The Doodles NFT collection, launched on Ethereum in 2021, is facing tension between its founders and holders.
As the project expands its offerings in the competitive Web3 space, some members of the community are pushing back against the team’s approach. Co-founder Jordan “poopie” Castro defended the team’s decisions to build new features away from the spotlight, which some see as contrary to the open ethos of Web3.
“We’re trying to go from a startup to a leading media franchise. We are no longer an ‘NFT project,’” Castro wrote. “The more time/money/resources we invest in following the latest ‘build in public’ trends that fuel speculation, the less we have to achieve our long-term vision.”
“We are not going to spend any resources appeasing those with financial motivations. We never have and never will,” he continued. “If we are going to focus energy on any [group] of people, it will absolutely be our most loyal collectors.”
On social media, people have had a range of reactions to the comments. Some people think Castro’s comments are ambitious and think he’s trying to say that Doodles is no longer just an NFT project because it wants to go further. In response, one founder of the Web3 project tweeted, “The quicker we get rid of the term ‘NFT project’ the better [to be honest],”
Doodles NFT collection criticized for lack of transparency
Criticism from holders and observers has been mounting over a perceived lack of communication from the founders and the corporate presentation vibe of the NFT NYC party last year.
In addition, the recent launch of limited-edition digital NFT socks faced pushback from some members of the community who viewed it as a relatively small update. These factors may have contributed to the falling floor price of Doodles NFTs, which has dropped about 13% over the past 24 hours and 33% since March 1 when measured in USD.
Despite the pushback, Doodles has made significant strides in its development. The project raised $54 million in a round led by Reddit co-founder Alexis Ohanian’s Seven Seven Six VC firm, and its original NFTs have yielded some $600 million worth of trading volume to date.
The company also appointed musician Pharrell Williams as its chief brand officer last year and recently announced a larger-scale Doodles 2 project on the Flow blockchain. Doodles 2 will feature customizable full-body avatars with tradeable NFT clothing and accessories.
The tensions within the Doodles community highlight the challenges faced by NFT projects seeking to establish their brand and reputation in a rapidly evolving Web3 landscape.
As the market becomes more crowded and competitive, NFT projects must balance the demands of their community with the need to innovate and differentiate themselves. It remains to be seen how Doodles will navigate these tensions and continue to evolve its offerings in the coming months and years.
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