Doodles Announces DOOD Token on Solana, Allocating 68% to the Community
After several hints about their token launch plans, on the morning of February 14th, Doodles, one of the top NFT collections in the market, officially launched the DOOD token on the Solana blockchain.
According to the information released, the DOOD token will have a total supply of 10 billion tokens, with 68% of the total supply allocated to the community. Specifically: - 30% for Doodles NFT holders. - 25% for the ecosystem fund to drive development initiatives. - 17% for the project team. - 13% for "new blood" which may refer to plans to attract new users. - 10% used for token Liquidation. - 5% for the company to ensure operational and development resources.introducing $DOOD, the official token of Doodles.
— doodles (@doodles) February 13, 2025
the creative revolution is here. pic.twitter.com/123ksyVSUH
DOOD Token Tokenomics
The tokens allocated to the development team and the company will be locked for the first year, then gradually unlocked over a three-year vesting schedule. Additionally, Doodles confirmed plans to bridge DOOD to the Layer-2 Base after the successful launch on Solana.
However, the detailed timeline for implementation and the airdrop criteria have not been officially announced by the project yet.
Immediately after the DOOD token announcement, the 24-hour Trading Volume of the Doodles NFT collection skyrocketed to 3,099 ETH (approximately $8.34 million) as users sought opportunities to receive the DOOD Airdrop. However, the floor price of this NFT collection did not see a significant change, only increasing slightly by 2.23% over the past day, currently trading at a floor price of 4.35 ETH per NFT.
Statistics on the floor price of the Doodles NFT collection, screenshot from NFT Price Floor at 10:00 AM on February 14, 2025
Doodles started as a collection of 10,000 NFTs, launched in 2021, and quickly gained the attention of the collector community, raising $54 million in Capital with a valuation of up to $704 million in September 2022.
However, a significant turning point for the project came when Pharrell Williams took on the role of Brand Director, marking Doodles' transformation from a pure NFT project into a media company with ambitions to expand further in the entertainment industry. Over the past two years, Doodles has continuously expanded its scope of operations by:
- Partnering with McDonald's to launch an advertising campaign.
- Venturing into the music industry, producing content, and organizing events.
- Investing heavily in the animation sector, with the ambition of becoming the "Disney of Web3".
With the launch of the DOOD token on Solana, Doodles can leverage the recent trend of major NFT brands announcing their own tokens to expand their ecosystem and increase their influence. Previously, Pudgy Penguins with PENGU, Milady with CULT, and Magic Eden with ME have all successfully implemented this strategy, attracting strong interest from the crypto community.
In a separate development, the NFT trading platform OpenSea has launched the OS2 update, marking a comprehensive improvement to enhance the user experience. Furthermore, OpenSea is also planning to release the SEA token with an airdrop mechanism based on users' transaction history and contribution to the ecosystem.
Compiled by Coin68
