What Will Happen To NFT Investors Now That Doodles Has Evolved From Being An NFT Project?

The famous blue-chip digital collectibles project Doodles has attracted a heated debate within the crypto community after announcing that it’s moving away from being a non-fungible token project and focusing on becoming a top-tier media franchise.

Doodles Evolves From NFT Project To A Media Franchise

In a March 16 blog post, Jordan Castro, one of the founders of the Doodles non-fungible token project, confirmed that his brand would move away from being an “NFT project” and focus on the long-term vision of becoming a top-tier media brand.

hey web3, here are my comments on the feedback

"doodles isn't an NFT project"

this is true. but what’s also true is i've dedicated my career to the blockchain. i'll never abandon the pursuit of delivering the promises of this tech to the world. doodles started as an NFT… https://t.co/Eq9fZN3sx4

— poopie 🗺 (@poopie) March 16, 2023

Launched in October 2021, Doodles is an NFT collection featuring a limited set of 10,000 NFTs. The non-fungible token collection was created by Jordan Castro “AKA poopie” and Evan Keast, who previously worked together at the digital asset incubation studio Dapper Labs.

Since its inception, the NFT collection, which features hand-drawn cartoon characters, has gained mainstream adoption across the crypto community. The NFT collection allows holders to access exclusive perks, including live events and brand-related merchandise.

Under the recent measure, Doodles plans to use its fully grown audience and create a top-tier media franchise. According to Castro, the NFT project wants to shift away from trends of “FUD” that fuel speculation in the NFT market. The top executive explained:

“We’re trying to go from a non-fungible token startup to a leading media franchise. We are not going to spend any resources appeasing those with financial motivations. We never have and we never will.”

Doodles hinted at evolving to a media franchise in June last year. Our vision at Doodles is to be one of the world’s leading media and entertainment producers. We’re building an ecosystem rich in diversity and utility, Doodles remarked.

Doodles Stirs Mixed Reactions

Castro’s statement has attracted mixed reactions within the crypto community, with many NFT holders requesting clearer communication. However, some NFT collectors have described the move as a good measure for the brand to evolve and innovate.

“We are no longer an ‘NFT project’” – @doodles co-founder @poopie 👀

Many projects are navigating the tension between delivering value to holders and creating new and sustainable revenue streams.

Thoughts? pic.twitter.com/JmwP6oZ6tS

— nft now (@nftnow) March 16, 2023

In the meantime, the Doodles NFT collection has reacted sharply to the statement falling 5% in the past 24 hours. According to NFT Floor Price, Doodles’ NFT floor price is down over 50% after falling from an all-time high of 21.8 ETH in May 2022 to just 3.4 ETH. Doodles has pledged to continue supporting loyal collectors.

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