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As most of you in all probability know by now, Doodles — the rainbow-barfing Ethereum NFT assortment of 10,000 PFPs of the 2021 NFT increase — is launching a token on Solana.
Response thus far has been fairly blended. Numerous Crypto Twitter loves a token, particularly one from a longtime model, however there’s additionally been some criticism. First, there’s the token allocation. As one poster has identified, the Doodles staff could obtain up to 57% of the DOOD tokens, when you mix the components of the pie that goes to the staff plus the opposite items that might go to the staff. That doesn’t look too cute, contemplating how tokens are sometimes marketed as a manner to “give again to the neighborhood.”
After which there’s the problem of timing. Is launching a token now, on a distinct chain than the NFT assortment, too little, too late? Will DOOD serve any practical objective, moreover providing exit liquidity, a memecoin, and a manner to get a bit extra consideration?
The market has been tough on the market for art- and gaming-related tokens recently. PENGU, the Pudgy Penguins’ token, continues to be down 67% up to now month. PIXELS, the token behind the Ronin-based sport of the identical title, can be nonetheless down 50% up to now month. Apecoin, the once-hyped token behind the Yuga Labs world, stays down 50% up to now yr.
The Doodles staff has tried different model performs to generate curiosity in its IP, from placing a cope with rapper-producer Pharrell to be part of as their chief model officer in 2023 to partnering with McDonald’s to launch cups in November. Regardless of these high-profile offers, nevertheless, Doodles NFTs haven’t soared above the remainder.
The DOOD announcement hasn’t actually rejuvenated pleasure across the NFT assortment both, after we take a look at gross sales and quantity traded. Up to now week, Doodles gross sales quantity is down 32%, in accordance to CryptoSlam knowledge.
Launching a token appears to be the most recent manner for crypto tasks to monetize their IP. Whereas I do suppose the Doodles’ artwork and aesthetic is cool in a minimalist manner, I’m undecided their token may have a distinct destiny than so most of the others presently on the market. Time and time once more, we’ve seen an preliminary pump after which a selloff, adopted by flatlining or slowly declining worth motion.
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