NFT Collectors Love Space Doodles Imagery But Not Its Confusing Valuation Model
Doodles, the popular NFT collection, introduced an offshoot called Space Doodles to excitement and confusion.
By: Owen FernauDeFi News
For all the mojo in NFTs, there’s still a lot of experimentation under way. And sometimes buyers aren’t sure what to make of a new crop of imagery, or new minting systems.
Space Doodles, the just-released collection from the team behind the Doodles NFTs, is case in point. Launched on Feb. 28, Space Doodles spurred excitement for its playful characters zipping through psychedelic space in various crafts. But some are selling well below price floors.
Space Doodles #669
The holders of desirable NFTs often get the opportunity to mint others from an associated collection. For example, Cryptoadz NFTs have derivative projects like Cryptoflyz, Mistletoadz, and Croakz, all of which are worth less than 10% of the original.
Space Doodles are similar to these derivative projects in that the NFTswere released with one-to-one availability to their origin project, Doodles. But unlike Cryptoflyz, Spaces Doodles can’t be sold without losing the original NFT. While a separate token, they’re more like a togglable mode of the original.
This means that Doodles and Spaces Doodles should have equal value.
When Space Doodles hit the market, some users didn’t get the message. This led to Space Doodle sales at 5 ETH and 7 ETH, well below Doodles’ floor, which is 10.7 ETH, over $30,000 as of Mar. 1
Space Doodles’ price rises as users catch on to their value.
Doodle holders now appear to have grokked how Space Doodles work — the discount on the NFTs have evaporated with OpenSea now showing them with an 11 ETH floor as of Mar. 1. There have been only seven sales of Space Doodles so far.
The Doodle-Space Doodle mechanic is still drawing some confusion, but also interest. “Question, how do you switch back and forth from regular to space doodle? I don’t own one yet, but this is intriguing,” asked one user in the Doodles Discord.
“Space Doodles have arrived and they are GLORIOUS,” tweeted OhhShiny, an NFT influencer with 128,000 followers on Twitter.
Those expecting Doodles’ price to rise in light of Space Doodles release though have been disappointed — the average sale of the last 25 Doodles dropped on Feb. 22 from above 19 ETH to 13, slowly trickling to 11 ETH since, according to a Dune Analytics dashboard.
Average Doodle price. Source: Dune Analytics
Of course, the entire crypto market tanked on Feb. 22 after Russia invaded Ukraine (though led by Bitcoin, it’s rebounded 13% since then).
While it may have hurt a few early sellers, the goal with Space Doodles’ is to provide value to the Doodles ecosystem — it’s model is apparently inspiring other projects too. “We’ve gotten a lot of new projects that are thinking about launching to look at wrapping NFTs as a potential non-dilutive solution to extending their content,” said the project’s co-founder, who goes by poopie, on a Twitter Space.
Degendraland, an influential Doodle holder, thinks Space Doodles’ non-dilutive model is a game changer for NFTs. “Non-dilutive drops give doodles the flexibility to rebrand without compromising the original asset,” the influencer tweeted in a thread.
While the non-dilutive model may not make the person who sold a Space Doodle for less than half the floor price feel better, other NFT projects may see how the Doodles project fares. And they might pick up tips on how to better communicate the new functionality as well.