ordan Castro, a co-founder of the well-known NFT project called Doodles, has revealed that the brand is shifting its focus from being solely an NFT project to becoming a high-quality media brand in the long run. Castro, who goes by the pseudonym "Poopie" online, announced the project's plans in a statement shared on Discord on Thursday.
The statement outlined the project's aim to distance itself from the speculative trends in the NFT market and build a sustainable brand beyond it.
Castro expressed the project's goal of transforming from a startup into a prominent media franchise. He also vowed to prioritize Doodles' devoted collectors, stating that the project would not allocate resources towards satisfying those with solely financial incentives. "We never have and we never will," he added. While some holders had mixed reactions to the announcement, others requested more transparent communication from the project moving forward.
Some individuals showed their approval of this action as a means for the brand to progress and develop new ideas.
Several hours later, Castro took to Twitter to address the criticism and reinforce his support for blockchain technology. He also stated that Doodles planned to utilize NFT technology as a way to connect their various endeavors, moving beyond the speculative cycles that currently dominate the NFT space. Instead, the project will focus on creating products that solve real-world problems and appeal to intrinsically motivated users.
The declining floor price of Doodles NFTs, like many other NFT collections, has been a cause for concern among investors. The rise of trading-focused marketplaces like Blur suggests that the focus of NFT consumers has shifted from collecting for artistic value to trading for profit.
According to NFT Floor Price, the current floor price for a Doodles NFT is 3.4 ETH, or about $5,700, a significant decrease from the high of 21.8 ETH seen in May 2022. This recent announcement has negatively impacted the collection's floor price, which has dropped by over 8% in the past 24 hours.
In October 2021, Doodles was launched as a collection of 10,000 NFTs featuring colorful artwork by Burnt Toast, the alias of artist Scott Martin from Canada. The project was founded by Castro and Evan Keast, who had previously worked together at Dapper Labs. The unique hand-drawn, pastel characters quickly gained a passionate following among consumers, with holders gaining access to exclusive perks such as live events and branded merchandise.
Over the past year, Doodles has expanded its ecosystem and brought on notable figures to lead its creative ventures, including former Billboard President Julian Holguin as a partner, and musician and producer Pharrell as the project's chief brand officer. The company has laid out plans to expand across music, gaming, and intellectual property partnerships, with the goal of becoming one of the largest consumer brands globally. In January 2023, the project acquired the animation studio Golden Wolf as part of this expansion plan.
Doodles tweeted in June 2022 that its vision is to become one of the world's leading media and entertainment producers, building a diverse and useful ecosystem.