Doodles: Everything to Know
By Beluga Research August 9, 2023
- Doodles are a collection of digital characters designed as non fungible tokens (NFTs)
- The owners of Doodles and accessories for Doodles, which include spaceships, toys and clothes, comprise a community of users
- Doodles are blockchain-based, using the Ethereum platform
- Doodles offer users methods to interact and opportunities to invest
Doodles are a collection of digital characters designed as non fungible tokens (NFTs). They exist on the blockchain. An investor can acquire, sell, or trade a Doodle within the Doodle ecosystem. Doodles are decentralized digital items that an investor can acquire to build wealth. They also allow owners to interact. Users can exchange the characters and accessories related to them.
A Brief History
Three artists launched Doodles on October 17, 2021. These were Evan Keast, also known as Tulip, Scott Martin, aka Burnt Toast, and Jordan Castro, aka Poopie. The artists were already known for creating other NFTs before creating Doodles. The artists created Doodles because they wanted to establish a community-driven NFT project. They hoped this project would stand out in the digital art and collectibles space of Web3.
NFTs in OG Doodles started at a mint price of 0.123 ETH. They reached a peak of 20 ETH in May 2022. The high price demonstrates these NFTs' popularity and the success possible in the NFT market.
In September 2022, Doodles raised $54 million in equity funding. The effort had the support of Seven Seven Six , aka 776, a venture capital firm headed by Alexis Ohanian , the co-founder of Reddit. The funding from 776 has played a significant role in the growth and success of Doodles. This funding enabled the Doodles team to further expand the project.
What are Doodles?
Doodles is a collection of NFTs in the form of unique digital characters. There are accessories associated with these NFTs, which are digital spaceships, toys, and clothes. Each Doodle is a hand-drawn digital art piece. The term "Doodles" also refers to the community of users which own, buy, sell, and trade these NFTs.
The original Doodles, or OG Doodles, were on the Ethereum blockchain. There are 10,000 of these Doodles. The next generation of Doodles, known as Doodles 2, launched on the Flow blockchain in January 2023. Ownership of a Doodle or Doodles 2 allows a user access to the respective Doodles community. An owner has voting rights in the community. They can purchase other Doodles products and participate in Doodles-related events. An owner becomes part of the founders' team. The goal of this team is to develop a roadmap for the community.
A Doodles owner can delve further into the ecosystem by getting involved with Space Doodles. A Space Doodle is an NFT token that wraps an original Doodle. In order to get a Space Doodle, an owner transfers a Doodle in and gets a Space Doodle out. At any time, the owner can hold either a Doodle or a Space Doodle, never both. The Doodles ecosystem enforces this through smart contract logic.
A Doodles 2 owner can get further involved with their ecosystem by customizing their Doodle. A Doodles 2 character can be customized with clothing and accessories. There are crossover tools. For example, the Dooplicator allows an owner to create wearables, or clothes, from OG Doodles for a Doodles 2 character.
- Connect with a digital wallet. A new owner purchases a Doodle from the appropriate marketplace, with the correct cryptocurrency. For example, a prospective owner would use an Ethereum wallet with ETH on it to buy an OG Doodle.
- Acquire, sell or trade a Doodle. Each Doodle is unique.
- Participate in the Doodles community. An owner can vote and participate in virtual events like the Doodle Beach pop up. They can also get involved with the sale of Doodles-specific merchandise.
- Community-driven approach. Doodles holders can make suggestions for the future of the project and provide feedback. This fosters a sense of community and collaboration.
- Participate in Doodles-related activities and events.
- Utilize unique tools. These include the Dooplicator and Space Doodles. Such tools add value to Doodles NFTs.
- Community-first approach. Doodles limited its Discord to 1,000 members. Initial members obtain privileged early access to exclusive deals like live events and merchandise. Community members also have voting rights. Their decisions guide the community.
- Unique customization . With Doodles 2 NFTs, a new owner starts by composing a basic Doodle NFT. They then customize the character's skin tone, hair color, and other traits. Next, they can add Doodle wearables and rarity traits.
- Multimedia integration. Doodles is making a concerted push toward full multimedia integration with music, video, gaming, and more. Doodles' chief brand ambassador and musician Pharrell Williams is set to create original soundtracks that can be laid over the Doodle NFT graphics. This act will create animated clips for each Doodle.
- Attracts big-name backers. In September 2022, Doodles NFT sales volume spiked by over 1,200% over the past day. This was because Doodles announced a $54 million funding round led by 776. The money was used to build a team of engineers, creatives, marketers and business executives. It was also used to fund product development, acquisitions, proprietary technology, media and collector experiences.
- Decentralized. The OG Doodles and Doodles 2 projects exist within a peer-to-peer network. Any user with sufficient funds or assets, like another Doodle, can purchase or trade for a Doodle. They can get involved with the community.
- Widely accessible. The two Doodles communities can be easily accessed via desktop and mobile devices.
- High entry cost. The OG Doodles initial mint price is a barrier to entry. The OG Doodles NFT mint price started at 0.123 ETH ($300 at the time). The typical price for such NFT character-based projects is 0.1 ETH per character.
- Price volatility. Initially, the Doodles NFT price stayed low at an average of 1.26 ETH per Doodle NFT. That figure stayed around 1-5 ETH for months. It then rapidly increased when Doodles implemented new projects. Since then, the price of Doodles has seen significant fluctuations. This poses a risk for investors.
- Dependence on Ethereum. The OG Doodles on the Ethereum blockchain suffers scalability issues and high gas fees. It remains to be seen whether the Doodles 2 on the Flow blockchain will have to deal with the same challenges.
- Risk of market downturn . The 2022 crypto market downturn negatively impacted the value of NFTs. Doodles were not spared. Doodles 2 may be a factor in helping the market recover.