Jordan Castro, the co-founder of the NFT project Doodles has announced that they are shifting from being an NFT project to becoming a media brand.
Castro declared his plans on Discord and stated that the brand has plans to move further from “trends that fuel speculation” in the marketplace of the non-fungible token (NFT).
In the statement made on Discord, he asserted that they are no longer an NFT project. Instead, he specified that they have long-term plans to “go from startup to a leading company.” In addition to delivering the good news, Castro said “financial motivations” were never a thing for them. He seems quite adamant about not being swayed by them.
However, his commands quickly swirled across the internet and they received mixed responses from the holders. Since the revelation was made pretty quickly, the holders requested to make the communication even more clear.
The holders are upset because, despite the sudden adaptation, the Doodles chose to stay silent for a long time. They’re disappointed because they were expecting Doodle to be responsible in such situations.
One Twitter user even pointed out Castro’s comment that he made regarding their financial motive. “Everyone is driven by financial motivations, and nobody should just brag about not having such a motivation.” It further remarked that it was “disingenuous” to talk like that.
While Castro’s revelation welcomed a series of not-supporting comments, there were also a noticeable amount of supporters. They instantly agreed on Castro’s decision to move Doodles from an NFT project.
They were not only glad for Castro’s success as an entrepreneur but they were delighted because he was taking the bold step solely for the growth of the brand so that it may evolve and innovate.
Applauds were pouring in as many of the holders found the change as a great move made by the team. “The one major thing everyone must consider is to evolve,” one of the comments read. The user candidly said that if Doodles didn’t adapt new tactics, then “they’ll be airdropping jpegs for eternity.
Another user suggested that Castro would have conveyed the message in a better way. But the user appeared to be cheering for its new goal, according to which, the Doodle will no longer be “just a niche NFT project.”
After a few hours, Castro returned to the scene and posted a brief response to the online criticism. Considering the comments, he affirmed his commitment to the blockchain community and pledged to stay in touch with the “NFT tech” and use it as a connector between everything that they do.
As part of his reply, Castro invited the public’s attention to the previous aim of Doodle, which was to go beyond the vicious speculative cycles that existed in the market.
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By saying that, he indicated that their ultimate focus was to uplift Doodle in such a way that it dominates the NFT space by solving real-world problems, creating target-focused products, and bringing in motivated users.
Not only Doodles but also several other NFT collections have lately been noticing an unexpected decline in its floor price. According to reports, the decline is related to the rise of trade-oriented NFT marketplaces like Blur.
They have influenced the NFT holders to a great extent that now people are interested in collecting NFTs for profit rather than for their artistic value.
Earlier in 2022, the floor price for Doodles was around 21.8 ETH (ether). But, unfortunately, it was reduced to 3.4 ETH before the recent announcement. However, the floor price has dropped 8% in the last 24 hours, signaling the latest news is yet to find its grip.
When the Doodles was introduced in October 2021, it was a collection of 10,000 NFTs born from the hands of Burnt Toast, the alias of the Canadian artist Scott Martin.
The NFT project was created by Evan Keast and Castro, the partners who initially worked together at Dapper Labs. immediately after the launch, the hand-drawn pastel characters were sold to potential customers who were also provided the advantage of brand-related merchandise.
During the last couple of years, Doodles has been desperately working on expanding its blockchain and for that, they brought CEO and musician Pharrell to decorate the position as the project’s brand officer and the former president of Billboard Julian Holguin as its partner.
With an aim to become the largest consumer brand in the world, Doodles laid out various plans including one to expand across the gaming and music industry.
In June 2022, the brand was spotted on Twitter with a tweet that read that its vision was to become a leading producer of entertainment and media.
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