1. The Rise of Doodles: From Cartoon Avatars to Web3 Disney
Doodles stands as one of Ethereum’s most iconic blue-chip NFT projects, embodying the textbook case of IP incubation in the Web3 era.
1.1 Artistic Roots and Community Co-Creation (2021–2022)
In October 2021, Canadian illustrator Scott Martin (Burnt Toast) launched 10,000 vibrant cartoon avatars on Ethereum. Named Doodles, these NFTs captivated audiences with a whimsical "childlike doodle" aesthetic, swiftly rising to blue-chip status with a floor price exceeding 5 ETH.
Key Team Roles:
- Scott Martin: Visual architect, responsible for character design and worldbuilding.
- Evan Keast & Jordan Castro: Ex-CryptoKitties team, experts in NFT community dynamics.
Unique Community Model:
- Established Doodlebank, a community treasury governed by holder votes.
- Introduced dynamic NFT upgrades via Genesis Box wearables.
1.2 Cross-Industry Expansion (2022–2024)
2022 marked Doodles’ strategic evolution:
- Leadership: Billboard ex-president Julian Holguin joined as CEO; music icon Pharrell Williams became Chief Brand Officer.
- Funding: Raised $54M at a $704M valuation (led by 776 Fund).
- Acquisitions: Bought Golden Wolf, an Emmy-nominated animation studio.
By 2024, Doodles transcended NFTs, morphing into a Web3 entertainment conglomerate spanning music, gaming, and merchandise (e.g., Adidas collabs).
1.3 Pivot Amid Crisis (2025)
In January 2025, founder Scott Martin returned as CEO, shifting focus:
- Scaled back commercial tie-ins (e.g., McDonald’s promotions).
- Launched DreamNet, an AI-driven decentralized content platform.
Reality Check: NFT trading volume plummeted 67% in 2024, with floor prices stagnating at ~3 ETH.
2. Tokenizing the Future: The DOOD Economy
On May 9, 2025, Doodles unveiled DOOD, its native token, debuting on Solana before expanding to Base L2.
2.1 Tokenomics: Rebuilding Incentives
Supply: 10B DOOD allocated as:
| Allocation | % | Purpose |
|------------|---|---------|
| Community | 68% | Holder rewards, governance |
| Team | 19% | Development, salaries |
| New Blood | 13% | Ecosystem growth |
Pros:
- Community-centric (68% vs. Azuki’s 37.5%).
- Multichain (Solana for speed; Base for Ethereum compatibility).
Cons:
- Opaque "New Blood" distribution risks favoritism.
- VC exit pressure (e.g., 776 Fund’s unclarified divestment).
2.2 Utility: Beyond JPGs
DOOD fuels three value layers:
- Governance: Voting on DreamNet content.
- Consumption: Pay-to-watch DoodlesTV; buy wearables in Stoodio.
- Speculation: MEME hype on Solana; arbitrage via cross-chain bridges.
Weaknesses:
- Lacks tangible utility vs. Pudgy Penguins’ toy revenue or Azuki’s anime crowdfunding.
3. Token Launch: Desperation or Innovation?
3.1 Strategic merits
- Liquidity: NFTs gain liquidity via staking/airdrops.
- Community Revival: DreamNet incentivizes content creation (à la StepN).
3.2 Risks
- VC Cash-Out: DOOD needs $700M FDV to break even for early investors.
- MEME Volatility: 80% of Solana tokens crash within a month.
- Reflexivity: DOOD price drops could trigger NFT sell-offs (see Azuki’s 58% decline post-token).
4. Market Outlook
Short-Term: MEME-driven pump (FDV: $15–20B). Expect 30B DOOD sell pressure (~$450M).
Long-Term Risks:
- DreamNet delays = narrative collapse.
- Bridge hacks between Solana/Base.
👉 Track DOOD’s real-time price action
5. Conclusion: Web3’s Paradox
Doodles’ experiment blends idealism (democratized IP ownership) with harsh realities (VC dominance).
Advice for Investors:
- Trade: Ride initial hype; set stop-loss at –20%.
- Avoid: Hold only if DreamNet achieves >50% user retention.
The 2025 holiday season will prove decisive.
FAQs
Q: Is DOOD a good long-term investment?
A: Only if DreamNet gains traction; monitor retention metrics.
Q: Why Solana?
A: High TPS (65K+/sec) and MEME culture align with Doodles’ speculative phase.
Q: What’s the biggest risk?
A: NFT/DOOD death spirals—price drops trigger mass sell-offs.
👉 Learn more about Web3 tokenomics
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