Doodles’ Solana token fails to impress

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As most of you most likely know by now, Doodles — the rainbow-barfing Ethereum NFT assortment of 10,000 PFPs of the 2021 NFT growth — is launching a token on Solana.

Response up to now has been fairly combined. Lots of 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 group might obtain as much as 57% of the DOOD tokens, when you mix the elements of the pie that goes to the group plus the opposite items that might go to the group. That doesn’t look too cute, contemplating how tokens are sometimes marketed as a technique to “give again to the neighborhood.”

After which there’s the difficulty of timing. Is launching a token now, on a unique chain than the NFT assortment, too little, too late? Will DOOD serve any purposeful function, in addition to providing exit liquidity, a memecoin, and a technique to get a bit extra consideration?

The market has been tough on the market for art- and gaming-related tokens these days. PENGU, the Pudgy Penguins’ token, continues to be down 67% previously month. PIXELS, the token behind the Ronin-based recreation of the identical title, can be nonetheless down 50% previously month. Apecoin, the once-hyped token behind the Yuga Labs world, stays down 50% previously yr.

The Doodles group has tried different model performs to generate curiosity in its IP, from hanging a cope with rapper-producer Pharrell to hitch 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 remaining.

The DOOD announcement hasn’t actually rejuvenated pleasure across the NFT assortment both, after we take a look at gross sales and quantity traded. Previously week, Doodles gross sales quantity is down 32%, in line with 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 unique destiny than so most of the others at present on the market. Time and time once more, we’ve seen an preliminary pump after which a selloff, adopted by flatlining or slowly declining value motion.