Doodles, one of the most talked-about NFT projects, is making a significant shift away from being an NFT project. In a post on the project’s Discord, one of the co-founders, Jordan Castro, announced that they want to move away from financial speculation and become a leading media franchise. This article explores the reasons behind the shift and what it could mean for the project and the wider NFT market.
Shift from NFTs to Media Franchise
Doodles made waves in the NFT world when it sold out its initial offering of 10,000 unique hand-drawn doodles within hours of launch. Each doodle is a unique piece of digital art with its own distinct personality and backstory. The project’s success quickly attracted attention from financial speculators who saw an opportunity to make a quick profit from reselling the doodles on secondary markets.
However, Castro and the team at Doodles are not interested in catering to these speculators. In the Discord post, Castro stated that the team wants to “focus on building a sustainable and ethical business model that is centered around our community and creative vision.” This means pivoting away from being an NFT project and instead becoming a media franchise that focuses on creating compelling content and experiences for its community.
What This Means for Doodles
Doodles’ shift away from being an NFT project is a bold move, but it could pay off in the long run. By focusing on creating a media franchise, the team can build a sustainable business model that is not reliant on financial speculation. This could help attract a wider audience beyond the niche world of NFT collectors and investors.
One of the challenges Doodles will face in its pivot is maintaining the hype and momentum it built as an NFT project. The project gained a lot of attention from the wider media, and many people who had never heard of NFTs before became interested in the project. It remains to be seen whether the team can maintain this level of interest as it shifts its focus to becoming a media franchise.
What This Means for the NFT Market
Doodles’ pivot away from being an NFT project could be seen as a reflection of the wider NFT market. While NFTs have gained a lot of attention and investment over the past year, many people remain skeptical of their long-term viability. By shifting its focus away from financial speculation and towards creating compelling content and experiences, Doodles could be setting an example for other NFT projects to follow.
Doodles, one of the most talked-about NFT projects, is making a bold move away from being an NFT project and towards becoming a media franchise. While this shift could pay off in the long run, it also presents some challenges for the team. Maintaining the hype and momentum built as an NFT project will be crucial in attracting a wider audience beyond the niche world of NFT collectors and investors. Nonetheless, this pivot could set an example for other NFT projects to follow, highlighting the importance of creating sustainable and ethical business models that are centered around community and creative vision.