Blue Chip NFT 101 – Let's Travel To Space With The Doodles Collection
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Veterans of the NFT big leagues, the Doodles let the CryptoPunks and Bored Apes take the spotlight and have been constantly working behind the scenes. Even though they’re not a worldwide brand like the other two, everybody’s seen the Doodles. They just don’t remember when or how those little drawings. Don’t let that fool you, though. The collection’s total sales are $496M, according to CryptoSlam. So far.
The generative collection consists of 10,000 Doodles that “are made up of hundreds of exciting visual traits designed by Burnt Toast” AKA Scott Martin. The other two members of the team are Evan Keast and Jordan Castro, who in 2017 rocked the world with the CryptoKitties. The first NFT project to jam the Ethereum blockchain. This experienced team has been key to the project’s success and constant expansion.
The Doodles exude class through and through. Their smart contract is auditable, their roadmap is public, and anyone can easily find them on the project’s website. An example of great management by an experienced team is that the Doodles invented whitelisting for minting events. The team closed the Discord before minting and gave their first followers, the people who were there from the beginning the chance to mint first. At first, the community at large saw the move as a mistake, but they quickly realized how smart the system really was.
According to their website, “hand-drawn Doodles include skellys, cats, aliens, apes and mascots. The Doodles collection also includes dozens of rare heads, costumes, and colorways of the artist’s palette.” According to OpenSea, the current floor price for a Doodle is 9.7 and the total volume sold by the whole collection is 133.3K ETH.
The Doodles As A Governance Token
The project doesn’t contemplate NFT staking and it avoids the temptation of creating a new token for their ecosystem. The Doodles utility focuses on access to off the hook real-life events. More on that later. In the virtual world, though, they offer their holders new experiences like the Space Doodles.
In addition to that, each Doodle is a sort-of governance token. A Doodle gives you voting and participation rights in the sort-of DAO that governs the whole project. The Doodle holders decide what to focus on next and control de community treasury, known as the DoodleBank. They have the right to vote on proposals, on the team and hiring, and on what to do in live events. Recently, they decided to fund a 3D Doodles project.
The communication flows through the project’s Discord channel. As it happens with most current NFT projects, this tool is a crucial part of the puzzle. For example, the Doodles server recently created a scam alert channel to protect the community from fraud and to have them monitor the internet for fake Doodles and people misrepresenting their brand.
ETH price chart on Bitstamp | Source: ETH/USD on TradingView.com What Are The Space Doodles?
As a special benefit to holders, at no cost to them, they can wrap their Doodles and transform them into Space Doodles. These new NFTs put the original Doodle into a Spaceship and in a space-like environment. If you don’t like it or miss your PFP, you can always switch back to Doodles. You might not want to, though. According to Open Sea, the Space Doodles’ floor price is 11.8 ETH. Liquidity is another story, the total volume sold by the whole collection is 1.6K ETH.
All art by Burnt Toast himself.
The company has also given the community free swag like the Dooplicator. At the time of writing, the floor price for these is 2.79 ETH.
The Future Of This Blue Chip Collection
You’re only as good as your last hit, and for the Doodles that could be their real-life event in the South by Southwest festival. A warehouse painted with the collection’s characteristic pastel scheme, with screens everywhere, it was the talk of the town. They also distributed an NFT in association with paint manufacturers Behr and illustrated by Burnt Toast. Hopefully, it will be worth something one day.
The point is, one of the objectives of Doodles as a company is to focus on live events and ultimately become an entertainment company. That’s great for holders that live in the US, it means that they’ll get access to a lot of events where the company will distribute secondary NFTs. It also means that Doodles will be constantly interacting with brands, artists, and other projects. That continuous activity will push the brand name out there.
Another important benefit for holders is that Doodles plans to give them property rights. Eventually, people will be able to launch their own Doodle-related products for a small fee. Considering that Doodles is a top 10 NFT collection, we would say most of the marketing work is already done.
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