‘Most projects aren’t going to make it’ : Doodles CEO

At one point, the acronym WAGMI – short for “we’re all going to make it” – was often used on crypto-Twitter as a way of expressing optimism towards various projects.

Echoing comments from other Web3 figures that WAGMI is dead, Doodles CEO Julian Holguin said Decrypt acknowledged the headwinds that many projects currently face.

“I think a lot of people certainly feel pain,” he said. “The unfortunate reality is that most projects started are not going to make it through these times.”

One recent challenge Holguin pointed out is that the competition between NFT marketplaces like OpenSea and Blur has meant that royalties for creators have taken a back seat, potentially limiting some projects in terms of available cash.

“We definitely feel for a lot of the projects that were dependent on secondary royalty income and things like that, but I think brighter days are coming,” he said, adding that the bear market has left communities around some NFT projects feeling “deeper” feelings of connection.”

Seeking refuge in Paris NFT

Still, it’s not all bad. NFT Paris and other real events could provide a much-needed breath of fresh air, he said.

After digital asset prices reached all-time highs in 2021, last year was a steep fall from grace for much of the Web3 industry, amid the collapse of a number of firms such as cryptocurrency exchange FTX and projects such as Terra.

By turning from doom scrolling to face-to-face meetings, in-person events allow people to step outside their echo chambers, where the chills of crypto winter take center stage, Holguin explained.

“It’s really important for the Web3 community to get together in person from time to time,” he said. “A lot of the negative sentiment around the space is really what’s rising to the top.”

After serving as president of Billboard—a popular music and entertainment magazine—for nearly two years, Holguin joined Doodles as CEO last May. Doodles revealed Holguin’s role around the same time Terra’s UST and LUNA imploded.

Holguin said events like NFT Paris are key because they help “perpetuate a lot of positivity” and provide a space for community members to gather at a time when resilience is a priority for many.

“While the space is going through a tough time, I think it’s also a very exciting time,” Holguin said. “I know that so many companies in this area are working very hard behind the scenes to build something that their communities can ultimately be proud of.”