Doodles, one of the most popular Japanese anime-style PFP NFT projects, is getting ready to release its $DOOD native token. This thrilling milestone means a new era in the project’s development. Established as a leader between their loyal community and unique visual aesthetic, Doodles has always maintained a reputation of going against the grain of the NFT world. In 2022, the project made waves by bringing on Julian Holguin, the former President of Billboard, as CEO. They also hired musician Pharrell Williams to be their first-ever Chief Brand Officer. Now that $DOOD is entering the market, there is no shortage of speculation on how it will ultimately impact the Doodles ecosystem and what it could be worth. This strategic move increases community engagement and increases NFT value. It further cements Doodles’ position as a trailblazer in the ever-evolving digital collectibles space.
$DOOD Tokenomics and Allocation
The $DOOD tokens distribution creates a strong incentive for community engagement. It’s what sets the stage for long-term sustainability of the entire Doodles ecosystem. An additional impressive 30% of the tokens are reserved for the Doodles community, further illustrating the project’s dedication to its holders. An Ecosystem Fund controls 25% of the allocation to fund community-led projects and developments in the Doodles ecosystem. Only 17% of the total allocation actually goes to the team. At the same time, 13% is reserved for New Blood, which could mean new creative talent or new strategic partnerships. 10% will go to liquidity pools for their continuous trading and the company keeps 5% of the tokens.
Such a distribution model is more reflective of a strategic approach to genuinely decentralizing power with the aim of community empowerment. Doodles plans to release 75% of the tokens directly to its community. This strategy is meant to create an incentive for their participation and a sense of ownership over the plan from its members. The Ecosystem Fund will be the engine of innovation and growth for the Doodles ecosystem. On the other hand, New Blood’s allocation shows a bold approach to talent attraction and strategic interdisciplinary collaboration.
Doodles' Strategic Moves and Valuation Benchmarks
Doodles has been very savvy with moves designed to strengthen its brand and broaden its appeal. Investor confidence was strong as the project raised $54 million in a Series A round at a $704 million valuation in September 2022. Doodles turned heads at SXSW 2022 with a colorful, eye-popping activation that dazzled participants. Even newbies to the crypto space couldn’t avoid getting caught up. Doodles dramatically upped its creative talent through its acquisition of Emmy-nominated animation studio, Golden Wolf, at the start of 2023. This out of the box step reinforces Doodles’ ambitions to create top tier content.
As Doodles gets ready to introduce $DOOD, the project’s analysts are making favorable comparisons to other successful NFT projects. Azuki’s lessons with its ANIME token are a warning example. This led to a more than 70% drop from its all-time-high after token unlocks and an early lack of utility. However, with a fully diluted valuation (FDV) of $800 million ANIME. Using this benchmark, a reasonable starting price for $DOOD would be 8 cents. If $DOOD were to climb to $0.20, its FDV could potentially double to $2 billion, reflecting significant growth and adoption. At $0.10 per token, the fully diluted valuation (FDV) would reach $1 billion. That means if the price is between $0.10 and $0.12, the FDV for Doodles would be between $1 billion and $1.2 billion.
Community Engagement and Future Potential
Doodles’ reach is measured not just by financial success but by several key accomplishments that further emphasize its community-first methodology. The “Rolling Doods” project in Hong Kong exemplifies what creativity can do. In partnership with the Toastie Co scented candle brand, we bring that vision to life with fun experiences and amazing products. Doodles 2 on Flow offers a platform for customizing avatars, swapping traits, and earning or buying wearables, further enhancing user engagement and personalization.
The project’s cultural narrative, and community-first approach are what truly makes this project’s value everlasting. Doodles may replicate the network effect seen in other successful projects, where token growth drives NFT value, and rising NFT demand boosts the token in return, mirroring the model of projects like PENGU. This symbiotic relationship between the token and NFTs could create a virtuous cycle, driving growth and increasing the overall value of the Doodles ecosystem.
