Doodles, a popular NFT project, recently announced that it would pivot away from being an NFT project and instead become a leading media franchise. This move is intended to focus on the project’s most loyal collectors and move away from financial speculators.
The project, which was launched in October 2021, has grown to reach a valuation of $704 million according to a September 2022 funding round. Doodles boasts iconic musician Pharrell Williams as its chief brand officer, and the project has gained a considerable following in the NFT community. However, despite the project’s success, some Twitter users have pointed to perceived problems with the project, such as its recent lack of communication and a March 16 NFT sock drop.
Jordan Castro, one of the project’s co-founders, who goes by the pseudonym “poopie” online, made the announcement on the project’s Discord channel. He said that the team was trying to go from a startup to a leading media franchise, and that Doodles was no longer an “NFT project.” He also said that the project would focus on its most loyal collectors and that it would not spend resources appeasing those with financial motivations.
The announcement was met with mixed reactions, with some NFT enthusiasts expressing concerns about the project’s future direction. However, others praised the move, suggesting that the term “NFT project” is outdated and that such projects are all startups/businesses.
Castro later tweeted a response to the criticism, stating that the project was doubling down on its new focus but would continue to use NFT tech as the connective tissue between everything they do. The aim, he said, was to “evolve beyond vicious speculative cycles” by bringing in intrinsically motivated users, solving real problems, and releasing products with a market fit.
The move to become a media franchise could be a smart one for Doodles, as it will allow the project to expand beyond the NFT space and into other areas of media, such as film, music, and gaming. It could also help the project reach a wider audience and become more mainstream.
However, the success of such a pivot will depend on how well the project executes its new strategy. Moving away from financial speculators and focusing on loyal collectors could be a smart move, as it will help to build a stronger community around the project. However, it remains to be seen whether Doodles can successfully transition from an NFT project to a leading media franchise. Only time will tell if this move pays off for the project and its investors.