This is a segment of the drop newsletter. To read full editions, subscribe.
As most of you probably know in the meantime, Doodles-de Rainbow-Barfing Ethereum NFT collection of 10,000 PFPs from the NFT Boom 2021-one sign on Solana.
The reaction so far has been quite mixed. Much crypto -twitter likes a sign, especially one of an established brand, but there has also been some criticism. First, there is the token allocation. As a poster has noticed, the Doodles team can receive up to 57% of death -as soon as you the parts of the cake that go to the team, plus the other pieces that can go to the team. That does not look too cute, given how tokens are often put on the market as a way to ‘return to the community’.
And then there is the issue of timing. Is the launch of a token now, on a chain other than the NFT collection, too little, too late? Will you serve a functional purpose, in addition to offering exit -readidity, a memecoin and a way to get a little more attention?
The market has lately been rough for art and gaming-related tokens. Pengu, the token of the Pudgy Penguins, has fallen by 67% last month. Pixels, the token behind Ronin -based game with the same name, has also fallen by 50% in the past month. Apecoin, the once hydest token behind the Yuga Labs world, will continue to fall 50% in the past year.
The Doodles-Team has tried other brand games to generate interest in his IP, from closing a deal with rapper producer Pharrell to participate as their chief-brand officer in 2023 to collaborate with McDonald’s to release cups in November. Despite those controversial deals, Doodles NFTs are not blessed above the rest.
The death statement also does not really rejuvenate the NFT collection when we look at the sale and traded volume. In the past week, the sales volume of Doodles has fallen by 32%, according to Cryptoslam data.
Launching a token seems to be the newest way for crypto projects to make money with their IP. Although I think that the art and aesthetics of the Doodles are cool in a minimalist way, I am not sure if their token will have a different fate than so many of the others who are currently there. Time and again we have seen a first pump and then a sale, followed by flatlining or slowly falling price action.
