One of the founders of the popular non-fungible token (NFT) project Doodles, Jordan Castro, has revealed that the brand is shifting away from being an “NFT project” and moving towards the long-term goal of becoming a top-tier media brand.
Castro, known online as Poopie, discussed the brand’s aims to grow away from “trends that fuel speculation” in the NFT market in a statement posted to Discord on Thursday.
Some hours later, Castro responded to the criticism on Twitter, pledging to “continue to use NFT tech as the connective tissue between everything we do.”
He also said that Doodles aimed to “go beyond” the “vicious speculative cycles” that dominate the NFT space by creating products with the market fit, solving real-world problems, and bringing in “intrinsically motivated users.”
Doodles’ floor price, like that of other NFT collections, has been slowly declining in recent months. The advent of trader-focused markets such as Blur implies that NFT consumers have altered their focus from collecting NFTs for their artistic value to trading NFTs for profit.
Doodles has spent the last year focusing on growing its ecosystem and bringing on noteworthy figures to help drive its creative projects, including former Billboard President Julian Holguin as a partner and CEO and musician and producer Pharrell as the project’s chief marketing officer.
It has also previously declared that it aspires to become one of the world’s largest consumer brands through partnerships in music, gaming, and intellectual property (IP).
Compiled by Coinbold