Doodles is no longer an NFT project, says co-founder

Jordan Castro, one of the founders behind the popular NFT (non-fungible token) project Doodles, has shared that the brand is moving away from being an “NFT project” and focusing on the long-term vision of becoming a top-tier media. brand.

In a statement posted to Discord on Thursday, Castro, known online by his alias Poopie, discussed the brand’s plans to build away from “trends that fuel speculation” in the NFT market.

“We are trying to go from a startup to a leading media franchise,” he wrote. He also promised to focus energy on Doodle’s “most loyal collectors”.

“We are not going to spend any resources appeasing those with financial motivations,” he added. “We never have and never will.”

The statement received mixed reactions from holders who called for clearer communication.

Others supported the move as a way for the brand to evolve and innovate.

Several hours later, Castro posted one reply to the criticism on Twitterreaffirms his commitment to blockchain technology and promises to “continue to use NFT technology as the connective tissue between everything we do.”

He also said Doodles aimed to “go beyond” the “vicious speculative cycles” that dominate the NFT space by creating products with market fit, solving real-world problems and bringing in “self-motivated users.”

Doodles, along with other NFT collections, have seen the floor price drop steadily in recent months. The rise of trading-focused marketplaces such as Blur suggests that NFT consumers have shifted their focus to trading NFTs for profit rather than collecting NFTs for their artistic value.

According to NFT Floor Price, the floor price for one Doodles NFT is 3.4 ETH, or around $5,700, down from a high of 21.8 ETH in May 2022. The latest news has had a negative effect on the collection’s floor price, which has fallen . over 8% in the last 24 hours.

Doodles launched in October 2021 as a collection of 10,000 NFTs consisting of colorful artwork by Burnt Toast, the alias of Canada-based artist Scott Martin. The project was created by Castro and Evan Keast, who previously worked together at Dapper Labs. The hand-drawn pastel figures quickly attracted a passionate consumer audience, and holders of the project can access exclusive benefits such as access to live events and branded merchandise.

“Our vision at Doodles is to be one of the world’s leading producers of media and entertainment,” the trademark tweeted in June 2022. “We are building an ecosystem rich in diversity and utility.”