Famous NFT project Doodles has caused an uproar within the crypto community after its co-founder announced a shift in the project's focus.
NFT project Doodles’ co-founder Jordan Castro ‘Poopie’ announced that the company was shifting its focus from launching non-fungible tokens (NFTs) to creating a "leading media franchise."
According to a Discord post, Castro said the company was no longer an "NFT project."
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In the statement, Jordan Castro added that the company was never motivated by financial considerations since its founding.
Doodles was launched as an NFT collection with 10,000 generative art pieces in October 2021. The initial success of the collection motivated them to release more collections. At the start of March, the company released a Doodleverse map showcasing its products.
The products on the map were Doodles 2, Dooplicator, Space Doodles, Genesis Box, Doodlebank, and the yet-to-be-released The Stoodio and Doodles Records.
Doodles hinted at its shifting business model into a media franchise in a March 3rd tweet, stating that it was building the “greatest entertainment and lifestyle experiences in the world.”
In June 2022, Doodles received $54 million from venture capital firm Seven Seven Six. At that time, the company claimed it would use funds to develop a Web3 entertainment brand.
Reactions to the statement were mixed. Some were disappointed that Doodles did not provide its NFT community with a warning. However, others supported the transition and congratulated Castro for the bold move.
In response to the criticism, Castro affirmed his commitment to blockchain technology. He pledged to keep in touch with “NFT tech” and use it as a connector for everything they create. He also pointed out that Doodles always had a goal to go beyond "vicious speculative cycles" dominating the NFT industry.
According to the OpenSea data, Doodles have a total volume of 250,783 ETH ($437 million) and a floor price of 3.669 ETH (over $6,300).