Doodles, a popular NFT project, is shifting away from being solely an NFT project and instead aims to become a top-tier media franchise, according to co-founder Jordan Castro, also known as Poopie. In a statement, he explained that the brand wants to move away from “trends that fuel speculation” in the NFT market and build a loyal following of collectors. The announcement was met with mixed reactions from holders, who requested clearer communication, while others saw it as an opportunity for the brand to innovate.
Castro affirmed his commitment to blockchain technology and said that Doodles aims to “go beyond” the “vicious speculative cycles” by creating products with market fit, solving real-world problems and bringing in “intrinsically motivated users.” He also pledged to use NFT tech as the connective tissue between everything the brand does.
Despite the announcement, the floor price for a Doodles NFT has dropped over 8% in the past 24 hours, according to NFT Floor Price. The brand’s floor price currently sits at 3.4 ether (ETH), or about $5,700, down from a high of 21.8 ETH in May 2022.
Doodles’ decision to shift away from being solely an NFT project reflects a larger trend in the NFT market, with consumers increasingly focused on trading NFTs for profit rather than collecting them for their artistic value. This shift is reflected in the rise of trader-focused marketplaces like Blur. Despite this, Castro and the Doodles team hope to create a loyal following by offering products with real-world utility and value.
