Doodles, a popular NFT project, recently announced that it would cease to be an NFT project and become a leading media franchise. This movement aims to focus on the most loyal collectors of the project and away from financial speculators.
The project, which launched in October 2021, has grown to a valuation of $704 million based on a September 2022 funding round. Doodles counts iconic musician Pharrell Williams as its chief brand officer, and the project has gained a large following in the NFT community. Despite the project’s success, however, some Twitter users have pointed to perceived problems with the project, such as its recent lack of communication and a March 16 NFT sock drop.
Jordan Castro, one of the project’s co-founders, who uses the pseudonym “poopie” online, made the announcement on the project’s Discord channel. He said the team was trying to transition from being a startup to a leading media franchise, and that Doodles was no longer an “NFT project.” He also said the project would focus on its most loyal collectors and not spend resources appeasing those with financial motivations.
The announcement was met with mixed reactions, with some NFT enthusiasts expressing concern about the future direction of the project. However, others praised the move, suggesting that the term “NFT project” is outdated and that such projects are all startups/businesses.
Castro later tweeted a response to the criticism, stating that the project was doubling down on its new approach, but would continue to use NFT technology as the connective tissue between everything they do. The goal, he said, was to “evolve beyond vicious speculative circles” by attracting intrinsically motivated users, solving real problems and launching products that fit the market.
The move to become a media franchise could be a smart one for Doodles, as it will allow the project to expand beyond the NFT space and into other areas of media such as movies, music, and gaming. It could also help the project reach a wider audience and go mainstream.
However, the success of such a pivot will depend on how well the project executes its new strategy. Moving away from financial speculators and focusing on loyal collectors could be a smart move, as it will help build a stronger community around the project. However, it remains to be seen if Doodles can make a successful transition from an NFT project to a leading media franchise. Only time will tell if this move pays off for the project and its investors.
