RIP Doodles. No longer an NFT project | NFT CULTURE | Web3 Culture NFTs and Crypto Art
In the world of NFT startups, it is not uncommon for projects to veer in a new direction when faced with challenges or changing market conditions. Such is the case with Doodles, a popular NFT project that recently announced its intentions to transition from a pure NFT startup to a leading media franchise.
The announcement came from Doodles co-founder Jordan Castro, known as Poopie, in a Discord post that surprised many owners. In it, Poopie expressed frustration with the focus on money among some holders and the practice of “building in public”, which he believed detracted from the project’s overall vision.
Unsurprisingly, this announcement caused a stir on the Doodles Discord, with some holders expressing disappointment and frustration at the shift away from NFTs. Poopie’s comments to a proprietor about “flooring his Doodle and GTFO” only added fuel to the fire, and the fallout was felt in the Doodles market, which saw a 25% drop in floor prices during the week.
In response to the backlash, Poopie released a statement clarifying his comments and the project’s new direction. However, the damage was done and the Doodles now face a potential ownership turnover similar to the Moonbirds.
What is interesting to note is that this shift away from NFT branding may become more common as crypto and NFT scrutiny continues to increase in Washington. As NFT projects face increased regulatory pressure and scrutiny, some may choose to rebrand themselves as media franchises or other types of businesses to distance themselves from the NFT brand.
It remains to be seen whether Doodles will bounce back from this setback or continue their downward trend in the coming weeks. Regardless, it’s a reminder of the ever-changing landscape of the NFT market and the challenges that startups face in this space.
Franklin gives up.
In addition to the challenges Doodles faces as it pivots away from NFT branding, there has also been a significant loss of support from one of the top NFT traders in the area. Formerly a significant supporter of the Doodles project, Franklinisbored recently announced that he has given up on the project altogether and has completely “floored” it down to 3 ETH.
This move is a significant blow to Doodles, as Franklinisbored was not only a high-profile holder, but also a major buyer and seller of the project’s NFTs. His decision to floor the project could be seen as signaling the end of support for Doodles, at least in its current form.
(It was a copypasta lol, I can post my honest thoughts on Doodles in another tweet – all those Doodles in that screenshot were Doodles I kept for 1-2 hours at a lower cost base)
It is worth noting that the NFT market is highly speculative, and the decisions of individual traders can have a significant impact on the fortunes of a particular project. While the Doodles team has expressed its intention to transition into a media franchise, it remains to be seen whether the project will be able to attract new backers and maintain its position in the market without the support of influential holders like Franklinisbored.
(It was a copypasta lol, I can post my honest thoughts on Doodles in another tweet – all those Doodles in that screenshot were Doodles I kept for 1-2 hours at a lower cost base)
— Franklin (@franklinisbored) March 17, 2023
