Doodles, currently the biggest NFT project in terms of total number of sales, is creating a DOOD utility token, which it’s launching on May 9. The token’s total supply is capped at 10 billion. It will be given to current NFT holders, used to bring in new users, and invested into ecosystem development. From his comments, it sounds like this launch represents a major pivot in Doodles’ creative direction. Co-founder Jordan Castro announced that Doodles is “no longer an NFT project,” sparking passionate debates among the community.
The introduction of DOOD is a key moment in Doodles’ evolution, bringing Doodles off-screen and onto the streets. The project is focused on bringing its characters and story lines to life in immersive experiences for kids and families. The DOOD token will be built on the Solana ecosystem. Binance intends to integrate DOOD within its DOODUSDT futures trading board with up to 50x leverage.
DOOD Tokenomics and Distribution
Total supply of the DOOD token is 10 billion tokens. The release mechanism automatically gives tokens for distribution to existing holders of Doodles NFT. It emphasizes onboarding new users into the ecosystem and setting aside money for ongoing growth efforts. The distribution percentages for each defined group have not been released. That said, we do expect to know more as we get closer to the launch date.
Launching on the Solana network reflects a popular trend we’re seeing among blockchain projects. They are usually already down the rabbit hole looking to find faster transaction speeds and lower fees than Ethereum. Solana's scalability and efficiency make it an attractive platform for projects aiming to support high-volume usage and a seamless user experience. This tactical move makes strategic sense for Doodles’ long term goal to building an engaging, easy-to-understand ecosystem that appeals to a large and diverse audience.
Binance's decision to list DOOD on its futures trading platform signifies confidence in the token's potential and market demand. On BitMEX, traders can leverage their positions by up to 50x. This is an immensely powerful tool that can greatly increase trading volume and artificially create price volatility. This listing would bring in both experienced traders and those new to the Doodles ecosystem, adding to its overall visibility and liquidity.
Community Reaction to Doodles' Evolution
Jordan Castro’s claim that Doodles is “no longer an NFT project” sparked a strong backlash from members of the NFT community. To many, this represents a departure from the fundamental ethos of decentralization. They are committed to ensuring that community ownership is at the heart of defining the space of NFTs. Others viewed it as a natural progression for a project seeking to broaden its appeal and explore new avenues for growth.
Despite this new ambitious direction, the mood amongst the Doodles community is still extremely divided as the project enters into this new phase. Members are worried about this drastic change in priorities. At the same time, others take a longer view and are hopeful that more adoption will eventually lead to more mainstream recognition. Doodles will need to do a better job of communicating its vision in order to come out ahead in this shift. In addition, they must balance community concerns, generate genuine value for token holders.
As Doodles evolves, it faces the challenge of balancing its original identity as an NFT project with its aspirations to become a broader entertainment brand. The launch of the DOOD token is an exciting new milestone in that journey. How well the community receives it will be critical in determining the project's future direction, particularly how much further the project could go. Doodles needs to make sure that its hardcore fans stick around and stay invested in the project’s long-term success.
Doodles' Vision for the Future
The mission of Doodles is to create characters and storytelling from its digital universe in real life. Developing physical experiences that truly resonate with kids—and equally importantly their parents—was crucial. This vision most recently includes an album, AR activations, merch and other exciting experiences, and maybe even an animated series one day. The DOOD token will be instrumental in supporting and maintaining these initiatives. It will enhance the user experience to allow users to engage with this colorful Doodles universe in fun, imaginative and different ways.
The environmental ambition of the project goes far beyond generating more digital collectibles. Doodles’ future ambition is to create the most-conducive entertainment ecosystem that celebrates creativity and imagination while creating a sense of connection and community. By bridging the digital and physical worlds, Doodles aims to leave a memorable, engaging experience that resonates with its audience long after the event has passed.
The launch of the DOOD token and the shift in strategic direction reflect Doodles' commitment to innovation and its desire to transcend the limitations of the NFT space. There’s a rocky road ahead, but no one’s keeping Doodles down. They are serious about their stated goal of becoming a globally recognizable entertainment brand.
