position Doodles as a novel consumer entertainment brand built within and for its community.
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Frequently Asked Questions
What utility does owning a Doodles NFT provide?
Ownership grants voting rights in the Doodlebank DAO, access to exclusive products and events like Doodles 2, and the ability to participate in the community-driven roadmap that shapes the project's future.
How is Doodles 2 different from the original collection?
Doodles 2 focuses on dynamic, customizable characters. Owners can personalize their NFTs with various wearables and accessories, with changes stored on-chain without gas fees. It represents an evolution from a static PFP to an interactive digital identity.
What was the significance of the $54 million funding round?
The equity funding, led by a prominent venture fund, provided significant capital to scale the Doodles brand beyond NFTs into a broader Web3 media and entertainment company, supporting initiatives in music, gaming, and animation.
How can I participate in Doodles community governance?
If you own an original Doodles NFT, you hold one vote in the Doodlebank DAO. You can participate in forum discussions and vote on proposals that determine the allocation of the community treasury and project direction.
Are Doodles NFTs a good investment?
Like all NFTs, their value is subject to market volatility. However, due to its strong community, recognized brand, and ambitious roadmap, many consider Doodles to have a solid foundation for long-term growth compared to newer, unproven projects. Always conduct your own research.
What is the Dooplicator used for?
The Dooplicator is a utility NFT that allows holders to bridge assets from the original Doodles collection into the Doodles 2 ecosystem, specifically for creating rare wearable items based on original traits.
Conclusion
Doodles is a vibrant and colorful NFT collection developed by three well-known artists in the crypto space. It is a quintessential community-driven project, where owners have a direct say in its development. Despite inherent market fluctuations, the NFT ecosystem continues to mature, and Doodles, with its strong foundation and expansive vision, is well-positioned to maintain its relevance and value. Its proven track record of growth and adoption makes it a noteworthy project for anyone interested in the evolution of digital art and Web3 communities.