Doodles is a collection of 10,000 PFP (profile-picture) NFTs featuring art by Burnt Toast. Burnt Toast is the artist name of Scott Martin, a Canadian–based illustrator, designer, animator, and muralist.
Minted on October 17th, 2021, Doodles come in a wide range of colors, sizes, and traits, with each owner having the right to vote for experiences paid for by the Doodles Community Treasury.
Since its release, Doodles has become one of the most successful NFT collections worldwide, with a sales volume of 150,000 ETH and a current floor price of 7.95 ETH ($10,235.)
Doodle’s vision is to revolutionize media and entertainment through Web 3, impacting industries such as gaming, music, and real-life events through Doodle NFT avatars.
This article will cover what Doodles are, how Doodles work, the founding of the Doodles, and the project’s future.
What are Doodles?
Doodles is a colorful hand-drawn collection of 10,000 NFTs designed by Burnt Toast.
Each NFT represents a playful character showcasing unique animal costumes, hairstyles, and accessories such as sunglasses. The collection includes non-human characters, including apes, skeletons, cats, and pickles.
In total, there are 100 different traits that influence the rarity and price of each NFT.
The rarest traits include devil horns (0.43%), 60’s sunglasses (0.22%), and a Holographic space background which belongs to only one Doodle.
On September 13th, 2022, Doodle raised $54 million at a funding round led by Seven Seven Six, with a valuation of $704 million. Despite being valued amongst projects like Bored Ape Yacht Club and CryptoPunks, the Doodles NFT price stayed the same.
However, the funding has provided Doodles with the financial leverage they need to expand their project. According to the team, the funds will be used to “acquire a world-class team of engineers, creatives, marketers, and business executives.” It will also be used to promote the project, influence other areas of DeFi, and fund Doodles 2, which we’ll cover later in this article.
How Do Doodles Work?
Doodles is a community-driven project launched to “bring joy to everyone who sees them.” Since its initial release, the project has released additional NFT collections, sold Doodles merchandise (though this is currently only hold), and held live events, all exclusive to Doodle holders.
Holders have power over how the Doodles Community Treasury is used. Known as the Doodlebank, holders can vote on campaigns and experiences for the community. They can also submit proposals that are voted on by the community and implemented by the team. Each holder gets one vote per Doodle they hold.
When a Doodle is sold on OpenSea, half of the 5% royalty fee is deposited into the treasury. This is then used to scale the Doodles development team and grow the brand through marketing efforts and promotions.
On February 28th, 2022, Doodles released a second NFT project, Space Doodles. Space Doodles were designed as free companion NFTs for existing Doodle holders. To claim their NFT, holders could launch their own personal spaceship to claim their Space Doodle.
To avoid diluting the supply, Doodles used wrapped NFTs. A process in which the original NFT would be stored in a digital vault when a smart contract was used to create a Space Doodle. This meant holders could own either a Doodle or Space Doodle and not both at the same time. Space Doodles can be unwrapped at any time to receive their original Doodle NFT.
The dev team has stated that Space Doodles will be used in future Doodles experiences such as NFT gaming, music, and other “universe expansions.”
Who Founded Doodles?
Doodles was founded by Scott Martin and former Dapper Labs employees Evan Keast and Jordan Castro.
Scott Martin, also known as Burnt Toast, is the artist behind the project, with prior experience as a designer, animator, and muralist. Previously, he worked with brands such as Google, Dropbox, and Adobe.
Evan Keast, also known as Tulip, helped develop the project’s branding. Before Doodles, he worked at Dapper Labs, where he helped market the blockchain game CryptoKitties.
Jordan Castro, known as Poopie, works on the product side of Doodles and previously worked with Evan on CryptoKitties.
The team has since expanded, recruiting former Billboard President Julian Holguin as partner and CEO. Julian is helping the team move into the gaming, music, and consumer goods market. They’ve also brought on Pharrell Williams, American rapper, singer, songwriter, and record producer, as the project’s chief brand officer. His job includes product music projects, animated films, and project launches.
The Future of Doodles
Having already made headlines, the Doodles team has big goals for the project with the release of Doodles 2.
The team plans to attract a greater audience with Doodles 2, allowing more NFT enthusiasts to get involved in the project. Rumors suggest Doodles 2 will be created on a different blockchain and will be released this year; however, there’s no exact date or blockchain in place.
Unlike most NFT projects, Doodles 2 is giving investors the chance to customize their NFTs by choosing traits like hair color and skin tone, then adding different accessories and wearables. Once owned, holders can change their look, swapping between PFP perspectives and full-body options, as well as unlock animated versions of their NFTs with music.
Doodles 2 will also introduce the Doodles Genesis Box. The Doodles Genesis Box will hold a range of first-edition wearables that can be sent to Doodles 2. This collection will feature 24,000 boxes and will launch via what Doodles have called a Bucket Auction.
Final Thoughts: Are Doodles Worth The Investment?
Doodles is considered one of the most exciting NFT projects due to its continuous investment in its team and community. The project has the potential to revolutionize NFTs with a customizable Doodle 2 collection, which is eagerly anticipated throughout the community.
Despite the 2022 NFT market turbulence, Doodles has continued to thrive, building a huge community of loyal fans, releasing merchandise, and expanding on their project.
With the addition of new team members, we’ll likely see more of Doodles in markets across Web 3.
Nonetheless, it’s always important to remember that the NFT market is unpredictable. Always do your research before making an investment to reduce risk and maximize your profits.