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Doodles NFT Collection Review

We look at the Doodles NFT collection's popularity and where it could be heading in the near future.

Doodles Collection Review

Doodles, an Ethereum-based collection of 10,000 algorithmically-generated colorful Web3 PFP NFTs, sold out within minutes of its mint last year.

With robust VC backing, celebrity endorsements, and an undoubtedly strong team, the Doodles NFT collection was a huge success right from its mint and has catapulted up the charts to become one of the top NFT projects today.

But what does it hold for the future? Does it have what it takes to overthrow Bored Ape Yacht Club, the indisputable king on the list, which amassed $2.2 billion in total trade volume? Let’s find out.

What Are Doodles NFTs?

Launched in October 2021, Doodles is a collection of 10,000 NFTs. They have distinctive generative rainbow and pastel hues. Designed and co-founded by artist Scott Martin, also known as Burnt Toast. Other co-founders include Evan Keast and Jordan Castro. Known as Poopie, Jordan held the position of product lead of Crypto Kitties. Evan, known as Tulip, held positions at Dapper Labs and the gaming company Kabam.

Doodles NFT Collection
Source: OpenSea
Doodles NFT Collection

Doodles NFTs have unique characteristics. The NFT collection has hundreds of visual traits. Some consist of hand-drawn skeletons, cats, apes, and pickles. There are over 265 rarity traits created by combining these qualities. Rare clothes, heads, and other accessories are just some of the elements that make up the Doodles NFT collection. The combinations can affect buyers’ preferences. The team has not shied away from revealing an official catalog of what traits are the rarest and most common, and have documented it on their official website.

Even in the middle of crypto winter, the project has attracted a roost of big-name backers. The team has announced a $54 million funding round. The round included FTX Ventures, Acrew Capital, and 10T Holdings. The lead investor is Seven Seven Six, the VC firm of Reddit co-founder Alexis Ohanian. This led the project to be valued at $704 million.

The team has released an unusual second collection called Space Doodles. Unlike Mutant Ape Yacht Club or others, Space Doodles is “Non-Dilutive.” Without having to produce a new NFT, it alters the NFT’s look using blockchain technology termed “wrapping.” A Doodles owner can only hold one Doodles NFT or Space Doodles NFT at a time.

Additionally, the company unveiled Dooplicators. This being a free-to-claim NFT for current owners with “perpetual utility.” It supposedly is characterized as a “super-powered device” that will let collectors introduce the rarest OG qualities into Doodles 2.

The project will also release “Doodles Records: Volume 1,” a music collection executive produced by Pharrell in collaboration with Columbia Records. Along with wearables for Doodles 2, the collection will include original music and hand-drawn album art by Burnt Toast.

Doodles NFT Utility

Doodles seem to have been predominantly about empowering their community from the start. The entire collection works like a single DAO, with every Doodles owner having a say in what that DAO does. The holders also have power over the Doodlebank, the Doodles community treasury, where they can vote. Additionally, it receives half of the 5% fee that OpenSea deducts from secondary sales revenues. They can vote on proposals for Doodles team scaling, live events, sponsoring a 3D Doodles project, etc. The roadmap is, therefore, community-driven. In November 2021, a group of Doodles NFT owners proposed the creation of a derivative project named Noodles. The food-based collection was the first officially approved derivative venture through Doodlebank.

Holders of Doodles are permitted to use their NFT as a PFP, sell it, or merchandise it for up to $100,000 through the sale of tangible items. However, after merchandise reaches the $100,000 mark, they must collaborate with the Doodles team to establish official licensing terms.

The brand has grown beyond the first 10,000 NFTs and has introduced new NFT collections, arranged airdrops, sold merchandise through its website, and organized live events.

Doodles NFT Price

As of October 19, the Doodles NFT collection has a market cap of 111.38K ETH and a floor price of 7.46 ETH. With 10,000 assets, all of which are online and currently owned by 5,347 holders, Doodles has generated a total trading volume of about $532 million since its debut.

While similar PFP NFT collections went by the mint price of 0.1 ETH, the Doodles collection, minted on October 17, 2021, had a floor price of 0.123 ETH. This was approximately $300 at the time. The team decided on a higher price point to ensure an initial treasury of ~420 ETH. The Doodles NFT price hit its highest point in July 2022, and the NFTs sold for an average of 35.64 ETH.

The most expensive Doodles NFT sold was Doodle #6914, a gold ape with several rare traits, traded on January 7, 2022, for 296.69 ETH (approximately $1.1 million then).

Doodles NFTs on Opensea

You can buy the collections from almost all the major Ethereum-based NFT marketplaces like OpenSeaX2Y2Rarible, and LooksRare.  If you wanted to purchase a Doodles NFT, buying from OpenSea is fairly straightforward. First, you need to own a Web3 wallet like MetaMask that supports Ethereum NFTs. Next, log in to OpenSea (if you don’t have an account, create one!). Then, connect your wallet to your OpenSea account. Find the desired Doodles NFT and proceed with the payment (buy now, auction, buy with card). Wait for the network to verify the transaction. Once completed, the NFT will be available in the wallet.

Conclusion

Being a blue-chip NFT collection, Doodles is a superior investment option to any recent PFP NFT projects. And based on its development and popularity, the project is a strong contender to BAYC, The Meebits, and CryptoPunks.

Doodles is endeavoring to be much more than a simple PFP project; its ultimate aim is to become a comprehensive Web3 entertainment company. With substantial VC funding, celebrity endorsements, and an unquestionably strong team, the project looks to stay here for the long term.

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