It’s a mysterious mix of factors that push an NFT project toward a double digit ETH floor price.
Doodles is the latest NFT project to do so, crossing the mark on Jan. 8, according to a Dune Analytics dashboard. The project’s floor now sits at 11 ETH, over $35,000, as of Jan. 11.
Doodles also had its first seven-figure sale last week — Pranksy, an NFT investor and influencer, bought Doodle 6914 for 296.69 ETH on Jan. 4. Pranksy has generally been on a Doodle-buying spree with his wallet showing over 70 Doodles as of Jan. 11.
At 13,739 ETH, the project ranks third in terms of weekly volume on OpenSea, behind only Bored Apes Yacht Club (BAYC) and Phantabear, NFTs which double as membership to a blockchain-enabled club with close ties to Phantaci, a fashion brand.
What’s driving Doodles’ growth? There are more than 30,000 ERC-721 standards for NFTs, or token contracts on Ethereum, according to Etherscan. What makes one stand out?
Mushy, a project manager at Doodles, gave The Defiant four primary reasons for the NFT project’s differentiation. First, inclusive art: with their pastel color palette, Doodles playfully represent a diverse group, some with rainbow hair, others with notes on their face.
The second reason: the Doodlebank, a community-owned treasury and proposal system governed by holders of the project’s NFTs. And third: the team, with the co-founders drawing on experience from Dapper Labs, a company responsible for NBA Top Shot and CryptoKitties, which was the first project to use the ERC-721 standard back in 2017.
Mushy’s fourth reason for why Doodles stands out is a “disregard for ‘hype’ NFT buzzwords like roadmap/utility/token etc,” the project manager shared over Twitter.
The mix of factors appears to be working. Doodlebank has pushed out two community-initiated proposals since the Oct. 17 launch. Noodles, is Doodles’ only approved profile picture (pfp) project. Doodles’ governance approved Noodles on Snapshot with sales from the NFTs generating 48.9 ETH, over $158,000 as of Jan. 11, for the Doodlebank treasury.
The second community-approved proposal is Pukenza, a generative art project based on each Doodle’s colors. Pukenza was a free airdrop for Doodles’ holders and cost the treasury 4.2 ETH, according to the Snapshot proposal which finalized the project.
Doodles is still trying to push new boundaries, with plans to launch something called Space Doodles in February. Space Doodles is another NFT, but comes with an interesting twist — they’re non-dilutive, meaning that users can only have either original Doodle or its corresponding Space Doodle in their wallet at one time, not both.
Users will be able to go between the two NFTs’ “forms” as often as they’d like, but the idea is that the drop gives Doodle holders more options without diluting the supply of official Doodle NFTs. There will still only be 10,000 Doodles, but now their owners will be able to transform into Space Doodles as the occasion demands.
“Raising the holder cap above 10,000 would threaten decision-making — and likely lead to slow progress,” said Degentraland, a Doodle and BAYC holder, on Twitter.
Doodles launched on Oct. 17 with a public sale at a .123 ETH mint price. The sale would generate 420 ETH for the community treasure, according to the project’s website.
For those looking to start NFT projects, it appears that a community-governed treasury is an option worth exploring to maintain engagement of the tokens’ holders. Doodles has produced something rare in the NFT space: a multiyear experience.