A community-driven collectibles NFT project, with an operational treasury system.
Analysis by Ray | #001 | January 4, 2022
Table of Contents
Created by a group of three individuals known collectively as The Doodles Founders, the Doodles project was created with the goal of onboarding individuals into the NFT space. The solution was a community driven NFT collectibles project with a working treasury system for future development.
Since launch, the Doodlebank (community-led treasury) has generated millions of dollars. While not robust, there is a roadmap that currently exists for the project centered around expanding the team and rolling out proposals to the community. No recent technical issues were identified for the project.
Each Doodle represents a vote on proposals for the use of the community treasury (aka Doodlebank).
Metrics accurate as of January 4, 2022:
Doodles were made available through a whitelist process to the public on October 17, 2021 at a cost of 0.123 ETH each. There are 10k Doodles available, with 5.5k individual wallets holding at least one. This breaks down to approximately 1.81 Doodles per wallet.
There has been 41,780 ETH worth of volume traded over a 90-day period, or about 464 ETH per day (worth $1,772,480 at $3,820 per ETH).
The official Twitter page for Doodles has 131.4k followers and the Discord has 26,337 members. Both appear to have authentic users participating in discussion.
Some notable holders of the Doodles project include Gary Vaynerchuk, Jake Ryan, Richie Shaffer and Pranksy. While Doodles currently enjoys a strong financial position in the NFT space, it is not the top performing NFT brand.
Based on the research conducted, Doodles (DOODLE) appears to be a fundamentally strong project.
What is the URL of the official cryptocurrency project website?
Are there any obvious errors on the website (broken links, misspelling, grammar, etc.)?
No obvious spelling, grammar, etc. mistakes were found on the official website pages.
Is comprehensive documentation available for the project?
Comprehensive documentation is available on the website, with additional links to information available in the official Discord.
Project Use-Case and MVP
What problem is the project trying to solve?
A collection of 10,000 generative artworks, Doodles aims to expand to every vertical of popular culture. The goal being to bring the joy of NFTs to millions of households worldwide.
What is the project’s solution to the problem the project aims to solve (aka use-case)?
Doodles is a community-driven collectibles NFT project, with a roadmap built on collaboration. Holding a Doodle allows you to participate in coordinating the Doodles Community Treasury.
Is there a working product (MVP)?
At this time, the Doodles project has minted all 10,000 of its original Doodles collection. The collection is available on OpenSea for trading.
The community treasury (aka Doodlebank) currently sits at 1,111 ETH, worth $4,270,000, with proposals being voted for.
Handcrafted Doodles merchandise was made available at a live event. Also, the project held an interactive NFT gallery and party in Miami.
Is there a known development team for the project?
The Doodles Founders is a group of three individuals with backgrounds in product marketing, NFT consulting, illustration and design with experience working with/for companies and projects that include: Dapper Labs, CryptoKitties, Google and Snapchat.
Where is the development team headquartered?
Two of The Doodles Founders are mentioned as being based in Canada.
Are there known sustainable incentives to grow/retain developers?
Developers and other team members are proposed, voted on and paid by the Doodles community through the Doodlebank.
Audits and Recent Issues
Has the codebase undergone a 3rd party audit by a reputable company/extensive public testing?
A formal code audit was not identified for the project.
Does the project have any known, recent (within the last 6 months) technical issues?
There were no recent technical issues identified for the project.
Is there a clear roadmap for development?
A development roadmap was identified for the project that consisted of tooling, scaling the core team, proposals and more.
Have any significant milestones within the roadmap been reached?
Milestones on the roadmap have been reached, specifically proposals to the community.
What is/are the NFT asset(s) available for this project?
The only official NFT of the project is Doodles (DOODLE).
When was the project’s NFT(s) launched?
The Doodles public sale opened on October 17, 2021.
How do NFTs come into public circulation?
After a whitelisting process, Doodles were able to be minted at 0.123 ETH on the official website. Secondary listings are now available on OpenSea.
What is/are the intended use(s) of the NFT asset(s) within the project?
A provably scarce, generative art collection made with over 100 traits; each Doodle represents a vote on proposals for the use of the community treasury (aka Doodlebank).
How is the NFT asset’s rarity determined (if applicable)?
The objective rarity of the project is determined by the prevalence of any specific trait (or set of traits) a Doodle has. The count of these traits can be found in OpenSea.
NFT Validation and File Storage
Which blockchain infrastructure does the NFT project utilize?
Doodles were originally launched on the Ethereum network.
How are the NFT files stored?
The Doodles NFT images are stored on IPFS. Here is an example.
What is the ratio of the outstanding NFT supply to NFT owners?
There are 10k Doodles available. Currently, there are 5.5k individual wallets holding a Doodle, for a ratio of 1.81 Doodles per wallet.
On average, what is the daily trading volume of the NFT asset(s) over the previous 90-day period?
As of January 4, 2022, there has been 41,780 ETH worth of volume traded over a 90-day period. This translates to about 464 ETH per day (worth $1,772,480 at $3,820 per ETH).
Which industry or community does the cryptocurrency project aim to serve?
Doodles were made available to the wider public. No specific community was identified.
What is the size of the official project social media pages (Reddit, Telegram, Twitter, YouTube)?
The official Twitter page for Doodles has 131.4k followers and the Discord has 26,337 members.
Are the social media posts and reactions related to the project recent and do they appear organic?
The social media posts related to Doodles appear to be recent and organically generated by real users.
Are community members generating their own independent content to promote the project (YouTube, TikTok, Etc.)?
Yes, independent actors appear to be creating content related to the Doodles project.
Partnerships and Investors
Does the project have any notable partnerships?
No notable partnerships have been identified for the project at the time of writing.
Does the project have any notable investors?
Some notable holders of the Doodles project include Gary Vaynerchuk, Jake Ryan, Richie Shaffer and Pranksy.
What is the project’s governance process (if any)?
- Proposals are generated by thought leaders (known as champions) and voted on by the Doodle community through the Doodlebank treasury.
- If the preliminary proposal passes a quorum of votes, the Founders of the Doodle project will “upgrade” the proposal to its final form to add necessary detail or context for business and legal purposes.
- At this point, a final round of voting on the proposal is done by the community.
What are the most prominent directly competing projects?
The Mutant Ape Yacht Club, Bored Ape Yacht Club, Prime Ape Planet PAP and CryptoPunks collections lead the Doodles project (in terms of volume).
Fundamental Analysis Package
Get the full Doodles (DOODLE) Fundamental Analysis Package #001
The package contains the following original documents in high definition:
- The Dark Paper (.pdf) – project fundamental analysis and research
- Scoring Rubric (.xlsx) – project scoring and criteria
- QC checklist (.xlsx) – peer-review criteria and scoring
Below are sample images of The Doodles (DOODLE) Dark Paper.