The Doodles NFT collection features 10,000 unique drawings that have been released by the artists Evan Keast, Scott Martin, and Jordan Castro who use the pseudonyms Tulip, Burnt Toast, and Poopie respectively.
Doodles NFTs feature humans, cats, pickles, apes, sentient flames, skeletons, and even aliens. The transactions are carried out on the Ethereum network and secondary purchases can be made through OpenSea. Doodles is a pretty unique and community-driven project because the ownership of each Doodle NFT entitles the holder to one single vote. The entire system functions through a decentralized autonomous organization (DAO) and community members get a say in the project.
The Doodles NFTs have generated a cult following and also received endorsements from many celebrities.
History of Doodles
Doodles NFTs are an exclusive limited collection of 10,000 NFTs featuring unique drawings of both characters as well as inanimate objects. There are various kinds of images featuring figures and objects from daily life. The various NFTs are different from each other based on accessories primarily but some other attributes also include body, face, hair, piercing, and head.
The Doodles collection was launched in Octonber 2021 at a price of 0.123 ETH. The doodles Discord group was closed once it reached a little over 1000 members adding an element of exclusivity to the project. The team also launched a Doodlebank where community members can vote and initiate new projecxts. Proposals passed are allowed to proceed. Some of the projects approved by the community include Noodles and Pukenza.
Owning a Doole NFT provides the power of one vote where a hodler gets to decide in the future of the project. Each Doodle owner also gets a Space Doodle NFT for free. Holding a Doodle NFT will also serve as a pass for future live events organzied by the team. Doodles had partnered with The Heart Project, for an event in the past. The team has stated that the ultimate goal of the project is to become a full-fleged entertainment company.
Tokenomics of Doodles
The Doodles NFTs have been deployed on the Ethereum blockchain. A total of 10,000 Doodles NFTs were minted in October 2021.
Purchasing a Doodles NFT is an investment in itself as the entire movement of NFTs began with this collection. Total sales have exceeded 2 billion dollars and many celebrities have also joined the bandwagon.
Doodles have been used as Twitter profile pics since they look unique and really cool. They have become a style statement of sorts and are flaunted by many investors. As a long-term holder, these NFTs can also be looked upon as an investment.
The Doodles collection has sufficient rarity built-in that also helps in pushing the value of these NFTs. Rarity in NFT defines the uniqueness of features and how frequently they exist in a collection. For example, an alien with a grey head feature in exactly 1 of the Doodles NFTs making it an important rare feature. The Doodles NFTs possessing this trait thus become extremely valuable. The rarity can be checked on online freely available NFT rarity tools such as Rarity Sniper. You can also check the rarity of a particular Doodles NFT by clicking on the properties tab. Anything less than 1% is considered very rare and will command a huge premium on its price.
Source: Rarity Sniper
For example, #2238 owned by Steve Aoki features an alien character with grey head, a rare trait and if we check the rarity on Rarity sniper as shown in the image above, it will list grey head attribute as 0.01%.
Let us discuss the top five most famous and expensive Doodles collection NFTs sold till date.
Doodles #6462: This NFT is owned by Alexandre Arnault. He is the the former CEO of high-end luggage brand Rimowa. Rimowa is owned by LVMH that purchased Tiffany & Co. Alexandre now oversees operations at Tiffany &Co. This particular NFT features a Doodles character with 3D glasses, pink hair, blue headband, and blue head.
Doodles #6914: This NFT features a Doodles character in the form of a golden ape wearing a golden crown. It was purchased by Pranksy, an anonymous NFT investor who also co-founded NFTBoxes.io. Pranksy is also one of the largest hodlers of NBA Top Shots. Pranksy paid $1.1 million for the Doodles NFT.
Doodles #2238: Owned by Steve Aoki, this Doodles character features an alien against a grey bakcground. It is a very rare doodles NFT and Steve Aoki announced his purcahse to the world by tweeting about it, “Just purchased the 9th rarest @doodles in existence! There are only 10 alien type doodles ever created and I own one of them now! Welcome #2238 to the family!” Steve Aoki is an American record producer and artist who has also invested in other NFT projects such as the Bored Ape Yacht Club collection and Crypto Punks.
Doodles #5773: This NFT was purchased by Discloure. Disclosure is an English electronic band comprising Howard and Guy Lawrence. It features a male Doodles character with a moustache, shades, and wearing a pink sweater. Disclousre announced that they would sell and donate all proceeds to the Ukraine DAO.
Review Of NFT Collection Doodles
The Doodles NFTs have become a cult item and have generated a lot of interest from investors. Some of the NFTs have sold for record prices and the combined sales generated by Doodles till date is approximately 80,000 ETH. The current floor price for the cheapest Doodle is around 10 ETH. Much of the value is because of the community behind this project and also because it has the early mover advantage of being one of the first NFT collections. Also, each NFT is generated through a code making them unique and no two can be alike.
The endorsement from various celebrities and brands has also helped in hyping the Doodles NFTs.
The characters in the form of skellys, cats, aliens, apes, and mascots give each NFT a separate identity and diversity. The basic value of every NFT is in its rarity of which the Doodles collection has in plenty.
- One Doodle equals one vote and community members get to decide on future roadmaps.
- Very expensive and have a cult following.
- High celebrity ownership.
- Decentralised goevrned community.
- Access to live events and secondary NFTs.
- High price.
- Available only on secondary markets.
Is Doodles scam?
The Doodles NFT collection does not seem to be a scam. However, it is important to Do Your Own Research (DYOR) as NFTs are a risky investment and their value derives from multiple attributes such as community backing, celebrity involvement, and future roadmaps. You should also factor in the rarity aspect before purchasing an NFT.
However, the team behind the Doodles NFT collection has a lot of experience and some of the members have worked on other successful NFT projects. The founders are not anonymous and this provides some credibility to the collection. Purchasing a doodle NFT also provides you with voting power to decide the future roadmap of the project. You can look at the Doodles NFTs as an investment asset since they are sold for high prices and it goes to show that it is not an obvious rug pull but there are no guarantees in the NFT universe, so you should research carefully before deciding to invest in a collection.
Where to buy?
The Doodles NFTs can be bought on OpenSea. For a comprehensive AltCoin Reviews guide that explains all you need to know on how to go about purchasing NFTs on the platform, please click here.
Who Owns Doodles?
Some famous people who own Doodles collection NFTs include Steve Aoki, Justin Beiber, Snoop Dogg, and Pranksy.
Author’s Bio: Puskar Pande has worked for over a decade as a writer and editorial consultant for various cryptocurrency and blockchain companies. He has written many educational pieces on cryptocurrency topics.