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As most of you in all probability know by now, Doodles — the rainbow-barfing Ethereum NFT assortment of 10,000 PFPs of the 2021 NFT increase — is launching a token on Solana.
Response up to now has been fairly combined. A whole lot of Crypto Twitter loves a token, particularly one from a longtime model, however there’s additionally been some criticism. First, there’s the token allocation. As one poster has identified, the Doodles crew might obtain as much as 57% of the DOOD tokens, when you mix the elements of the pie that goes to the crew plus the opposite items that would go to the crew. That doesn’t look too cute, contemplating how tokens are sometimes marketed as a approach to “give again to the neighborhood.”
After which there’s the problem of timing. Is launching a token now, on a special chain than the NFT assortment, too little, too late? Will DOOD serve any purposeful objective, in addition to providing exit liquidity, a memecoin, and a approach to get a bit extra consideration?
The market has been tough on the market for art- and gaming-related tokens currently. PENGU, the Pudgy Penguins’ token, continues to be down 67% up to now month. PIXELS, the token behind the Ronin-based sport of the identical identify, can be nonetheless down 50% up to now month. Apecoin, the once-hyped token behind the Yuga Labs world, stays down 50% up to now 12 months.
The Doodles crew has tried different model performs to generate curiosity in its IP, from placing a cope with rapper-producer Pharrell to hitch as their chief model officer in 2023 to partnering with McDonald’s to launch cups in November. Regardless of these high-profile offers, nevertheless, Doodles NFTs haven’t soared above the remainder.
The DOOD announcement hasn’t actually rejuvenated pleasure across the NFT assortment both, after we have a look at gross sales and quantity traded. Previously week, Doodles gross sales quantity is down 32%, in response to CryptoSlam information.
Launching a token appears to be the newest means for crypto initiatives to monetize their IP. Whereas I do assume the Doodles’ artwork and aesthetic is cool in a minimalist means, I’m unsure their token can have a special destiny than so lots of the others at present on the market. Time and time once more, we’ve seen an preliminary pump after which a selloff, adopted by flatlining or slowly declining worth motion.
