Genre: pfp
Doodles, by artist BurntToast, is an NFT collection with its community as the primary focus. You hear that a lot with NFT projects these days. But with a team backed by Cool Cats, CryptoKitties, and Dapper Labs devs, Doodles are a new blue-chip collection looking to take over the pfp market.
First minting to the public on October 17th at 7 pm PDT for Ξ0.123, and minting out almost instantly, this is a project popular among influencers.
— Disclosure (@disclosure) October 19, 2021
COMFY @doodles pic.twitter.com/mOZVEe7JCR
— gmRENDER (@fvckrender) October 18, 2021
Doodles, a Look Behind the Numbers
With a current floor price of Ξ 1.03, this is not a cheap pfp collection to get in on. But as mentioned with Cryptoadz and Cool Cats, a certain level of industry clout comes with owning one of these.
Doodles 55 bought for Ξ7.85 ($33,193.96)
Avg Price: Ξ1.50
Rare Trait:
face: rainbow puke – 1.18%https://t.co/OPsjjIzLwf pic.twitter.com/SV3uvHGkPf— NFT Whale Alert (@nftwhalealert) October 26, 2021
According to Nansen, 103 legendary NFT holders have a Doodle in their wallets. These are holders that have influence in the market and are on market trends. Only 20 of these such holders have sold since launch. Compare that to projects with a similar floor price:
- Mekaverse 41 (-17 since mint)
- PudgyPenguins 61 (-77 since mint)
- SupDucks 87(-37 since mint)
Doodles are a project the power players in the space are holding on to.
What comes with my Doodle?
Not very much.
As with any pfp project, the main selling point is the community that you are involved in while holding the collection.
In the case of Doodles, they have a plan to make this one of the most desirable communities to be a part of. A community fund with 650ETH in proceeds generated from the public mint exists. Holders can vote for experiences, campaigns, and activations to benefit the Doodles. Using forum.doodles.app, holders can submit proposals that the community votes on. If the proposal passes, the funds are granted.
That’s really it. The focus of this project is the community you get access to. There is no token promised down the line, or a game or direct metaverse integration.
This blue-chip pfp is exactly what it looks like.
Analysis
As with any blue-chip pfp project, like CryptoPunks or CrypToadz, there isn’t much that comes with this investment. You are investing in the community that comes with the project, not necessarily the art or utility of the project itself.
Sure there is value in the Art behind Doodles. BurntToast is a popular and world-renowned artist. But the real driving factor in the price is the clout or social recognition that comes with holding a Doodle. It’s a prestige piece.
Do I think the pfp mania that we were seeing the last few months stays around long term?
Absolutely not. The trend is already moving away from this.
Daily Floor Stats Update. Pretty mediocre and uneventful day all in all – fair amount of green but even more red and bleeding continuing especially at the lower end. I'm gonna make this update super short b/c it's been a long day. A big day for @Ghxsts, @GalaxyFight_NFT, pic.twitter.com/BVa2MxRT41
— Zeneca_33 🍌 (@Zeneca_33) November 2, 2021
You can see the floors on a lot of these collections dropping by the day. What will survive are the top-tier collections that carry recognition and are being held by influencers.
Doodles are one of those collections and are a good investment in the Ξ1 range for people betting on the long-term value of some of these influencer-driven projects.
If you missed the mint on this one, maybe only invest if you have a lot of liquidity.
Rating: 6/10
Remember always to do your research, make your own decisions and invest in projects that interest you!
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