So, Doodles’ DOOD token launch… Let’s just say it didn’t really spread the colors of the rainbow. Market cap down, NFT values crashing – talk about the perfect combination for some major investor heartburn. Honestly, are we really surprised? The real kicker here isn’t just the dip. This entire fiasco serves as a clarion call pointing to the skewed priorities rampant in the NFT ecosystem. Everyone’s chasing the next airdrop, the next pump-and-dump, while the actual value proposition – supporting creators through royalties – gets sidelined.
Airdrops Overshadow Royalty's Real Worth?
Never mind the short-term dopamine rush of airdropped tokens. Let’s talk about real, sustainable value. Royalties are the lifeblood of a robust creator economy. They’re the secret sauce that takes a flash-in-the-pan hype cycle and helps create a healthy, long-term, mutually beneficial marketplace for artists and collectors.
Think about it. Artists spend years developing their craft to create these digital assets. Royalties are the only way to make sure they don’t miss a single cent every time their work is used or sold. It’s an even better kind of passive income because it gives them the resources to CONTINUE creating, innovating and pushing the boundaries of digital art. Without royalties we are, in effect, asking independent creators to produce content for the benefit of their exposure and a one-off payment. That’s not equitable, and it’s not responsible.
The obsession with speculative plays like DOOD allows us to avoid this unpleasant reality. We're so busy chasing short-term gains that we're losing sight of the long-term health of the NFT ecosystem. The 97% sales increase leading up to the Doodles airdrop. That’s not community; that’s some cold-town calculated planning for a speculative pay day. And the subsequent 60% drop? That’s the market doing its job, punishing reckless speculators and leaving bagholders in its wake.
It’s like winning the lottery and only expanding that lottery ticket without ever establishing any financial stability. Yes, the potential upside is enormous, but the likelihood of hitting on that is slim to none. And in the process, you're neglecting the things that actually matter: consistent income, long-term investments, and financial security.
Quick Gains Or Empowering Creators?
Let's be brutally honest. Airdrops, while exciting, often incentivize short-term thinking. This incentivizes people to collectively fund a project simply for the opportunity to claim free tokens. Or even worse, do it without any real investment in the art or the community that creates it. This results in a speculative, pump and dump ridden market. In this new environment, the value of the underlying NFTs is secondary to the more speculative, greater value of the token itself.
Look at Pudgy Penguins' PENGU token. Hit an all-time high of $2.8 billion market cap, currently sitting at $900 million. Anyone see the potential risks?
This isn't just about the money, though. And it’s not just about the short term impact — it’s about the clear message we’re sending to artists. Are we sending the message that their art has no inherent value? Alternatively, are we implying that it’s just an instrument for generating speculative coins? Are we truly building a place that embraces imagination and entrepreneurship? Or are we simply building a roulette wheel where all the players are in it for the quick buck?
I’ve experienced how royalty-based models are conducive to artists’ empowerment, particularly in developing countries. These models guarantee their artists a consistent revenue stream, enabling them to dig deep into their craft and create long-lasting careers. It’s a true game-changer for artists that don’t necessarily have traditional funding streams at their disposal or the connections to conventional art markets.
Doodles launching on Solana isn't inherently bad. Bridging to Base? Fine. So what’s the problem? The problem isn’t the blockchain – it’s the mentality. We're so obsessed with finding the next loophole, the next arbitrage opportunity, that we're forgetting the core principles of Web3: decentralization, community, and creator empowerment.
Solana Isn't The Problem; We Are!
Increasingly, the fact that Doodles has had $2.6 million in sales volume, a 350% increase, does not change the fact that this is a basic problem. More volume spurred by day trader nonsense isn’t the same as a real community stamping their feet, throwing money around, and demanding to see more of this art form.
Here's the hard truth: we need to re-evaluate our priorities. We need to shift our focus from speculative tokens to the fundamental value proposition of NFTs: supporting creators through royalties. Together, we can build a more equitable and sustainable arts ecosystem. Ultimately, we want to make sure that artists are getting compensated for their work and being set up in a position to flourish.
So, the next time you're chasing an airdrop, ask yourself: am I contributing to a healthy ecosystem, or am I just feeding the hype machine? And, am I really helping the artists that produce this fantastic art? Or have I become hopelessly blinded by the prospect of a get-rich-quick scheme? The answer might surprise you. And it could make you rethink everything you know about NFTs.
In this dream, we will respect creators, protect royalties, idolize the art. So now, let’s turn our attention to what actually contains all that value.
Let's build a better future for NFTs, one where creators are valued, royalties are respected, and the art actually matters. It’s time to focus on what really holds the value.
