Dec 2, 2024: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly Highlight — U.S. Economy Growth Driven by Improved Productivity

If U.S. economic growth is strong, why is the Federal Reserve considering interest rate cuts? This question was recently posed to Fed Chair Jerome Powell. Instead of focusing solely on the Fed's actions, we should explore the reasons behind the robust growth, and see how it can be sustained.

Real GDP is expected to exceed pre-pandemic levels for the second consecutive year. Typically, strong growth raises concerns about overheating, but inflation has actually fallen. Recent growth is largely due to increased productivity and a growing workforce, which are not inflationary and can help rebalance supply and demand.

A significant factor behind this success is the rise in labor productivity, averaging 2.3% over the past two years — faster than the four years before the pandemic. This uptick is linked to a surge in new business applications, especially in the tech sector, as the pandemic's economic shifts and relief measures lowered barriers to entrepreneurship, particularly benefiting underrepresented groups.

The boost in productivity also reflects workers moving to roles better suited to their skills, a trend accelerated by the 

. This mobility has been essential for productivity gains, as higher job turnover correlates with increased business dynamism.

However, sustaining higher productivity is a challenge. The Fed must avoid overly restricting the economy, as high interest rates can deter investment in technology. Additionally, a gradual cooling of the labor market, with declining job quits, is concerning.

For policymakers, monitoring labor market dynamics and business formation is crucial. If these indicators decline, productivity and growth could wane. The U.S. economy has made significant progress, and maintaining this momentum is essential.

Weekly Crypto Highlight — Sui Is Poised for Growth

Bybit has released the Sui ecosystem report, with its key takeaways below. (Read the full report 

: Sui has achieved impressive performance, processing over 297,000 transactions per second (TPS) while maintaining low latency. This positions it among the fastest blockchains available.

: In 2024, Sui's market capitalization skyrocketed over 1,000%, reaching $9.5 billion and reflecting strong investor confidence and growing adoption.

: The total value locked (TVL) in Sui’s DeFi ecosystem has surpassed $1.5 billion, ranking it 11th among major blockchain networks and highlighting its rapid growth in 

: The launch of the Grayscale Sui Trust has significantly increased institutional interest, resulting in an 89% price surge for the SUI token in Q3 2024, indicating its appeal to accredited investors.

: Sui is making strides in the gaming sector, introducing the SuiPlay0X1 handheld gaming device and various 

, enhancing user engagement and expanding its ecosystem.

Developed by Mysten Labs, Sui is a Layer 1 

 (PoS) blockchain launched on May 3, 2023. Its object-centric data model allows for parallel transaction processing, enhancing throughput and reducing latency. Its use of the Move programming language ensures resource safety through rigorous bytecode verification, mitigating common blockchain vulnerabilities.

: Partnerships with firms like Copper and Zero Hash strengthen Sui’s infrastructure and credibility in the financial sector, enhancing its offerings in digital asset custody and transaction facilitation.

: Sui’s DeFi sector is thriving, with leading protocols like 

 offering diverse financial services. In gaming, initiatives such as the SuiPlay0X1 device and various web3 projects bolster user engagement.

In summary, Sui is poised for continued growth, driven by technological innovations that are expanding its presence in both DeFi and gaming.

Advanced

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Weekly Institutional Insights: Sui Poised for Growth; U.S. Economy Driven by Productivity Growth

Chill Guy is a viral meme illustration that took social media by storm before a crypto project used the meme to launch a Solana-based token. Learn more here.

What started as a simple illustration of a laid-back dog has become a global meme sensation, with the cartoon character known as Chill Guy dominating both social media trends and cryptocurrency markets. Created by artist Phillip Banks in October 2023, the easygoing canine character sparked a viral movement that has attracted major brands worldwide.

This article follows Chill Guy’s transformation from a social media sensation to a cryptocurrency asset. We'll examine its viral beginnings, community growth, market impact and what potential investors can expect from CHILLGUY in the future.

 is a viral meme illustration by artist Phillip Banks, depicting a laid-back dog in casual clothes whose easygoing attitude took social media by storm before a crypto project used the meme to launch Just a Chill Guy as a Solana-based token.

What Does Just a Chill Guy Aim to Achieve?

The CHILLGUY meme coin aims to spread a "Why worry?" philosophy into cryptocurrency markets by embracing the laid-back, stress-free attitude that made the original meme go viral. The project transforms this easygoing vibe into a community-driven token, where being low-key isn't just a catchphrase — it's a shared mindset among holders.

The CHILLGUY community brings this philosophy to life by sharing endless variations of the CHILLGUY meme across social platforms. Through market swings and viral trends, CHILLGUY keeps his iconic pose: hands in pockets, subtle smirk, perpetually relaxed.

Just a Chill Guy (CHILLGUY) operates as a Solana Program Library (SPL) token on the 

 blockchain, leveraging the network's ultrafast speeds and low costs to ensure smooth trading. The token was created using Pump.fun, a specialized platform that lets users launch Solana-based tokens without any fees, removing traditional barriers to token creation.

CHILLGUY is a community takeover (CTO), meaning it's completely owned and directed by its token holders with no central team in control. This decentralized structure ensures the project stays true to its community-driven nature, its holders collectively guiding its future while embodying the laid-back spirit of the original meme.

The CHILLGUY token launched with a maximum supply of 1 billion tokens, of which 999,965,435 are currently in circulation. This near-complete distribution of tokens to the market supports active trading and community participation.

What makes CHILLGUY's tokenomics particularly notable is its widespread distribution across more than 142,000 unique holders (as of Nov 27, 2024), achieved in just 12 days. This rapid expansion of its holder base demonstrates strong community adoption and aligns with the project's decentralized, community-driven principles.

CHILLGUY has exploded across social media, especially on TikTok, where the meme has amassed hundreds of millions of views. Its laid-back character resonates with users worldwide, inspiring countless creative adaptations.

Major brands worldwide have embraced CHILLGUY in their marketing campaigns. From Sprite Europe to NFL on CBS, the character has resonated across mainstream media, even catching the attention of global figures like El Salvador's president Nayib Bukele.

The “Chill Guy” meme’s influence spans multiple social media platforms, with a growing community of followers: 96.6K on X (

). On the other hand, the meme token itself also has a vast community, with 39.9K on X (

) and an active Telegram channel of over 15,000 members. These numbers reflect the meme's ability to engage audiences across different platforms.

The token's popularity in cryptocurrency markets matches its social media success, with CHILLGUY maintaining a substantial 24-hour trading volume of over $330.03M as of Nov 27, 2024. This high trading activity demonstrates the strong market interest in CHILLGUY beyond its meme status.

Looking to trade Just a Chill Guy tokens? Bybit now offers the CHILLGUY/USDT Spot trading pair and CHILLGUYUSDT Perpetual contract. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

While CHILLGUY has maintained strong trading volumes and continues gaining mainstream attention through its viral social media presence, investors should carefully weigh its strengths and risk factors before making investment decisions.

With its widespread brand adoption, sustained trading activity and explosive community growth of over 142,000 holders, CHILLGUY demonstrates significant market potential. However, meme coins are inherently volatile. Potential investors should 

 and invest no more than they can afford to lose.

CHILLGUY is the latest viral sensation to harness the power of the attention economy to convert social media momentum into crypto market success. While CHILLGUY has already demonstrated its ability to capture mass appeal, its position as a leading meme token will depend upon how effectively it maintains its cultural relevance and community engagement in this fast-moving market.

Intermediate

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Just a Chill Guy (CHILLGUY): Embracing the Art of Nonchalance

Zircuit (ZRC) combines optimistic and ZK rollups with AI-driven security, offering fast, low-cost Ethereum Layer 2 solutions. 

 network has flourished, mainly due to the ongoing network congestion, high fees and poor scalability of the latter. Many of these platforms use rollup technology, whereby batches of multiple transactions processed off-chain are bundled together and posted in bulk to the underlying Layer 1. Ethereum-linked rollups mainly come in two varieties 

 (ZK). While optimistic rollups boast lower computational overhead, the ZK variety of these networks features a higher degree of security.

Zircuit (ZRC) is a Layer 2 chain that adopts a hybrid approach, combining the elements of optimistic and 

. This lets the platform offer the performance benefits of optimistic technology along with the security of ZK validity proofs. To further enhance overall security, Zircuit uses a unique 

 (AI)–driven system of monitoring for malicious transactions.

 (ZRC) is a hybrid Layer 2 blockchain that combines the features of optimistic and ZK rollups, and uses AI-driven monitoring for potentially harmful transactions. 

 rollup development technology, a popular framework for building optimistic rollup networks. Additionally, it uses zero-knowledge proofs, which lets the platform offer the best of both worlds 

 the performance benefits of optimistic rollups and the security of ZK technology. Zircuit is 

The Zircuit project takes security very seriously, and has introduced a unique system of AI-based protection against malicious transactions at the sequencer node level. The use of ZK proofs and an AI-based protection system make Zircuit one of the most secure platforms in the competitive world of Ethereum Layer 2 chains.

Along with its excellent security benefits, Zircuit also boasts low costs, fast transactions, excellent scalability and 2-second block production intervals. All these features make it an ideal environment for 

 (DApps) in various niches, particularly 

 (DeFi). In fact, the leading protocols within the Zircuit ecosystem are all dedicated to the finance niche, with Zircuit Staking being the largest application by TVL.

With its heavy focus on DeFi, Zircuit aims to become a leading liquidity hub for various token types within the sector, including 

. These assets can be staked through the Zircuit staking program — supported by the platform's Liquidity Hub — to earn staking APRs, airdrop rewards and points based on the Zircuit Point program (covered further in our article).

The platform also operates a secure native bridging solution, 

, to help users transfer assets between its Layer 2 network and Ethereum Layer 1.

The company behind the project, Zircuit Ltd., was founded in 2021 in Canada by Dr. Martin Derka, Jan Gorzny and Angel Xu. Zircuit's testnet was launched in November 2023, but made headlines in April 2024 when the project reported that its 

 (TVL) had soared past $2 billion. While testnet TVLs are more a gauge of future potential for a blockchain than an indicator of its existing worth, the news attracted the attention of industry observers toward the platform. Following its highly publicized testnet success, Zircuit launched the first phase of its mainnet in August 2024. This was followed by the launch of the platform's native token, ZRC, in November 2024.

As a typical rollup, Zircuit uses an off-chain sequencer node to batch and organize Layer 2 transactions for subsequent posting to the underlying Ethereum Layer 1. The batches have ZK validity proofs attached to them to signal to Layer 1 validators that they’re free from fraudulent transactions. Zircuit's architecture also includes prover nodes, whose job is to produce these validity proofs.

However, unlike other rollups using ZK proofs (also known as validity proofs), Zircuit doesn't generate validity proofs for every block of transactions. Instead, some blocks have pre-generated template proofs, while others go through the process of having a dedicated validity proof created for them. After a few blocks featuring validity proofs, there are several more that utilize template proofs. The image below illustrates this approach.

The key reason Zircuit has adopted this form of proof design is that the process of generating ZK proofs is computationally intensive. By using template proofs for some of the blocks in a sequence, Zircuit can reduce the overall computational overhead. However, the project’s team has stated that the template proof model is temporary, and will be phased out in the future. At that stage, the platform will move to generating ZK proofs for each block.

Zircuit features a highly modular design whereby provers — responsible for generating validity proofs on the platform — can easily be plugged into or removed from the network. This modular approach is distinct from the standard ZK rollup design, in which provers are more tightly and less flexibly integrated into the overall architecture.

As noted earlier, Zircuit uses a dedicated sequencer to organize and batch transactions into blocks. The platform also applies AI-driven monitoring at the sequencer level (the Sequencer Level Security, or SLS) to spot and exclude fraudulent transactions before they’re finalized on Layer 2.

When transactions are first posted to Zircuit, they enter the 

 — a temporary area from which the sequencer picks and organizes individual transactions into blocks. The mempool is being monitored at all times, using AI algorithms to identify suspicious transactions. If a transaction in the mempool raises a flag, it's quarantined and assessed for validity before the sequencer can include it in a block. The image below shows how this process works.

One of the distinct features of Zircuit is its hybrid architecture, which combines the properties of optimistic and ZK rollups. At the base level, Zircuit is built using Optimism's Bedrock development framework, a technology popular for optimistic rollup networks. However, the use of ZK proofs — or, to be more precise, a combination of validity proofs and template proofs — ensures that Zircuit enjoys a security level that standard optimistic rollups normally can't match.

The use of AI-based SLS provides robust security to Zircuit, complementing the already highly secure ZK proof system. Very few Layer 2 networks in the industry currently feature anything similar, making the platform a true pioneer of AI use for sequencer-level operations.

Like any rollup based on Optimism Bedrock, Zircuit enjoys EVM compatibility. This allows for smooth interoperability with the underlying Ethereum Layer 1. EVM compatibility also makes it easy for developers familiar with Ethereum’s environment to develop Zircuit-based DApps, or to port existing Ethereum applications to the platform. Developers can take advantage of technologies commonly used for Ethereum (e.g., the Solidity programming language and the Hardhat development framework) to build Zircuit applications and smart contracts.

Zircuit Bridge is a native bridging solution designed to easily transfer tokens between Ethereum and Zircuit. It boasts high security, low transaction fees and fast transfers, and allows users to move a variety of cryptocurrencies between Ethereum and Zircuit, including ETH, 

) and LRTs like Super Symbiotic LRT (weETHs). As of late November 2024, the total number of cryptos supported by the bridge is close to 30.

Zircuit has launched a reward program called Zircuit Points. Users can earn these Points by staking supported assets, and by participating in the Build to Earn initiative (more on this below). Accumulated points will be converted to ZRC tokens in the future. Points also create the opportunity to qualify for token airdrops.

The primary way for most users to earn Zircuit points is via 

. The Zircuit Staking program lets you stake LSTs, LRTs, popular stablecoins, some wrapped tokens and Ether (ETH) to earn points. Using LSTs and LRTs, you can earn yields (along with native Zircuit staking APRs and Points) from the respective staking and restaking platforms that issue these assets.

Zircuit Points earned via staking have different multipliers, depending upon the asset. For example, Ether has a multiplier of 0.5, while LSTs, LRTs and stablecoins have a multiplier of 1. Multipliers for different LST and LRT assets may be subject to change in the future.

Build to Earn is another way to qualify for Zircuit Points. The program allows developers to contribute to the Zircuit ecosystem and earn Points in a number of ways, including:

Launched in November 2024, ZRC is the platform's native cryptocurrency. It's an 

 asset deployed on both Zircuit and Ethereum Layer 1. ZRC is mainly used for reward distributions, and participation in token airdrops for ecosystem DApps. Currently, transaction fees on the network are paid in Ether. It's possible that, in the future, ZRC might be used for some transaction fee payments.

ZRC is also used for rewards under the Gas Rebate program. As users conduct transactions on the platform, they 

. Zircuit’s Gas Rebate program provides rebates to offset some of the incurred fees. The amount of ZRC earned as a rebate is proportional to the amount spent on gas in ETH; the project's documentation states that for each ETH spent on gas, the user earns 125% in ZRC. All kinds of gas fee payments qualify for the rebate, including ordinary asset transfers and transactions involving interaction with Zircuit DApps.

ZRC is a supply-capped token, with a maximum and total supply of 10 billion. The token's supply allocation shares are as follows:

The ZRC token is available on Bybit's Spot market as a swap pair with USDT (

 to grab a share of the 5 million ZRC prize pool. New users who sign up for a Bybit account and complete identity verification can earn ZRC rewards by accumulating a deposit volume of at least 2,000 ZRC, or by depositing 100 USDT and trading 100 USDT worth of ZRC via their first trade with Bybit. 

Meanwhile, existing users can qualify for ZRC rewards by trading at least 500 USDT worth of ZRC on the Bybit Spot market, with the possibility of earning up to 10,000 ZRC based on trading volume. The 

 event will run through Dec 10, 2024, 8:59AM UTC.

Zircuit is among the pioneering Layer 2 platforms to adopt a hybrid design for a rollup network. Thanks to the platform's architecture, users can take advantage of low transaction costs, fast transfers and great scalability while enjoying the benefits of high security delivered by ZK proofs and AI-driven mempool monitoring. AI-based monitoring for fraudulent transactions is a particularly notable feature of the platform and is undoubtedly among the most advanced technologies employed in the blockchain industry.

User security combined with faster and cheaper transactions for the Ethereum network — all in one package — is now feasible, thanks to Zircuit's innovative technology and unique approach!

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What Is Zircuit (ZRC): Where Performance Meets Cutting-Edge Security

Bybit is celebrating its sixth anniversary with the #Super6Bybit event, offering a $1.2 million prize pool and focusing on its bbSOL token.

Daily Top Performer — Virtuals Protocol (VIRTUAL)

On Wednesday, the S&P 500 fell 0.38% as tech stocks dropped and inflation data reinforced a hawkish Fed outlook. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 0.40%, with Bitcoin and Ether dropping by 1.86% and 1.79%, respectively in the past 24 hours.

Today's top performer is VIRTUAL, which surged 53.6% following the launch of the $MUSIC token by Agentstarter, featuring AI-driven music video capabilities and community-focused tokenomics.

Virtuals Protocol (VIRTUAL), founded in 2021, allows users to invest in and co-own AI-driven virtual assets like companions and influencers. Its model fosters community ownership, transforming AI agents into revenue-generating assets across platforms like Roblox and TikTok. The platform attracts contributors from AI and gaming to drive innovation in virtual economies. 

, using AI to create music videos and offering features like animated videos, voice mimicry, and karaoke tracks. The tokenomics allocate 60% for airdrops, 20% for liquidity, and 10% each for the development team and Virtuals Protocol.

Check Out the Latest Prices, Charts, and Data of 

Bybit is celebrating its sixth anniversary with the 

, offering a $1.2 million prize pool and focusing on its bbSOL token. Launched in September 2024, bbSOL is the first exchange-backed Liquid Staking Token on Solana, providing liquidity and staking rewards. The campaign, running from November 28, 2024, to January 6, 2025, invites participants to build, transform, and supercharge their bbSOL through tasks, leaderboards, and community milestones, increasing rewards. The event combines gaming mechanics, community engagement, and opportunities to win prizes while promoting innovation and growth in the crypto space.

Yesterday, there were no flows in BTC Spot ETFs, including GBTC and non-GBTC categories.

. Stake BNB on Lista's portal to get slisBNB, then deposit it into Astherus to earn airdrop points with multipliers (3X for Lista, 1.15X for Astherus). No lockup is required, and slisBNB is the most efficient option.

Beginner

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Bybit Celebrates 6th Anniversary with $1.2M Prize Pool and bbSOL Supercharging Campaign

Bybit Learn

From a Pharrell Williams partnership to Doodles 2.0 NFTs, here's why these colorful Web 3.0 NFTs have been headlining the news.

? Many people are asking that question now in light of the recent new and are wondering whether they should invest in these colorful 

. This guide will explain what Doodles NFTs are, why they’re so popular, and what investors can expect in terms of potential benefits. Also, the guide will cover Doodles NFT prices, the Doodles road map and more. With these bits of information, it will be easier to decide if investing now is a good idea.

Doodles NFT is a collection of 10,000 colorful Web 3.0 PFP NFTs, with hundreds of trait options that are generated by an algorithm. The collection is based on the 

 blockchain and was created by Evan Keast, Jordan Castro and Scott Martin

The creators go by the aliases of Tulip, Poopie and Burnt Toast, respectively. Originally, the project launched on October 17, 2021. At the time of release, the NFTs were priced at 0.123 ETH each. Following an exclusive pre-sale, the Doodles NFT collection sold out in minutes at a record-breaking speed. Connected with a 24-hour sale, the first merchandise collection was released in February 2022. Other exclusive merchandise was launched a month later. 

The Doodles NFT artists portray different cartoon characters with bright pastel color combinations. Some of the varying traits include hair, piercings, face, head, background and body. Like many other popular PFP NFT collections, the Doodles NFT artist Burnt Toast designed the variations of each category of trait to correspond with different rarity levels. For example, some rare traits of Doodles NFTs include bubblegum face, devil cat and holographic alien. NFT holders determine the direction of the project by fair voting. Some airdrops and projects have been approved by the Doodles NFT community since the collection's release.

Doodlebank is the treasury section for the Doodles community, which holds more than 650 ETH. There’s a community structure for voting, and each Doodle equals one vote when it comes to voting matters that relate to treasury funding projects. Many community members appreciate that Doodlebank doesn’t aim for unattainable goals. For example, the Doodlebank community doesn’t try to develop a game or a large metaverse. Doodlebank’s goals are to maintain sustainability for the platform, collaborate with firms, and offer a quality experience for members. Also, the bank aims to test initiatives in order to find the most favorable ones. Members who proffer worthy proposals for voting are called Doodlebank Champions.

Noodles was a project that was voted on in the Doodlebank community and approved to appeal to noodle lovers. Designed by NFT artist Grin, the project generated a collection of noodle-like characters with different traits. Taking its cue from the style of the Doodles NFT artists, Noodles share the same distinct color scheme as Doodles and have different traits. The Noodles project cost 48.9 ETH.

Another approved project called Pukenza gave members a free airdrop of generated art with their Doodle NFT's main colors, with the project costing a total of 4.2 ETH and producing a total of 8,010 Pukenza NFTs. Doodle NFT holders had until February 2022 to claim their free Pukenza. The platform only allows one Pukenza per Doodle. Holders who claimed their Pukenzas could add them to their Doodles to modify accessories, background color or other traits.

The Space Doodles collection from Doodles NFT artist Burnt Toast includes limited-edition NFTs of colorful and quirky spacecraft. Space Doodles possess more than 200 traits and are generated by competency stats. These tokens are made to wrap Doodles, resulting in a modified appearance to each NFT as a character variation. While holders can own a Space Doodle or a regular Doodle, they aren’t allowed to hold both, since the platform's smart contract logic won’t allow it. Investors can purchase Space Doodles on 

In May 2022, Doodles announced the launch of Dooplicators, which was a freebie for Doodles holders. The claim period ended on June 21. During the NFT NYC June 22 reveal from the creators, people learned that the NFTs came in Rare, Common and Uncommon tiers. Rare NFTs comprise 11% of the collection. The exact utilities of Dooplicators remain unknown, and not all Doodles holders have claimed their Dooplicators. However, the creators said that the NFTs are backpack-sized devices that have useful, extraordinary powers. 

This project was an especially strategic growth move for Doodles. When investors heard about the Dooplicators, they rushed to buy Doodles so they could claim the extra utilities. Unlike Pukenzas, the Dooplicators utilities promise more potential than aesthetic changes. Just before the Dooplicators claim deadline arrived, Doodles represented 15% of all Ethereum-based NFT sales. On that day, Doodles took the lead above the well-known

There are several factors that contribute to the growing popularity of Doodles NFTs. Their distinct artistic style, unique community structure and benefits for members make for a powerful combination of assets.

Prior to the release of the collection, the creators successfully increased curiosity when they closed their Discord after only 1,000 members had joined. No NFT community had done this before, and the exclusivity factor that resulted created even greater awareness during the next month until the Doodles public mint. Not long after the entire collection of Doodles NFTs sold out, the creators reopened the Discord. There was an influx of interested people and collectors wanting to learn more about the project, the unique community and its distinct design.

While other NFT communities encourage communication and artwork contributions from members, Doodles takes it a step further. In the Doodles community and Doodlebank treasury, all members have a voice and a potential impact on projects. Members can propose ideas, vote, and collaborate with others.

Doodles NFT artist Burnt Toast has succeeded in creating a distinct look. The bright rainbow of pastels blending together and the drawing style set the collection apart from many other darker blue-chip NFT projects. The Doodles NFT artist has such a distinct style that one quick look at Noodles or Space Doodles shows that they’re related to regular Doodles.

The Doodles road map, which will be discussed more in the next section, is not typical in its design. The website places a clear value on maintaining the community and providing a valuable experience for Doodles holders. Offering current value seems to resonate with many people, more than the potential of lofty future goals that other projects aim for.

While many NFT projects have a clear road map of goals and a timeline, the Doodles road map is different. As the website states, people who own Doodles have the privilege of voting on community features, events and products. The community voting structure makes the Doodles road map collaborative, which means that Doodle holders and founders ultimately decide on its direction via the Doodlebank. One look at the Doodlebank shows how it may be better than an official Doodles road map. There are plenty of good proposals for projects. While there is no long-term Doodles road map, a visit to the website shows the current statuses of proposals, ideas and projects.

The Pharrell Williams partnership is an addition to the collaborative Doodles road map. Pharrell Williams is also the new Doodles Chief Branding Officer. The well-known producer and musician will be contributing his valuable talents to the new Doodle Records. According to Yahoo News, Williams said in an interview that he and the community hope to bring the project to new levels of success. Williams plans to produce the first volume of Doodle Records in cooperation with Columbia Records. Doodles NFT artist Burnt Toast will create the album art, as well as some limited-edition visuals.

Another product of the collaborative Doodles road map involves the planning of Doodles 2, which will be a more publicly accessible version of Doodles NFTs. To save on costs, Doodles 2 won’t be built on Ethereum. Creators haven’t decided on a blockchain yet, but want to keep the process of changing characters’ appearances free of gas fees. Wearables will be a big focus of the Doodles 2 NFT project, with Dooplicators playing a role. Although there’s a teaser trailer on the Doodles site, Doodles 2 details are still in development. The creators said that the total of characters will be in the millions, and they will be more identity-focused NFTs. Holders will also be able to access exclusive music.

The original Ethereum-based Doodles collection sold out almost immediately, and Doodles NFT prices are rising. (Current Doodles NFT prices will be covered more in the next section.) With their popularity and growing value, Doodles still seem to be good investments. According to NFT Stats, the most expensive Doodle sold yesterday (June 23, 2022) went for $96,600. There have been Doodles that sold for six-digit figures, as well. Doodle #316 resold the day after the collection was initially released in October 2022 for 100 ETH, which was equal to $410,200 at the time. The NFT was purchased back by one of the co-founders. One of the most expensive Doodles NFTs was #6914, a gold ape with several rare traits, which sold for 296.69 ETH, worth more than $1 million at the time.

What will Doodles NFT’s future growth look like? These NFTs are all new enough that it’s still unclear how much their value will grow. Doodles NFTs are especially valuable to people who want to be part of a community that determines the future of the project collaboratively, in addition to those who want to be able to propose ideas or work with other like-minded community members. Since there will be many more Doodles 2 NFTs than original Doodles, the original collection is more likely to sustain high value. According to the Doodles NFT website, investors who want to buy Doodles can look on OpenSea, Nifty Gateway or LooksRare.

Curious about the Doodles NFT floor price? As of June 24, 2022, the floor price of a Doodles NFT is 14.9 ETH, which is close to $18,000. Keep in mind that at the original mint, Doodles were priced at 0.123 ETH. According to NFT Stats, there have been 280 NFTs sold in the past week for a total trading volume of $4.85 million. The average Doodles NFT price was $17,300. In January 2022, the floor price hit 6.6 ETH. 

One of the factors that determines an NFT project’s value is its creators' ability to deliver on promises. Two other successful PFP NFT projects that had similar success trends and delivered on goals were 

 and Bored Ape Yacht Club. In the past 24 hours, Azuki's price was up over 11%. BAYC's floor price moved upward as well, and is currently at 88.54 ETH. Recently, BAYC's growth and activity were so substantial that they crashed the Ethereum blockchain in May 2022, due to a frenzy of people wanting to purchase the 55,000 land deed NFTs for BAYC.

The Doodles NFT project has already released several side projects as well, and it’s possible that the project could see similar growth. The Dooplicators project provided financial evidence of this potential. With the community's open road map and heavy focus on members proposing ideas for projects, many investors are excited to see what other profitable ideas come to fruition.

Despite the volatility of the NFT market, the NFT ecosystem continues to grow. What is Doodles NFT going to do? Values will likely remain strong. For now, investing in Doodles NFTs is better than choosing many other newer PFP NFT projects. Based on Doodles’ growth and popularity, the project is a top contender to potentially reach similar heights as BAYC, The Meebits and CryptoPunks.

Keen on learning how you can survive this crypto downturn? Read up on our guide that explores the 

Doodles: Why Are These Colorful Web 3.0 NFTs So Popular?

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