Doodles, a popular digital art project, has announced that it is no longer pursuing an NFT (non-fungible token) project, according to one of its co-founders. The move is aimed at distancing the project from speculators and ensuring that it remains true to its original vision of promoting creativity and community engagement. Doodles gained popularity for its unique art pieces, which were hand-drawn by community members and auctioned off for charity. With this decision, the project is set to focus on creating meaningful art and fostering a vibrant community, rather than catering to the whims of investors.
Doodles, the popular NFT project, is facing growing tension between its holders and founders. The project is attempting to build out its brand in the increasingly competitive Web3 space, and this has led to heated comments from a co-founder that is pushing back against critics. The tension seems to stem from the team’s approach to building new features and products away from the spotlight, which some see as being counter to the “open” ethos of Web3.
Doodles co-founder Jordan “poopie” Castro shared a post on Wednesday defending the team’s approach, stating that they are trying to go from a startup to a leading media franchise. Castro continued, “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.”
Castro’s comments have received mixed reactions from collectors and the wider Web3 community. Some see it as a rejection of Web3 principles, believing that Doodles is pushing back on the scene that helped the project find prominence in the first place. On the other hand, others see the comments as ambitious, suggesting that Doodles is no longer just an NFT project because it’s aiming higher.
Regardless of the reactions, the fallout from the comments seems to be affecting the price of Doodles NFTs. The project’s floor price has fallen about 13% in the past 24 hours since the announcement. The floor price in USD is down 33% since March 1, while other NFTs like Bored Ape Yacht Club have only fallen 4% over the past 24 hours.
Doodles launched its Ethereum NFT collection in 2021 and has since raised $54 million. The project also added musician Pharrell Williams as its chief brand officer. However, the recent tension between holders and founders, coupled with the falling NFT prices, shows that success in the increasingly competitive Web3 space is far from guaranteed.
In conclusion, Doodles is facing backlash from its community due to its co-founder’s comments, which some see as rejecting Web3 principles. And although the project is attempting to become a media franchise, the fallout from the comments has seen a significant fall in the price of Doodles NFTs. The situation shows that success in the Web3 space is difficult to achieve without community support.