On the Ethereum-Native NFT brand Doodles, their governance token was released in February. They revealed plans to mint 10 billion DOOD tokens on the Solana blockchain. The company’s long-term goal is to have DOOD tokens bridged to Base, an Ethereum layer-2. The average price of Doodles NFTs inched down 36% in the week after the airdrop, including a steep post-drop decline of about 60%.
According to CoinGecko, as of May 9 Doodles NFTs are valued at a total of around $31 million. According to OpenSea data, the floor price of these collectibles saw a steep decline. It dropped by nearly two-thirds, from an average of close to 3.5 ETH on May 8 to under 1.5 ETH per NFT.
Even with the price decline, Doodles still had a noteworthy total sales volume of about $2.6 million in the last seven days. We gathered this data and knowledge from CryptoSlam. That’s more than a 350% increase from last week’s sales volume.
DOOD token performance has been volatile. DexScreener data indicates that the token’s market capitalization fell from a peak of more than $100 million just days after its debut. So far that figure is currently about $60 million. Doodles becomes the latest Ethereum-native NFT brand to create a token on the Solana blockchain.
Recent drops in the value of NFTs highlight some of the potential dangers associated with launching airdrops and tokens. The volatile nature of token market cap adds to these uncertainties in the NFT space. As this project develops, investors will be looking closely at how well the NFTs and DOOD token perform individually.
