In the world of NFT startups, it’s not uncommon for projects to pivot in a new direction when faced with challenges or shifting market conditions. Such is the case with Doodles, a popular NFT project that recently announced its intentions to transition from a pure NFT startup to a leading media franchise.
The announcement came from Doodles co-founder Jordan Castro, known as Poopie, in a Discord post that took many holders by surprise. In it, Poopie expressed frustration with the focus on money among some holders and the practice of “building in public,” which he felt was detracting from the project’s overall vision.
Unsurprisingly, this announcement caused a stir in the Doodles Discord, with some holders expressing disappointment and frustration at the shift away from NFTs. Poopie’s comments to one holder to “floor his Doodle and GTFO” only added fuel to the fire, and the fallout was felt in the Doodles market, which saw a 25% drop in the floor price over the week.
In response to the backlash, Poopie released a statement clarifying his comments and the project’s new direction. However, the damage had been done, and Doodles is now facing a potential holder turnover similar to that experienced by Moonbirds.
What’s interesting to note is that this shift away from NFT branding may become more common as crypto and NFT scrutiny continues to increase in Washington. As NFT projects face increased regulatory pressure and scrutiny, some may choose to rebrand themselves as media franchises or other types of businesses to distance themselves from the NFT label.
It remains to be seen whether Doodles will rebound from this setback or continue its downtrend in the coming weeks. Regardless, it’s a reminder of the ever-shifting landscape of the NFT market and the challenges faced by startups in this space.
Franklin gives up.
In addition to the challenges faced by Doodles as it pivots away from NFT branding, there has also been a notable loss of support from one of the top NFT traders in the space. Franklinisbored, who was previously a significant supporter of the Doodles project, recently announced that he has given up on the project entirely and has completely “floored” it down to 3 ETH.
This move is a significant blow to Doodles, as Franklinisbored was not only a high-profile holder but also a major buyer and seller of the project’s NFTs. His decision to floor the project may be seen as a signal of the end of support for Doodles, at least in its current form.
(That was a copypasta lol I may post my honest thoughts on Doodles in a different tweet – all of those Doodles in that screenshot were Doodles I held for like 1-2 hours at a lower cost basis)
It’s worth noting that the NFT market is highly speculative, and the decisions of individual traders can have a significant impact on the fortunes of a particular project. While the Doodles team has expressed its intention to transition to a media franchise, it remains to be seen whether the project will be able to attract new supporters and maintain its position in the market without the backing of influential holders like Franklinisbored.
(That was a copypasta lol I may post my honest thoughts on Doodles in a different tweet – all of those Doodles in that screenshot were Doodles I held for like 1-2 hours at a lower cost basis)
— Franklin (@franklinisbored) March 17, 2023
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