Doodles is offering a new perspective on NFTs by launching its $DOOD token on the Solana blockchain. This move is accompanied by significant strategic changes within the company.
$DOOD Tokenomics: How the Supply is Allocated
Doodles has outlined a structured allocation plan for its 10 billion $DOOD tokens, with 30% going to the Doodles community, 25% to an ecosystem fund, 17% reserved for the team, 13% for "new blood," 10% for liquidity providers, and 5% retained by Doodles Inc. This distribution emphasizes the company's focus on community and ecosystem development.
Doodles' Strategic Shift
Originally launched as a 10,000-piece NFT collection, Doodles expanded into entertainment and music through collaborations with brands like McDonald's and Adidas. However, some original community members felt distanced from the project. New leadership under Scott Martin aims to refocus on the community. The $DOOD token launch is a key part of this strategy.
$DOOD: A Memecoin or Something More?
When announcing the $DOOD token, Scott Martin initially referred to it as a memecoin but clarified their goal is to transition into a utility token. The project aims to comply with US securities laws, requiring a careful approach to introducing token functionality. Initially launched on Solana, the $DOOD token is planned to bridge to Coinbase’s Base network, leveraging both ecosystems' strengths.
The $DOOD token is a significant milestone for Doodles, representing not just a step towards community strengthening but also a pursuit of future multi-chain expansion.
