NFT
The popular NFT project Doodles is revamping its treasury, the Doodlebank, to increase support for community projects.
Earlier in January, the Doodles community appointed an advisor to oversee the Doodlebank project. It recently established a community council that will focus on establishing council governance and developing a process for vetting budgets and proposals.
The community council will also be held responsible for communicating Doodlebank updates to its community members.
As of now, there is about $5 million worth of crypto in the Doodlebank waiting to be staked.
Removing the $100,000 commercial license limit
One of the most significant updates on the Doodlebank project is the removal of the $100,000 commercial license limit for projects supported by approved Doodlebank proposals.
In an interview with Blockworks, Julian Holguin, the CEO of Doodles, said the original purpose of the $100,000 limit is to protect Doodles’ IP.
“We want to make sure we can control the IP and create the business opportunities for our company and our community,” said Holguin.
But with projects started through the Doodlebank, creators will not only have the option to use their one individual NFT, he noted, they will also have access to other parts of the Doodles brand to flesh out their ideas.
“So we’re not just going to lift the cap and create a real business opportunity for you [the creators]we’re going to fund it for you too,’ Holguin said.
Holguin notes that the Doodlebank currently gets a percentage of the money from the sale of Doodle NFTs, though the goal of the Doodles business is to eventually diversify that source of income.
“We have a flagship retail experience launching this summer, tickets and merchandise will be sold and there will be sponsorship opportunities,” he said. “You can think of it as a scaled-down version of Disneyland.”
Ultimately, the Doodlebank initiative aims to bring the Doodles community closer together by giving more opportunities to the NFT holders.
“We’re going to bring our community into the world of Doodles — they’re already part of it, but now they’re also part of this fantasy world, that’s the sense of identity that doesn’t really exist with IP now,” he said.