What is Doodles? (NFT Project)
The Doodles hype is growing fast. The project recently hit an 11 ETH floor so let's take a closer look.
What are Doodles?
Doodles is an NFT project launched in October 2021.
10,000 unique characters with different traits.
Every Doodle is an NFT on Ethereum.
Art by Scott Martin (Burnt Toast).
Doodles is a PFP (profile picture) project, similar to Crypto Punks and Bored Ape Yacht Club. Every Doodle has a different combination of traits, and some are rarer than others.
So, what are the rarest traits?...
Meet the Doodles
Custom Drawn Doodles
These are super-limited, custom designs, hand-drawn by artist Scott Martin.
5 Doodle mascots (the classic Doodle character)
10 Aliens
12 Cats
15 Skellys
20 Apes
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Special heads
These are weird and playful heads. Limited in supply so they often sell for high prices.
32 Coffee
31 Balloons
43 Devils
35 Pickles
26 Rainbow heads
34 Flower heads
21 Popsicles
17 Ice creams
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Special faces
12 Sharks
11 Ducks
11 Dinos (including holographic)
27 Puffer up (including visor)
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Super rare traits
Some Doodle traits are completely unique. The traits and combinations below are ultra-rare with only 1 of a kind.
Holographic bed head
Cat hat
Bubblegum
Purple backpack
Stellar sweater
Cat note
Blue space background
Gold alien
3D glasses and cigarette
Alright, so we've established the traits. Who's the team behind the project?
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The Doodles Team
Artist - Scott Martin (Burnt Toast)
Scott Martin is a Canadian illustrator. He’s worked on projects for Google and WhatsApp, as well as some epic real world murals. Check the links for more about him.
The Burnt Toast colour palette (I use the light pink for my own avatar)
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Evan Keast (Tulip) and Jordan Castro (Poopie Cat)
Castro was the product lead for CryptoKitties at Dapper Labs (follow on Twitter)
Keast was the marketing lead for CryptoKitties (follow on Twitter)
Both are legends in the NFT space with a track record of creating huge value and creativity since 2017.
Alfie Motion
Alfie is the animation director at Doodles.
He animated the teaser launch video (watch it here).
He's now working on animating the Doodle characters.
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Famous Doodles holders
PFP NFTs are reaching the celebrity level, so who’s got a Doodle?
Elijah Wood has a custom
Disclosure (gifted 15 for providing music to the Doodles project)
Jake Ryan (NFL linebacker)
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Who else to follow?
Prominent collectors, artists and others in the NFT community that hold Doodles:
The Doodles Community
The success of a PFP project relies heavily on the community. Doodles is already one of the strongest I’ve seen. Visit the Discord - it’s non-stop positive energy.
Real Life Doodles Events
One thing I love about Doodles is the early signs of a real-life community.
They host meet-ups, with real-life murals, merch and events (watch the video)
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Derivatives
The Doodles community has already created spin-offs that add value to the project.
Pukenza - Created by @L3xcNFT, the Pukenza backgrounds were inspired by Tyler Hobbs Fidenza, but remixed with the Doodles colour palette. One Pukenza for every Doodles holder.
Noodles - 5,555 NFTs based on the Doodles project (unofficial, but created with permission).
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The Doodlebank 💰
The Doodlebank is the Doodles treasury.
50% of all royalty revenue from secondary sales goes straight into the Doodlebank.
It currently holds ~1,704 ETH ($5.79 million)
Anyone in the community can start an idea, make a proposal and vote on it.
Every Doodle holder gets 1 vote.
The Doodlebank has funded events, partnerships, derivatives, new hires etc.
The Doodlebank is a large war-chest to help build the project into the future.
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Space Doodles?
NFT projects have historically rewarded holders by giving them access to additional NFTS. For example, Bored Ape Yacht Club dropped the 'Mutant Ape Yacht Club'. Lava Labs dropped Meebits to all CryptoPunk holders.
It’s a way of rewarding existing holders with new content and keeps the project evolving.
Doodles is planning a similar thing for Doodles holders. Your Doodle can go to space with its very own spaceship! They’re called 'Space Doodles.'
But there's a cool twist...
Your Doodle and your space ship are fused together.
It won't add any new NFTs to the circulation and dilute the market like other projects have done in the past.
It unlocks a new way for NFT projects to evolve and stay relevant.
This is very long-term thinking! It means Doodles can continually add new features, reward holders and upgrade the project without flooding the market with NFTs.
Read more about it here and here’s an image to explain how the tech works:
💡 I'm not sure yet how this will play out. It's a genius long-term idea that allows Doodles to evolve, upgrade and personalise. In theory, it should increase the overall value of each Doodle which could push the floor price up. BUT some holders might find it annoying that they can't sell their new drop on the secondary market. Lots of NFT holders like the ‘dividend’ of getting a free NFT they can sell on OpenSea.
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Market stats and info
The Doodles floor price is currently 10.8 ETH (~$39k)
Currently doing more volume than Crypto Punks
Approximately 5.7k individual holders so it’s relatively well dispersed.
Tokenomics
101 Doodles were reserved for each of the three founders (generated randomly)
51 Doodles for West Coast NFT (agency)
15 for Disclosure
A small handful kept aside for other contributors and promotion
All Doodles were programmatically shuffled and released in October through a whitelist, then public sale.
What do you own? (IP and copyright info)
Doodles LLC still holds the intellectual property and copyright of all the images and branding.
You can use your Doodle in merchandising up to $100k.
This is a more restrictive license than some projects (e.g. Bored Ape Yacht Club)
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Final Thoughts?
There's a lot of hype around Doodles right now so I remain a little cautious about the short-term. The price floor has trebled in the last few weeks, so this may not be the ideal place to fomo in.
However, long-term, I think Doodles are one of the few projects that has a chance of joining BAYC and Punks as one of the leading PFP projects.
The team is experienced and passionate. They’re thinking long-term. The community is engaged. The playful artwork gives it mainstream appeal.
At this point in the cycle, I’m looking for projects that will endure bear markets and I think Doodles is one of the few that is going to make it through.
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