Doodles Token Launch on Solana

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Doodles, the Ethereum NFT collection featuring 10,000 PFPs from the 2021 NFT boom, is launching a token on Solana.

Mixed Reactions

Response has been mixed within the community. While many in Crypto Twitter embrace the idea of a token from an established brand, there’s also notable criticism regarding token allocation. One observer noted that the Doodles team could receive up to 57% of the DOOD tokens combined from multiple sources designated for the team, which raises concerns about the promise of “giving back to the community.”

Timing Concerns

The timing of the token launch has also sparked debate. Some question whether launching a token now, separate from the original NFT collection, is a missed opportunity. Will DOOD offer any functional utility, or will it merely serve as exit liquidity, a memecoin, or a way to garner attention?

Market Trends

Recent trends in the market are not encouraging. Tokens related to art and gaming, such as PENGU from Pudgy Penguins, down 67% in the past month, and PIXELS from Ronin, down 50%, show the challenges ahead. Apecoin has dropped 50% in the last year, indicating a general downturn.

Doodles Brand Initiatives

The Doodles team has made attempts to revitalize interest in their brand, including recruiting rapper-producer Pharrell as their chief brand officer and collaborating with McDonald’s for a promotional cup launch. Despite these efforts, Doodles NFTs have not outperformed the general market.

Sales Volume Decline

The announcement of DOOD has not sparked renewed interest either, as the past week saw a 32% decline in Doodles sales volume according to CryptoSlam data.

Conclusion

Launching a token appears to be a common strategy for monetizing IP in crypto. While the Doodles art and design have aesthetic appeal, its token may not escape the pattern of initial enthusiasm followed by selloff and decline that many others are experiencing.