Doodles Pivots Away from NFTs, Plans to Become Leading Media Franchise
• Doodles, an NFT project, plans to pivot away from being an NFT project and become a “leading media franchise.”
• The co-founder of doodles said it will focus on its most loyal collectors and move away from financial speculators.
• Some were supportive of the shift in focus while others took issue with the apparent change.
NFT Project Doodles Pivots Away From Financial Speculation
The NFT project doodles is looking to go beyond being an NFT project, with plans to become a „leading media franchise.“ One of the co-founders of nonfungible token (NFT) project doodles, Jordan Castro — who goes by the pseudonym „poopie“ online — said it wanted to move away from financial speculators and focus on its most loyal collectors.
Reactions To The Pivot
Many on Twitter took issue with the apparent shift in focus and pointed to other perceived problems with the project such as its recent lack of communication and a March 16 NFT sock drop. However, some were supportive of the move with NFT startup founder Daniel Tenner tweeting „the quicker we get rid of the term ‚NFT project‘ the better,“ adding such projects „are all startups/businesses.“
Castro’s Response To Criticism
Castro later tweeted a response to criticism and doubled down on its new focus but said it „will continue to use NFT tech as the connective tissue between everything we do.“ He added that their aim was to „evolve beyond vicious speculative cycles“ by bringing in intrinsically motivated people.
Project Doodles Valuation & Pharrell Williams
Doodles was launched in October 2021 and has grown to reach a $704 million valuation according to a September 2022 funding round. The collection also boasts iconic musician Pharrell Williams as its chief brand officer.
Doodles is aiming to transition away from being an NTF project towards becoming a leading media franchise while still utilizing blockchain technology. This decision has been met with both resistance and approval from those in the crypto space.