Last week, there was a lot of discussion around Doodles, with one of its co-founders stating that the project is shifting away from being solely an NFT project. It’s worth noting that various projects are approaching NFTs differently and innovating accordingly. Ultimately, the key focus should be on bringing more value to the market by creating NFTs with utility-backed use cases. Keep reading for the latest trends and developments in the NFT market.
Doodle is “no longer” an NFT project
In a recent tweet, Poopie, the co-founder of Doodle, made a statement that “Doodle is no longer an NFT project”. This then sparked a lot of discussion in the community.
hey web3, here are my comments on the feedback
"doodles isn't an NFT project"
this is true. but what’s 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 NFT… https://t.co/Eq9fZN3sx4
— poopie ?? (@poopie) March 16, 2023
According to Poopie, Doodle started as an NFT project but is now growing into a media franchise with the goal of becoming a leading player in the space. Poopie emphasized that NFT technology will continue to play a key role in everything they do, serving as the connective tissue between their various products and experiences.
However, Poopie also acknowledged that the current speculative nature of the NFT market is a concern and that the industry needs to evolve beyond vicious speculative cycles.
Meanwhile, Austin Hurwitz, Doodles’ Head of Business Development, participated in a panel discussion on the nature of NFT this Monday at FOMO Asia in Hong Kong. The panel explored whether NFTs are hype or transformational media. And the discussion was joined by Shiti Rastogi Manghani, COO of Stepn, and Justin Hulog, Chief Studio Officer of Immutable.
Austin pointed out that some brands stumble when treating NFTs as consumer products, missing out on the full potential of web3 technology. To truly succeed, brands should embrace web3 technology and focus on creating meaningful relationships with their audience, engaging with the community transparently and authentically.
I think ultimately we need to start with the user experience and work backwards to the technology […]and that often means making it in language that people understand.
Austin Hurwitz at FOMO Asia
How did the market act on Doodle’s big plan?
Doodles co-founder’s statement might have provoked different reactions from the market. While many agree with Poopie, others fear that a reduced focus on NFT at Doodles could result in a drop in floor prices.
So in terms of data performance, Doodles’ 7-day volume and the number of transactions were both up by 23% and 39%, respectively. The floor price dropped about 4%, currently at $6,720.
Other noteworthy trends in the NFT space
BAYC’s latest NFT collection grants access to future games and content
On March 16th, Bored Ape Yacht Club (BAYC) announced the opening of “Summoning” to all eligible Sewer Pass holders. “Summoning” is the next major event in BAYC’s gamified NFT journey.
By burning their Sewer Pass NFT, holders can summon a Power Source that reveals an Evo 1 Mech, which is part of the Heavy Metal collection, also known as HV-MTL. Evo 1 grants holders access to future minigame sets to unlock additional HV-MTL evolution stages.
The HV-MTL collection features 30,000 Mechs derived from eight different Power Source types. Despite being less than a week old, the collection’s average price has already surged to almost 2.44 ETH, with the most expensive HV-MTL selling for 50 ETH.
WHIKO’s NFT sales surge by nearly 300% in 7 days
WHIKO is a lifestyle brand founded in 2015 by the WHIKO STUDIO team. With a delightful drawing style that has captured the hearts of fans for over seven years, WHIKO has become an iconic brand with broad appeal and widespread recognition.
With a commitment to providing an exceptional consumer experience, WHIKO aims to cater to the unique tastes of young and trendsetting audiences. The brand has already forged successful partnerships with various brick-and-mortar brands throughout Asia, a testament to its innovative approach and popularity.
Over the past seven days, WHIKO’s NFT trading activities have generated impressive results. The brand’s trading volume has surged by 84.28% to reach $3.42 million, while the number of traders has grown by almost 50% to 355 participants.
Check out the list of NFT sales highlights
N.B. Dollar values given are correct at the time of sale.
Every week, DappRadar highlights not only the most expensive NFT sales but also the most interesting in the previous seven days. While huge numbers are sure to capture headlines, it’s also essential to highlight emerging trends and keep the DappRadar community ahead.
- AI Generated Nude Portrait #7 Frame #110 – $433,280 / 260 ETH – Owner’s Wallet
- Azuki #3153 – $337,170 / 191.69 ETH – Owner’s Wallet
- Bored Ape Yacht Club #5647 – $264,700 / 147 ETH – Owner’s Wallet
- Home onChain #1– $218,000 / 218,000 USDC – Owner’s Wallet
- CryptoPunk #8712 – $182,280 / 109.99 ETH – Owner’s Wallet
Fidenza #311 – $132,240 / 74 ETH – Owner’s Wallet
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