Doodles Shifts Focus from NFTs to Becoming a Leading Media Brand
Jordan Castro, co-founder of the NFT project Doodles, recently announced the brand’s plans to move away from being an “NFT project” and instead focus on becoming a top-tier media brand. In a statement shared on Discord, Castro discussed the brand’s vision for building away from “trends that fuel speculation” in the NFT market.
“We’re not trying to ride the NFT wave, we’re trying to go from a startup to a leading media franchise,” he wrote. He also pledged to focus on Doodles’ “most loyal collectors,” rather than those with financial motivations.
The statement has received mixed reactions from holders, with some asking for clearer communication. However, Castro later reaffirmed his commitment to blockchain technology on Twitter, pledging to “continue to use NFT tech as the connective tissue between everything we do.”
Doodles aims to “go beyond” the “vicious speculative cycles” that dominate the NFT space by creating products with market fit, solving real-world problems, and bringing in “intrinsically motivated users.” The brand has seen its floor price steadily decline in recent months, with the current floor price sitting at 3.4 ETH, down from a high of 21.8 ETH in May 2022.
Despite this, Doodles has expanded its ecosystem over the past year and brought on notable figures to help lead its creative ventures, including former Billboard President Julian Holguin as partner, and CEO and musician and producer Pharrell as the project’s chief brand officer. It has also laid out plans for expansion across music, gaming, and intellectual property (IP) partnerships.
Doodles’ recent shift towards becoming a media brand is an interesting development in the NFT space and could signal a move towards long-term sustainability over short-term speculation.