Doodles has been one of the leading NFT projects since 2021. Now, it’s preparing for an exciting new chapter of expansion with the imminent launching of its native token, $DOOD. This combination is still a huge step forward for the still nascent Doodles ecosystem. It lays over top electric industry news of recent milestones such as important executive appointments, strategic acquisitions and exciting funding rounds. We anticipate the launch of $DOOD to further increase community engagement and to introduce new utility and use cases for the Doodles brand.
Having successful launched its native token, PENGU, $DOOD is now making its debut. The token was originally launched on the Solana network in December 2020. PENGU was an immediate hit, launching with a fully diluted valuation (FDV) of around $1.7 billion. The new token will be used to deepen engagement and create incentives for active participation in the Doodles universe.
In this article, we’re going to explore the history of Doodles. It will take a look at the strategic decisions that have steered its ship and how the $DOOD token may impact the NFT ecosystem as a whole.
Doodles' Rise in the NFT Space
Doodles exploded onto the scene in 2021. Since then, it has grown to be one of the most iconic PFP (profile picture) NFT collections. Its unique visual style and prioritization of community values helped make it an indie darling. The project shot to the front of the pack with collectors and enthusiasts, quickly becoming a standout rookie in an already thick class.
In 2022, Doodles generated considerable buzz through the appointment of Holguin. This strategic hire was a strong indicator to the project’s ambition to connect the digital art world with mainstream entertainment. As Chief Brand Officer, Pharrell Williams will be taking the lead in these efforts. His impact further elevates our vision, bringing immense creative and cultural value to the Doodles brand.
The company found enough traction to close a $54 million round at a $704 million valuation in September 2022. This most recent funding round has given Doodles a great deal of fuel with which it can fly towards its strategic goals. These goals are creating a bigger and better team, building brand-new Doodle products and experiences, and cultivating the whole Doodles universe.
Strategic Acquisitions and Community Engagement
Doodles has further ramped up its capabilities, most notably by acquiring Emmy-nominated animation studio Golden Wolf in early 2023. This acquisition was a major power play for the company to strengthen its content production arsenal. The transition opens up avenues for Doodles to produce larger-scale animation and IP-building content that aligns with and excites its community.
The company has further shown a propensity to developing immersive experiences for their community. During SXSW 2022, Doodles created a colorful, meme-oriented spectacle that drew in attendees across all genres—including art advocates who never heard of the crypto-native brand before. This campaign was a real testament to the brand’s power to drive immersive, exciting experiences beyond the digital space.
Doodles has a $67.6 million NFT cap, higher than the $49.2 million for Azuki. This valuation is a tremendous testament to the market’s faith in the Doodles brand and its prospects as a long-term growth vehicle. It’s this financial strength that allows the company to invest in creative placemaking projects and initiatives that enhance the vibrancy of its community.
$DOOD Token Allocation and Utility
The Doodles community will also be getting 30% of the allocation breakdown of DOOD shared with them. This allocation further demonstrates the project’s dedication to providing incredible value to its most dedicated backers. The Ecosystem Fund will receive 25% of the allocation. This kind of funding will dramatically speed up the creation and spreading of the universe of Doodles.
The team will get 17% of the award, to incentivize their long-term commitment to the project. New Blood, the term for presumably new contributors or initiatives, will get at least 13% of the allocation. Liquidity will be allocated 10% to guarantee the constant trading and availability of the token. This fee will allow the company to plan on receiving 5% of the allocation towards its operational needs, as well as strategic initiatives.
Holders of Doodles NFTs had early access to Doodles 2 on Flow. On this platform that allows users to create, personalise, and upgrade their avatars, trade traits, and buy or earn wearables. This initiative demonstrates Doodles' commitment to providing ongoing value and utility to its NFT holders. We expect the introduction of $DOOD to compound these benefits.
