Doodles Is NOT An NFT Project?
We breakdown all the drama
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gm to DRAMA,
Here is the breakdown of today's newsletter:
🔥 Doodle drama explained
📈 Bitcoin and ETH on the rise
- The first Bitcoin DeGods auction just ended for a final price of 44,256 $DUST. If you want info on how to mint the collection this week check it out here.
- NFT startup Candy Digital partners with Getty Images for 70s-inspired photography NFT collection that is launching on the 21st. (DT)
- All of Twitter has been buzzing about the release of ChatGPT-4 and the seemingly unlimited capabilities of A.I. Here is a thread outlining just some of the crazy features found this week.
- An art museum in Orlando Florida recently installed an NFT art Exhibit. (Y!)
- Sesame Street is launching NFTs on the Veve mobile app that will go for around 60$ each. (V)
- Salesforce has been busy behind the scenes, developing a host of Web 3 cloud products and services. More info here.
- The owner of Psychedelics Anonymous @BAY2745 (Voltura.eth) claimed that they are open to the idea of transfer of project ownership to a DAO. (@thedropnft)
- Another marketplace bites the dust, as Solanas’ Formfunction shares plans to shut down. (@formfunction)
Doodles Isn't An NFT Project? 🤔
Hot off the press is the swirling (hah get it?) Doodles' drama that came to a piping-hot boil in just under 24 hours.
Late night Thursday Doodle's founder who goes by "Poopie" across various socials posted in the Doodles discord stating "We're trying to go from a startup to a leading media franchise. We are no longer an NFT project"
All hell broke loose.
Here is the statement below:
BREAKING: @doodles IS “NO LONGER AN NFT PROJECT.” 🤔
— The Drop (@thedropnft)
Mar 16, 2023
🌋 The Aftermath
Needless to say, the community and even holders were seemingly NOT happy. Memes, threads, and posts talking trash about Doodles lit up everyone's timelines like the fourth of July. The general consensus frustration is that once Doodles took on big VC money their focus shifted from web3 to appeasing web2.
To add fuel to the fire, Twitter dug up a recent interaction between the founder and a holder that didn't go over so well. Poopie definitely seemed to lose his cool here.
After Twitter became a dumpster fire of Doodles FUD, along with the floor of Doodles dropping to the 3.6 ETH range... Poopie finally spoke out to address the concerns. In his defense he states his reasoning as a four-fold issue the entire space faces:
"How can our space evolve beyond viscous speculative cycles?
- Achieving product market fit
- Solving real-world problems
- Bringing in intrinsically motivated users
- Being nicer to each other"
He then went on to apologize for his choice of words toward that user in discord.
🤔 So Who's Right?
Of course, everything is up for interpretation. On one hand, you have an NFT project that has hundreds of millions in VC funding, not the clearest roadmap (or should we say a lack of clear communication of the roadmap), seemingly constant pivoting goals, and a founder who couldn't keep his cool in the chat.
On the other hand, one could argue that the discord message was wildly taken out of context (yes it's still technically an NFT project and Poopie was trying to state that Doodles is trying to achieve more) and the only way for mass adoption of NFTs is to have projects not just solely focused on being a speculative asset.
For transparency, this section was written by Gannon a current long-term Doodles holder (for now). In no way, shape, or form was this section a recommendation to buy or sell Doodles.
Bitcoin has had a stellar past 5 days. Maybe all this Ordinals talk has helped?
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That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking NFT/web3 news! (@TheDropNFT)
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