NFT Project Doodles Launches DOOD Token on Solana, Sales Surge Over 100%

Doodles, a prominent non-fungible token (NFT) project, officially launched its DOOD token on the Solana blockchain on Friday, May 9.

At the time of writing, DOOD is trading near $0.0076 with a market capitalization of around $59.3 million. The price peaked over $0.012 just after the token launched around 9 a.m. ET today, according to CoinGecko.

Today, the project also launched DreamNet, an AI-powered collective storytelling protocol, where each story universe features a "Universe Token." The protocol integrates Doodles' new token as well: story universe creators earn DOOD when elements of their universe are used in other media, like a game, per an official press release shared with The Defiant.

The ecosystem token unlocks features, aims to drive engagement, and support the broader Doodles ecosystem, per the team’s official documentation.

Excitement around the launch also drove an over 100% spike in Doodles NFT sales over the past 24 hours, with trading volume surpassing $2.4 million, per CryptoSlam data. Sales are up over 100% on the month as well.

The launch of DOOD marks a major shift for Doodles, as it moves beyond NFTs into a more community-driven ecosystem. The move by Doodles underscores a broader shift of NFT platforms trying to stay relevant in the broader web3 market.

In April, the NFT market continued its downward trend, recording a trading volume drop to $199 million, a 19% decrease from March, according to a new report by DappRadar.

In September 2022, Doodles announced that it had raised $54 million at a $704 million valuation in a round led by Seven Seven Six.

DOOD tokenomics

According to the project's tokenomics, 30% of the DOOD supply is airdropped to the Doodles community, while 13% is allocated to "New Blood," an initiative to attract new users. Another 25% is going to the project’s Ecosystem Fund to support collaborative projects.

The team is receiving 17%, and Doodles Inc. is holding 5%, both under a one-year lock and three-year vesting. The remaining 10% is reserved for liquidity.

Binance — which said it was the first to list the DOOD token on its platform in a post on X, formerly Twitter — also launched an airdrop for users who met the Alpha Points criteria of trading within 10 minutes after launch. Alpha Points are a part of Binance’s rewards system and used to incentivize users to trade.

Disclaimer: This article has been updated to include information about the DreamNet launch, as well as Doodle's past funding.