The prominent NFT project Doodles officially announced the launch of its native blockchain asset DOOD on February 13, built on the Solana network with a maximum supply of approximately 10 billion tokens. This marks a strategic pivot from pure digital collectibles toward a full-chain ecosystem expansion.
Token Allocation and Vesting
According to the official allocation plan, 68% of the tokens will be distributed to the community, 17% reserved for core contributors, and 5% allocated to corporate reserves. Both core contributor and corporate reserve tokens will undergo a one-year lockup, followed by a three-year linear vesting schedule. This structure aims to ensure long-term ecosystem stability and mitigate short-term selling pressure.
Market Response and Historical Context
Doodles, known for collaborations with Pharrell Williams and Adidas, ranks as the 11th most lucrative NFT project historically with cumulative sales of $702.77 million and over 5,560 unique holders. However, its floor price has fallen from a peak of 20 ETH in May 2022 to approximately 4.63 ETH. Yet, within 24 hours of the DOOD announcement, the floor price surged by 16%, reflecting a positive market reception to the token narrative.
This “token catalyst effect” has precedent in the NFT space—Pudgy Penguins experienced similar boosts when announcing its own token. Notably, Doodles’ announcement coincided with OpenSea’s disclosure of its SEA token initiative, suggesting a collective industry effort to reinvigorate the languishing NFT economy through tokenomics.
Strategic Implications
The Doodles team stated that launching DOOD is aimed at “igniting a cultural firestorm through decentralization” and building a lasting movement. In the current bearish NFT climate, such token strategies are seen as vital tools for community activation and liquidity enhancement. Analysts note that choosing Solana over Ethereum likely leverages its high throughput and low transaction costs, facilitating large-scale community interaction and on-chain activity.