Doodles, originating in 2021 as a hand-drawn style NFT project, has quickly risen due to its community governance features. This text elaborates on its recent market challenges, the new strategies following the founder's return, and how the newly issued DOOD native token assists Doodles in transforming into a blockchain entertainment ecosystem.
The birth and unique charm of Doodles
Doodles is a collection of NFT artworks launched by illustrator Scott Martin (Burnt Toast) in 2021, consisting of 10,000 colorful and hand-drawn avatars. Unlike many algorithmically generated NFTs on the market, Doodles places a greater emphasis on artistry and community involvement. Holders not only enjoy image copyright but also participate in decision-making votes for the community treasury Doodlebank, giving the project a more democratic character.
Early Rise to Fame and the Driving Forces Behind It
Between 2021 and 2022, Doodles became a blue-chip NFT project due to its unique artistic style and robust community operation, with its floor price surpassing 5 ETH. The founding team includes core members who previously participated in CryptoKitties and have rich experience in community building. Thanks to over $54 million in funding support in 2022 and investments from Reddit founders, the Doodles project accelerated its development further and expanded into animation, music, and other Web3 entertainment areas, collaborating with brands such as Adidas and McDonald’s to create a diversified ecosystem.
Facing the challenge of a cooling market
In 2024, the NFT market experienced an overall downturn, with the floor price of Doodles dropping back to around 3 ETH, and trading volume and community activity declining significantly. Many holders questioned the project’s excessive commercialization, which led to a weakening of ecological dynamics. To inject new life, in early 2025, creator Scott Martin resumed the role of CEO, proposed a “radical innovation” approach, and announced the creation of DreamNet - a decentralized content platform powered by AI, aimed at reigniting ecological vitality.
DOOD token and its ecological role
DOOD is the native token launched by Doodles in May 2025, first issued on Solana, with plans to cross-chain to Base L2. DOOD not only gives new life to Doodles’ static NFTs but also serves as the core medium for governance weight, staking rewards, and content upgrades within the ecosystem. The total supply of the token is 10 billion, with 68% allocated for community incentives, airdrops, and staking rewards, 13% reserved for “new blood” users and contributors, and 19% allocated to the team and investors, with a phased unlocking mechanism.
Risks and Investment Strategies Faced by DOOD
Although DOOD brings a broad ecological imagination to Doodles, the project still faces challenges, such as insufficient transparency in the allocation of new blood users which may raise market concerns; the meme culture characteristics of the Solana ecosystem lead to frequent short-term speculation phenomena; the prices of NFT and DOOD may exhibit correlated fluctuations, posing the risk of a so-called “death spiral.” It is recommended that short-term investors set profit-taking and stop-loss limits, while long-term holders should wait for the DreamNet platform to launch and for user experience to clarify before considering involvement.
Summary
Doodles has transformed from a popular blue-chip NFT into a diversified Web3 entertainment brand, creating a more interactive ecosystem through the DOOD token. The project simultaneously bears the dual pressure of cultural innovation and market experimentation, with risks and opportunities coexisting. For investors, staying calm and focusing on substantive development is key to navigating a volatile market.
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.
