Doodles NFT: Will it Take Us to Infinity and Beyond?
For a platform less than a year old (at the time of writing) Doodles NFT has seen incredible success. It has firmly established itself as one of the top 5 collections on OpenSea. Will its funky designs live up to the hype or will it fizz out? Let’s find out.
Doodles is a community-driven collectibles project featuring art by Scott Martin, aka Burnt Toast. Doodles come in a joyful range of colors, traits, and sizes, with a collection size of 10,000. Each Doodle allows its owner to vote for experiences and activations paid for by the Doodles Community Treasury.
The illustrations get their appeal from their relatability because each piece is inspired by daily situations, each having a distinct emotion. Doodles come in varying degrees of rarity and has human characters, apes, pickles, cats, sentient flames, and aliens, amongst others in its ecosystem.
Scott Martin, a successful digital artist and animator, teamed up with co-founders Evan Keast and Jordan Castro to launch Doodles in October 2021. Both Keast and Castro have previous experience at various successful ventures like Dapper Labs and helped launch the legendary CryptoKitties NFT project in 2017.
This combination of founders familiar with the NFT ecosystem and creating a community around their project has proven hugely successful.
Road to DAO
Doodles is working towards becoming a decentralized autonomous organization (DAO) run entirely by its community.
A major perk of owning Doodles NFTs includes access to the latest products, merchandise, and even real-life events through continued ownership. One example is the launch of Space Doodles, personal spaceships exclusively for Doodle holders.
Doodles owners are able to claim a spaceship counterpart of their original Doodles and, in the process, send their original NFT to the Doodles vault for safekeeping. It’s an NFT token that wraps the Doodles, giving holders a unique experience and adding value to their continued ownership.
The Doodles NFT project has amassed a community of actively engaged enthusiasts who believe Doodle may eventually break the digital barrier and go mainstream. A step toward actualizing the founders’ ultimate aim of becoming a DAO and bridging the gap between the digital world and the real world by connecting NFT enthusiasts through community-driven initiatives such as installations, concerts, merchandise, and more.
Not afraid to make bold moves
In a show of commitment to its earliest supporters, the Doodles team cashed in on their collective knowledge and wealth of experience in the NFT space by making a daring and unprecedented move during the project’s rollout. They closed the official Discord.
Closing the official Discord with only over 1,000 community members about a month before the project went live for minting, effectively preventing new members from joining, was the exact opposite of what anybody expected when building a community was of utmost importance.
The Doodles team’s potentially catastrophic gamble eventually paid off. The project’s interest and following continued to grow, and Doodles sold out at a record-breaking speed in the public sale before the Discord was eventually reopened.
Doodles NFT price
After Doodles’ record-breaking public sale at the mint price of 0.123 eths ($242) on October 17, the massively sought-after collection hit a floor price of 1.5 eths ($2,958) within 48 hours on OpenSea.
The floor price maintained a consistent movement between 1 and 5 eths for the next two months before it gradually rose to 20 eths ($39,440) on January 10, resulting from Space Doodles’ announcement.
Today, Doodles nft floor price is 12.44 eths ($24,531) with over 131,200 eths ($258.7M) in trading volume on OpenSea.
Owing to the combination of its aesthetically pleasing art, the founders’ resumes, engaged community, and the array of perks and utilities attached to the Doodles NFT project, there were no doubts about how well it would do in the secondary markets. With rare pieces from the collection selling for as high as $1.1 million at the time.
How to buy Doodles
With the floor price currently at 12.44 eths ($24,531), you can buy Doodles on any of the popular NFT marketplaces of your choosing. Using OpenSea for this example, here’s how to buy Doodles in six steps:
- Fund your cryptocurrency wallet by acquiring the right amount of ethereum to purchase your NFT from any of the popular crypto exchanges, like Coinbase. Most NFT marketplaces work perfectly with MetaMask and Coinbase Wallet.
- Select the Doodles you want to buy on OpeanSea.
- Connect/link your wallet to OpenSea by clicking the wallet symbol at the upper right corner of your screen.
- Review the information available on the specific NFT you intend to purchase.
- Click ‘Buy Now,’ proceed to checkout, and complete the transfer by finalizing payment and applicable gas fees. Alternatively, you can bid on an NFT and wait for the owner to accept your bid.
- Confirm your Invisible Friends NFT purchase by navigating to your profile and choosing ‘In Wallet’ to see your NFTs.
You’re now a proud owner of Doodles NFT, and you can start showing your asset off on your social media.
Remember to store your NFTs in a hardware wallet for maximum security. Hardware wallets like Ledger’s Nano keep your assets secure offline and safe from phishing attacks. It also secures you from other hack attempts that might result in you losing your assets.
Should you buy Doodles?
In just a few months, the collection of colorful line-drawn characters has transformed into one of the most influential and loved NFT projects – ranking high on the list of top PFP (profile picture) collections in terms of popularity and sales volume.
Doodles’ community-first approach, utility-focused strategy, and move towards becoming a DAO (decentralized autonomous organization) make it one of the best examples of the potential use of NFTs to create a long-lasting collectible brand.
While the future looks promising for Doodles, ensure you do your research and mitigate risks before investing. It can be tempting to jump in quickly into your very own spaceship that could take you “to the moon”. However, as always, the normal rules of investing applies.
Earn NFTs with MyConstant
At MyConstant, we believe in the metaverse enough to have launched our own NFT offering. We’re also giving out NFTs and guidance on how you can score NFTs as rewards when you reach certain milestones.
We also have a range of cryptocurrency and USD products that can help you take your crypto further and earn interest on crypto up to 15% APY, or you can deposit your crypto in our multi-cryptocurrency wallet (and even earn interest on stablecoins).
Other benefits of our platform include:
- 24/7 customer service.
- Rates as low as 6%.
- Early repayments for lower rates.
- Instant matching.
- Storing and borrowing against over 70 different cryptocurrencies.
Sounds good? Sign up today and receive a free $4,000 bonus trial.
Share this article