📉 DOOD drops

Hey frens. Welcome back to The Drop.

It’s Monday, and that means we’re in dire need of at least two double espressos to get the day started.

Today we’re talking Doodles and DeGods — two OG Ethereum NFT collections that have stuck around since the crypto bubble popped in 2022.

Here’s a look at what they’re up to now.

— Kate Irwin

P.S. Let me know how you’re liking The Drop! Send me an email at [email protected].

DOOD falls on launch, but team is planning its future

The 2021-era Ethereum NFT collection Doodles, which some have long considered to be a “blue chip” collection, launched its anticipated DOOD token on Solana this past Friday.

DOOD launched, briefly had a market cap of over $100 million, and then abruptly fell to a market cap of roughly $52 million. The token has since held around that point, and sits at a $54 million market cap across about 159,000 wallets as of this morning.

Doodles head of strategy and business development Austin Hurwitz told me in a message that the sudden price drop after launch was “expected” because the airdrop that occurred created “sell pressure on day 1.”

“We expect those tokens to rotate into the hands of people who want to hold for the long run. Would not judge the performance of the token based on launch. Every NFT launch that was given to the community at TGE has faced similar hurdles but we’d do it all over again to put our community first. Now that it’s out we can continue [to] focus on building for the future,” Hurwitz told me.

Here’s the thing: The Doodles team doesn’t want you to see DOOD as just a memecoin. Still, Hurwitz said the token is “memetic.”

In a post, he explained that DOOD is “the first universe token” of DreamNet. DreamNet is a content-focused protocol from Doodles that uses Coinbase’s Base chain. The Doodles team has plans to make DOOD usable across “collectibles, gaming, DeFi and beyond.”

The token is expected to become a usable currency in the Doodles shop in a few days.

Doodles’ broader brand vision these days sounds a lot like that of Pudgy Penguins’, perhaps its most obvious comparison. The Penguins also have cutesy avatars and the goal of becoming a mainstream character brand (and have gained some traction with its social media posts and Walmart toys). 

Doodles, like Pudgy Penguins, is planning content, “shorts, brand collabs and merch drops,” but also wants to be powering a “decentralized storytelling movement.”

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DeGods CEO steps down

Rohun Vora, better known on X by the name “Frank DeGods,” is stepping down from his role as the CEO of the DeGods. The Ethereum NFT brand launched back in 2021 (originally on Solana).

Two community members known as 0xchill and Pasta will be taking over the DeGods brand in Frank’s place, according to a post from Sunday night.

“At times I felt like the hate was overdone, but I got it. It's funny. It gets clicks and deep down the people doing it feel like they are protecting the industry they love,” Frank wrote, referring to unspecified negative posts about him.

Frank added that he’s not “on the run,” seemingly in reference to prior speculation on X as to why he hadn’t posted on social media for months (since Feb. 16).

“There are no investigations, because I have never done anything illegal. That's the boring truth,” he added, responding to speculation and what he calls “false rumors” around his trading activities.

Frank told me in a DM that he’s stepping down because he feels “burnt out,” and said he isn’t working on anything new at the moment.

After Frank’s announcement Sunday night, DeGods sales spiked. More than 50 sales occurred in the eight hours immediately following Frank’s post. The collection’s floor price is roughly 0.555 ETH, or about $1,400, as of 11 am ET Monday morning.

Pasta told the DeGods Discord community that something will be released in the “coming weeks,” adding that “things will look different” going forward.