Key Notes

Key Notes:

Doodles has decided to make a pivot by launching a new token.The DOOD token will feature 10 billion tokens and be hosted on Solana.Doodles hope to leverage the positive regulations in the US to advance the token launch.

The crypto market is gaining momentum, with prices increasing, and crypto regulations are expected to be less strict under President Donald Trump.

With less fear of regulatory scrutiny, companies are making bold moves. One is Doodles, a top Non-Fungible Token (NFT) brand that is now changing its approach. According to Decrypt, the company is dropping big brand deals and jumping into the memecoin trend.

The Ethereum-based NFT collection survived the tough crypto market wave with a strategic move. Per Decrypt, the brand had to collaborate with popular companies and celebrity personnel to stay afloat.

Partners include McDonald’s, Adidas, and Pharrell Williams to stay afloat amid the financial crisis. This idea, started by Julian Holguin, a former Billboard executive and CEO, helped the brand stay popular by working with big names.

In 2022, Coinspeaker reported that the NFT project raised $54 million in funding at a total valuation of $704 million. This funding was for product development, acquisitions, proprietary technology, media, and collector experiences.

Holguin is no longer with Doodles, and Scott Martin, the brand’s original artist, is now the CEO.

Doodles struggled to balance being both a mainstream and a crypto brand for a long time. Martin called Doodle’s past efforts a “futon problem,” which is trying to be both a bed and a couch but not doing either well.

He pointed to Doodles’ recent deal with the Rubik’s Cube. Adding Doodles characters to famous toys made sense. However, he felt that selling digital items that “don’t do anything” was “forced and pointless.”

He expressed that moves like this would upset the Doodle’s community. “Without our community, Doodles are nothing,” Martin says in an interview. The new CEO wants to move away from corporate deals and focus on something new: launching a memecoin called DOOD.

Like Pudgy Penguins and Azuki, Doodles has announced its token, DOOD. According to Decrypt, the new token will be launched on the Solana blockchain, the top choice for memecoins.

The roadmap for DOOD is to reach 10 billion tokens, which will later connect to Base, Coinbase’s Ethereum layer-2 network. At first, DOOD will be issued as a memecoin, but Martin said it would later play a role in the world of new Doodles.

One idea is to use DOOD tokens to lower a valuable sculpture into a car crusher. This is part of Doodles’ plan to let the audience “decide the story.” Martin remarked that under Joe Biden’s government, launching a token like this could have led to legal trouble.

He believes the crypto landscape in the United States is becoming more favorable, with even the President having a memecoin.

Martin explained that DOOD is meant to create excitement, get people talking, and raise the value of Doodles NFTs. With the memecoin market growing, experts hinted that this could be a smart move.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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