GM DOers ๐
The NFT space has become hypercompetitive.
Gone are the times when all a pfp project had to do was to simply release the collection and let the price moon. ๐
Or were they ever there, really?
For those projects that were merely cash grabs, it certainly was.
But for the projects that had any intention of lasting beyond a hype cycle, that was never truly enough.
An NFT project is ultimately a business just like any other. There are running expenses, ambitions to grow, many decisions to make, and steady, reliable profits to be made on a regular basis. And this is where the problems begin to arise. ๐คฏ
There seems to be a growing tension between the Doodles leadership and their community. The reason? Doodles wants to become a self-sustaining business that is more than just an art collection thatโs fully subject to the whims of the highly speculative and volatile NFT market. ๐ฐ
They want to build something that lasts. They want to build a media franchise that goes beyond a simple NFT collection. And they want to do it without all of their holders breathing on their necks. Is that really too much to ask? ๐ค
Letโs find out.
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Doodles Community Drama ๐ญ
The Doodles NFT collection, launched in October 2021, quickly became one of the most loved collections in the NFT industry. With its pastel aesthetic and dedicated community, the project has attracted a diverse group of enthusiasts.
But now there's some turbulence in the community.
One of the co-founders, Jordan "poopie" Castro, spilled the beans: they're aiming to be a media franchise, not just an "NFT project." He also took time to answer to some of the negativity surrounding this move:
hey web3, here are my comments on the feedback "doodles isn't an NFT project" this is true. but whatโs also true is i've dedicated my career to the blockchain. i'll never abandon the pursuit of delivering the promises of this tech to the world. doodles started as an NFTโฆ twitter.com/i/web/status/1โฆ
โ poopie (@poopie)8:34 PM โข Mar 16, 2023
This news, well, it ruffled some feathers. Doodles' floor price dropped, and the community's divided. Some people from the community think it's a boss move; others feel like it's a betrayal.
The debate is fueled by the fact that NFT projects often rely on strong community support for their success, and changing the game might not sit well with everyone.
Is it really so shocking that an NFT project wants to evolve beyond the volatile crypto market? Or should the community be more understanding of the fact that they're building a sustainable future?
It's an interesting debate that reflects the larger conversation around the growth and sustainability of NFTs in the mainstream.
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Building a Biz That Lasts ๐ผ
Doodles wants to weather the NFT storm by building a sustainable business. They're all about that cross-media life: art, videos, collabs, movies, merch, toysโyou name it, anything is on the table.
This diversification strategy will not only provide stability, but also help build a long-lasting brand with a broader audience.
But here's the thing: some community members can't wrap their heads around the fact that they're not shareholders. ๐คท They might have a stake in the art and a deep appreciation for it, but that doesn't mean they own the company behind it.
The project's team isn't beholden to them. Decisions need to be made for the project's growth and long-term success, not only to keep some holders happy.
Finding the balance between community engagement and autonomy can be a challenge, but it's essential for the project's future.
Autonomy and Vision in NFT Projects
Doodles' plan to become more than just an NFT project highlights the importance of autonomy and vision. The team has to make quick decisions, adapt to changes, and face the challenges of both public companies and startups (talk about a double whammy). ๐ต
As more and more NFT projects emerge, the key to long-term success will be finding the sweet spot between adapting to the evolving landscape, maintaining a strong connection with the community, and staying true to the original vision.
For projects that wish to grow beyond their initial scope, they will need to embrace innovation and be unafraid to take risks.
Doodles is a prime example of a project that understands the necessity of striking that balance. By expanding into different media, they're able to provide a broader range of value to their community, while also building a stable foundation for the future.
This bold move shows that the Doodles team is not only forward-thinking, but also ready to challenge the status quo.
Ultimately, the success of any NFT project depends on its ability to adapt and evolve. It's crucial for projects to prioritize long-term goals over short-term gains, even if it means making tough, unpopular decisions.
By doing so, they create a sustainable and successful brand that can withstand the inevitable ups and downs of the market, and create a legacy.
So, what do you think, DOers? Is Doodles on the right track by focusing on building a media franchise and prioritizing long-term success over short-term community appeasement?
Let us know with a simple ๐ or a ๐ by replying to this email. We're excited to hear your thoughts! ๐ฉ
๐ค Together with SegMint: Revolutionizing the way we think of digital ownership.
Wouldn't it be cool to buy and hold parts of an expensive NFT and share its ownership and utility, like airdrops or exclusive access?
Well, say hello to SegMint.
SegMint is a non-custodial NFT platform set to launch in Q3 of this year and aims to allow users to easily create access keys and share ownership of NFTs with friends and community members.
The team is going through their Beta release soon and has opened up their waitlist for Web3 Academy listeners.
If you want to stay at the forefront of web3, sign up for SegMint's waitlist today!
Uncover More of Web3โs Latest News
- Popular YouTube streamer and former pro esports player Dr. Disrespect released 10,000 โFounders Passesโ NFTs for his debut first person shooter game: Source
- AI artist Claire Silver announced her NFTs would be displayed at the Louvre Museum in Paris โ which The Louvre denied shortly after. A mess ensued: Source
๐ฃ Hold on, DOers!
The โAcademyโ in Web3 Academy is there for a reason, so weโve got some homework for you ๐
LISTEN
Check out our second episode of our wallet series, in which we interviewed Carlos Acevedo from Brave to talk about this browsers' own wallet. He explains its origin story, how does it work, why is it important for the browser and gives an interesting point of view about the future of wallets in general. Give it a listen!๐
Thanks for reading and weโll see you on Wednesday! ๐ซถ
Heads up, friends! This content is just for kicks and knowledge โ it's not financial guidance. So have fun, learn a bunch, but don't forget to make your own informed decisions! ๐ง ๐
