As most of you probably know by now, Doodles — the rainbow-barfing Ethereum NFT collection of 10,000 PFPs of the 2021 NFT boom — is launching a token on Solana.
The response has been mixed. Crypto Twitter is overwhelmingly in favor of a brand-name token. However, there are also some critics. To begin with, let’s talk about the token distribution. One poster pointed out that the Doodles Team could receive as much as 57% of all DOOD tokens if you add up the pieces of the pie going to them and the others that are possible. This doesn’t seem very nice, especially considering tokens can be used to reward people for their efforts. “give back to the community.”
There’s also the timing issue. Launching a token on a chain other than NFT is it too little too late to launch a token? Does DOOD have any other purpose than to be a token of exit liquidity and as a means to gain attention, or a memecoin?
Recently, the market for tokens related to art and games has been rough. In the past one month, the token for the Pudgy Penguins, PENGU, has dropped 67%. The token behind Ronin’s game with the same title, PIXELS is still down by 50% over the last month. Apecoin remains the same token that was once hyped up in Yuga Labs’ world. It has fallen 50% over the last year.
Doodles has also tried to create interest for its intellectual property by launching other brands. This includes a partnership with McDonald’s in November to launch cups, and a deal to hire rapper-producer Pharrell as chief brand officer. Doodles NFTs aren’t as popular as they could be despite those high-profile partnerships.
Sales and volumes traded show that the DOOD announcement did not really rekindle excitement for NFT. CryptoSlam’s data shows that Doodles volume sales are down by 32% over the past seven days.
The latest trend in monetizing IP is to launch a crypto token. The Doodles aesthetic and art are cool. However, their token is likely to have the same fate as so many other tokens currently available. Over and over again we have seen an initial surge in price followed by a drop, and finally a steady decline.
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