Author: Lawrence, Mars Finance
1. A Brief History of Doodles: From 'Cartoon Avatars' to the Ambition of 'Web3 Disney'
As one of the most iconic blue-chip NFT projects in the Ethereum ecosystem, Doodles' growth story is a textbook case of IP incubation in the Web3 era.
1. The Starting Point of Artistic Genes and Community Co-creation (2021-2022)
In October 2021, 10,000 brightly colored cartoon avatars created by Canadian illustrator Scott Martin (Burnt Toast) landed on Ethereum. These NFTs, named Doodles, quickly broke through with their unique 'child-like drawing' style, with the floor price soaring above 5 ETH, entering the 'blue-chip club'.
The three founding members of the core team—Scott Martin, Evan Keast, and Jordan Castro—each play a key role:
Scott Martin: The visual soul of the project, responsible for all character design and worldview construction.
Evan & Jordan: Former core members of CryptoKitties, well-versed in NFT community operation rules.
Unlike other PFP (Profile Picture) projects, Doodles emphasized the idea of 'holders as shareholders' from the very beginning:
Establishing the Doodlebank community treasury, with holders voting to decide on the use of funds.
Distributing wearable devices through mechanisms like Genesis Box to achieve dynamic NFT upgrades.
2. Cross-border Expansion and Capital Support (2022-2024)
The year 2022 became a strategic turning point for Doodles:
Executive Introduction: Former Billboard president Julian Holguin serves as CEO, with music superstar Pharrell Williams as Chief Brand Officer.
Capital Movements: Completing $54 million financing with a valuation of $704 million, led by 776 Fund (founded by Reddit co-founder Alexis Ohanian).
Ecosystem Layout:
Acquiring the Emmy-nominated animation studio Golden Wolf.
Launching co-branded products with Adidas and McDonald's.
Developing the Doodles 2 dynamic NFT system to support cross-platform character customization.
At this point, Doodles has evolved from a simple NFT project into a 'Web3 Entertainment Group', with its business landscape covering diverse scenarios including animation, music, gaming, and offline events.
3. Transformation in Crisis (2025)
In January 2025, founder Scott Martin returned as CEO, announcing a return to a 'radical innovation' route:
Halting excessive commercialization collaborations (such as the McDonald's coffee partnership)
Launching the DreamNet ecosystem to build an AI-driven decentralized content platform
This adjustment is driven by the ongoing sluggish reality of the NFT market: in 2024, Doodles' trading volume decreased by 67% year-on-year, with the floor price lingering in the 3 ETH range.
2. Tokenization Breakthrough: DOOD's Economic Model and Strategic Logic.
Against the backdrop of a general cooling in the NFT space, Doodles chose to break through with tokenization. On May 9, 2025, its native token DOOD will launch on Solana and is planned to cross-chain to Base L2.
(1) Token Economics: Reconstructing interests under community narratives
According to the white paper, the total supply of DOOD is 10 billion tokens, with the distribution framework as follows:
Design Highlights:
Community First: 68% of tokens flow to the community, higher than similar projects (such as Azuki's 37.5%).
Multi-chain Compatibility: Launching on Solana to leverage its high TPS (65,000+/ second) and meme culture, with future cross-chain integration into the Ethereum ecosystem.
Potential Controversies:
The definition of 'New Blood' is vague: 13% of New Blood distribution lacks transparent rules, posing a risk of internal manipulation.
Institutional Exit Pressure: Early investors like 776 Fund have not announced exit plans and may cash out through the ecosystem fund.
(2) Value Capture: The Imagination from JPG to 'Digital Skins'
DOOD is positioned as the 'economic lifeblood' of the Doodles ecosystem, with its value capture mechanism centered around three layers:
1. Governance Rights
Proposal Voting: Holders can participate in decision-making regarding the content creation direction of DreamNet.
Staking Rewards: Locking tokens to earn animation IP dividends, co-branded product discounts, and other benefits.
2. Consumption Scenarios
DoodlesTV: Pay DOOD to watch exclusive animated shorts.
Virtual Fashion: Purchase wearable devices on the Stoodio platform.
In-game Purchases: Future in-game item trading in the metaverse.
3. Speculative Targets
Meme culture on the Solana chain boosts trading enthusiasm.
Cross-chain bridging with Base may trigger arbitrage opportunities.
However, compared to competitors, the practicality of DOOD still appears weak:
Compared to PENGU: Pudgy Penguins has generated stable cash flow through physical toys.
Compared to ANIME: Azuki is tied to an anime crowdfunding platform, with clear consumption scenarios.
3. Deconstructing the Motivation for Token Issuance: Lifeline or Harvesting Scythe?
In the current context of halved NFT trading volume and stagnant blue-chip project growth, Doodles' token issuance decision has sparked polarized evaluations.
Strategic Rationality
1. Breaking the Liquidity Dilemma
The non-standard attributes of NFTs lead to a lack of liquidity. By binding tokens, holders can obtain liquid assets through staking, airdrops, etc., avoiding the pressure of discount selling of NFTs.
2. Community Activation Experiments
The operation of the DreamNet system relies on token incentives:
Creators can earn DOOD rewards by uploading content.
Users earn points by participating in interactions (likes, shares).
This 'creation equals mining' model attempts to replicate the successful path of StepN.
3. Capital Exit Demand
Early investment institutions need to achieve exits through token listings. Based on a $54 million financing estimate, DOOD FDV (fully diluted valuation) needs to reach $700 million for VCs to break even, while the current NFT market value of Doodles is only $6.48 million.
Suspicion of harvesting.
1. Token Distribution Risks
Although the community distribution ratio is as high as 68%, the detailed rules are questionable:
30% community airdrop has not clearly defined the snapshot time, posing a 'mouse warehouse' risk.
The ecosystem fund is controlled by the team, which may be used to manipulate market prices.
2. The MEME Trap
Choosing Solana for the first launch essentially caters to MEME hype culture. Reference the average lifecycle of tokens on this chain:
80% of projects lose 90% of their market value within one month of listing.
Trading volume is concentrated on CEX, with a lack of on-chain liquidity.
3. NFT Reflexivity Risks
A decline in token prices may trigger a wave of NFT sell-offs, forming a 'death spiral'. In 2024, after Azuki issued its token, its NFT floor price fell by 58%.
4. Listing Outlook: Short-selling Signals and Risk Warnings.
According to models calculated by Marsbit Research Institute, DOOD may show the following trends:
Short-term speculative window.
On the first day of listing: Driven by MEME sentiment, FDV may surge to $1.5-2 billion.
Airdrop selling pressure: Based on a 30% community allocation, the potential selling volume in the first week could reach 3 billion tokens (approximately $450 million).
Medium to long-term risks.
Ecosystem Realization Pressure: If the DreamNet MVP product is not launched within 6 months, the token will lose narrative support.
Multi-chain operational costs: The cross-chain bridge between Solana and Base may become a target for hacker attacks.
Short-selling strategy suggestions.
Suitable for short-selling signals:
FDV exceeds $2.5 billion (corresponding to DOOD unit price of $0.25).
Large transfers appear in team addresses.
DreamNet Delayed Release
Risk Warning:
The degree of control by the whales on the Solana chain is high, and caution is needed against short squeeze risks.
Exchanges like Binance may implement short-selling restrictions.
5. Conclusion: The Paradigm Revolution and Speculative Bubble of Web3 IP.
Doodles' tokenization experiment is essentially an adventure about 'digital asset securitization'. Its idealistic side is reflected in:
Attempting to achieve value sharing between creators and consumers through token economics.
Exploring the transformation of NFTs from collectibles to 'digital identity passports'.
But the harshness of reality is equally clear:
In the interest chain consisting of VCs, exchanges, and market makers, the community remains in a weak position.
The maturity of the Web3 entertainment ecosystem has yet to support a valuation in the tens of billions.
For ordinary investors, the advice is:
Short-term Participation: Utilizing liquidity premium arbitrage during the early listing phase of exchanges, with a stop-loss set at -20%.
Long-term Avoidance: Unless the user retention rate exceeds 50% after DreamNet launches, it is not advisable to hold positions for more than 3 months.
Ecosystem Observation: Focus on music collaborations with Pharrell Williams and the animation production progress of Golden Wolf.
In the crypto world, 'innovation' and 'harvesting' are often two sides of the same coin. Whether Doodles can break the spell of 'token issuance equals peak', the autumn and winter of 2025 will be a critical testing period.
