I. Brief history of Doodles: From 'cartoon avatars' to 'Web3 Disney' ambition
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 out due to their unique 'child-like drawing' style, with the floor price soaring to over 5 ETH, entering the 'blue-chip club'.
The three founders of the core team, Scott Martin, Evan Keast, and Jordan Castro, each play key roles:
Scott Martin: The visual soul, responsible for all character designs and world-building;
Evan & Jordan: Former core members of CryptoKitties, well-versed in NFT community operation principles.
Unlike other PFP (Profile Picture) projects, Doodles emphasized the idea of 'holders as shareholders' from the very beginning:
Establish Doodlebank community treasury, where holders vote to decide fund usage;
Distribute wearable devices through mechanisms like Genesis Box to achieve dynamic NFT upgrades.
2) Cross-border expansion and capital support (2022 - 2024)
2022 marked a strategic turning point for Doodles:
Executive introduction: Former Billboard president Julian Holguin serves as CEO, music superstar Pharrell Williams as Chief Brand Officer;
Capital movements: Completed $54 million financing at a $704 million valuation, led by 776 Fund (under Reddit co-founder Alexis Ohanian);
Ecological layout:
Acquired the Emmy-nominated animation studio Golden Wolf;
Collaborated with Adidas and McDonald's to launch co-branded products;
Developed the Doodles 2 dynamic NFT system to support cross-platform character customization.
Thus, Doodles has evolved from a simple NFT project into a 'Web3 entertainment group', with its business landscape covering diverse scenarios such as animation, music, games, and offline events.
3) Transformation in crisis (2025)
In January 2025, founder Scott Martin resumed the role of CEO, announcing a return to the 'radical innovation' path:
Halt excessive commercialization collaborations (e.g., McDonald's coffee partnership);
Launch the DreamNet ecosystem to build an AI-driven decentralized content platform.
This adjustment reflects the ongoing sluggish reality of the NFT market: in 2024, Doodles' trading volume dropped by 67% year-on-year, with the floor price lingering around the 3 ETH range.
II. Tokenization breakthrough: The economic model and strategic logic of DOOD
In the context of an overall cooling NFT track, Doodles chose to break through with tokenization; on May 9, 2025, its native token DOOD will launch on Solana and plans to cross-chain to Base L2.
1) Token economics: The reconstruction of interests under community narratives
According to the white paper, the total supply of DOOD is 10 billion tokens, with the following allocation framework:
Design highlights:
Community priority: 68% of tokens flow to the community, higher than similar projects (like Azuki's 37.5%);
Multi-chain compatibility: The initial release on Solana leverages its high TPS (65000+ / second) and meme culture soil, with subsequent cross-chain Base integration into the Ethereum ecosystem.
Potential controversies:
The definition of 'New Blood' is vague: 13% of New Blood allocation lacks transparent rules, posing risks of internal manipulation;
Institutional exit pressure: Early investors like 776 Fund have not announced exit plans, or may cash out through ecological funds.
2) Value capture: Imagination from JPG to 'digital skin'
DOOD is positioned as the 'economic blood' 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 obtain animated IP dividends, co-branded product discounts, and other rights.
② Consumption scenarios
DoodlesTV: Pay DOOD to watch exclusive animated shorts;
Virtual fashion: Buy wearable devices on the Stoodio platform;
In-game purchases: Future in-game item transactions in the metaverse.
③ Speculative targets
The 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:
Comparing with PENGU: Pudgy Penguins have generated stable cash flow through physical toys;
Comparing with ANIME: Azuki binds to an anime crowdfunding platform with clear consumption scenarios.
III. Deconstructing the motivation for issuing tokens: Lifesaving medicine or harvesting sickle?
In the current environment where NFT trading volume has halved and blue-chip projects are struggling for growth, Doodles' decision to issue tokens has sparked polarized evaluations.
1) Strategic rationale
① Breaking the liquidity dilemma
The non-standard attributes of NFTs lead to a lack of liquidity; by binding tokens, holders can obtain liquidity assets through staking, airdrops, etc., avoiding the pressure of discounted NFT sales.
② Community activation experiments
The operation of the DreamNet system relies on token incentives:
Creators can earn DOOD rewards by uploading content;
Users can earn points by participating in interactions (likes, shares);
This 'creation is mining' model attempts to replicate the successful path of StepN.
③ Demand for capital exit
Early investment institutions need to exit through token listing; based on a $54 million financing estimate, DOOD FDV (Fully Diluted Valuation) needs to reach $700 million for VCs to avoid losses, while the current NFT market value of Doodles is only $6.48 million.
2) Suspicions of cash-grabbing
① Token allocation risks
Although the community allocation ratio is as high as 68%, the detailed rules are questionable:
30% of community airdrops lack a clear snapshot time, posing 'mouse warehouse' risks;
The ecological fund is controlled by the team and may be used to manipulate market prices.
② The trap of MEME-ification
Choosing Solana for the initial launch essentially caters to MEME speculation culture, referencing 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 drop in token price may trigger an NFT sell-off, forming a 'death spiral'; in 2024, after Azuki issued tokens, its NFT floor price fell by 58%.
IV. Listing outlook: Short selling signals and risk warnings
According to the Marsbit Research Institute model calculation, DOOD may show the following trend:
1) 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 30% community allocation, the potential sell-off volume in the first week could reach 3 billion tokens (approximately $450 million).
2) Medium to long-term risks
Ecological 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.
3) Short selling strategy advice
Suitable for short selling signals:
FDV exceeds $2.5 billion (corresponding to DOOD unit price $0.25);
Large transfers appear in the team's address;
DreamNet postponed release.
Risk warning:
The degree of control by market makers on the Solana chain is high, and caution is needed regarding short squeeze risks;
Exchanges like Binance may introduce short selling restrictions.
V. 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 transition of NFTs from collectibles to 'digital identity passports'.
But the harsh reality is also clear:
In the interest chain composed of VCs, exchanges, and market makers, the community remains in a disadvantaged position;
The maturity of the Web3 entertainment ecosystem is far from supporting a valuation in the tens of billions.
For ordinary investors, the advice is:
Short-term participation: Utilize liquidity premium arbitrage during the initial listing on exchanges, with a stop-loss line set at -20%;
Long-term evasion: Unless user retention exceeds 50% after DreamNet is launched, it is not advisable to hold positions for more than 3 months;
Ecological observation: Focus on the music collaboration 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 'token issuance is the peak' curse will be a key test in the autumn and winter of 2025.
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