Topics NFT
Bybit Learn
Bybit Learn
Intermediate
3 Th07 2022

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

What are Doodles NFTs? Many people are asking that question now in light of the recent new and are wondering whether they should invest in these colorful profile pic (PFP) non-fungible tokens. 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.

What Is Doodles NFT?

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 Ethereum 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.

Doodles Airdrops and Side Projects

Airdrops and side projects from the Doodles NFT creators have helped these NFTs grow in popularity.

Airdrops are free digital assets for promotions that are commonly used to reward participants of a project. The following are some of the main projects and airdrops since the release of Doodles in 2021.

Doodlebank

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

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.

Pukenza

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.

Space Doodles NFTs

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 OpenSea.

Dooplicator NFTs

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 Bored Ape Yacht Club PFP NFT for sales on Ethereum.

Why Are Doodles NFTs So Popular?

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.

Initial Hype

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.

Community Focus

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.

Colorful Art Style

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.

Experienced Team

The wealth of experience of the Doodles creators also adds to the appeal of these NFTs. One of the Doodles co-founders was the product lead for CryptoKitties and another was the marketing lead. Also, Burnt Toast — another co-founder — has been building a following of fans of his artwork for over a decade.

Honest and Open Goals

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.

The Doodles Road Map

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.

Pharrell Williams Partnership

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.

Major Venture Capital Funding

The Doodles NFT project received funding from Seven Seven Six, which is Alexis Ohanian's VC firm. Ohanian is also a Reddit co-founder. The funding will help boost IP growth and development, and the project hopes to create new trends in digital entertainment.

Doodles 2

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.

Are Doodles NFTs Good Investments?

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.

How Much Is a Doodles NFT?

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. 

There have been ups and downs in Doodles NFT prices as there are with all NFT projects. However, values remain high, and because of the popularity of the Doodles NFTs, they’ll likely continue to hold high values throughout the rest of the year (and potentially beyond). The creators have already launched several lucrative and unique side projects, and have given owners airdrops.

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 Azuki 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.

The Bottom Line

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 latest developments and controversies of this NFT winter.