- Ethereum NFT project Doodles is planning to launch DOOD, a Solana-based token
- DOOD will have a supply of 10 billion tokens with 68% of the tokens allocated to the community
- The project’s team will keep 17% of the tokens
Ethereum NFT project Doodles has announced the DOOD token, joining other collectibles projects in launching an official token. Powered by the Solana blockchain, it’ll have a supply of 10 billion tokens with the Doodles community and team getting 68% and 17% of the tokens, respectively. Doodles disclosed that the move hinges on its previous successes, including “igniting a cultural firestorm through the power decentralization” and partnering with top brands like Adidas and McDonald’s, which may increase DOOD’s adoption outside the NFT community.
DOOD to Launch as a Memecoin
Doodles disclosed that it’s planning to bridge the token to Base, an Ethereum layer 2 developed by Coinbase. Doodles’ CEO Scott Martin told Decrypt that DOOD will enter the market as a memecoin, which explains why it chose Solana, a leading blockchain in memecoin activity.
$DOOD will launch with a supply of 10,000,000,000 on Solana, with a future bridge to Base.
68% will be allocated to the community.
full breakdown below ↓ pic.twitter.com/uZIJwBdtKW
— doodles (@doodles) February 13, 2025
Martin added that the token will later become “a utility coin” and power gaming experiences tied to the NFT project. The CEO said they first defined it as a memecoin instead of a utility token due to unclear securities laws in the United States.
He also disclosed that the Doodles team intends to hang a “very expensive sculpture” in an art gallery and let DOOD’s holders vote to destroy it using a car crasher.
Doodles Echoes The March of The Pudgy Penguins
Doodles isn’t the first NFT project to launch a token. Pudgy Penguins, for example, recently launched its PENGU token to boost its fans’ connection to the project. Last month, the Azuki NFT project also launched the ANIME token to strengthen its bond with the anime community.
NFT marketplaces like OpenSea have also revealed plans to launch an ecosystem token. The Doodles move comes two years after it dropped the “NFT project” tag to allow it to explore non-NFT opportunities. It also comes seven months after launching DoodlesTV, a platform that focuses on hosting events and unique content.
With Doodles announcing the DOOD memecoin, it’s to be seen whether the memecoin community will embrace it when it launches.
