A DappRadar valuation report for the Doodles NFT collection
This report intends to help you value Doodles NFTs while showing what metadata and traits are important. Launched in October 2021, Doodles has become one of the most popular collections in the NFT space. Celebrities and NFT influencers like Steve Aoki, Pranksy, and Gary Vee have publicly supported the project.
Doodles is a collection of 10,000 randomly generated avatar NFTs. The collection relies on a combination of rare traits represented with pastel and vibrant traces, giving these NFTs a unique appeal. The Doodles were publicly available to mint at a 0.123 ETH (Ξ) price and sold out in a matter of hours.
This report serves as a guideline in the valuation process of the Doodles collection. The valuation process of any NFT collection brings several factors upon revision. First, we analyze each piece individually to focus on the uniqueness and rarity of its traits. Still, since the art itself remains subjective, other types of elements are used as factors to assess the project’s strength.
Table of Contents
- Doodles Overview
- Trait Analysis – Custom, Special, and common Doodles
- Doodles community
- Utility – Space Doodles and more
Created by Evan Keast aka Tulip, Burnt Toast, Scott Martin, and Jordan Castro aka Poopie, the collection launched in October, in the middle of a hot NFT market. During Q4 2021, the project slowly started to consolidate as one of the premier Ethereum NFT collections, and its floor price comfortably floated above 3 ETH at the end of last year.
The Doodles team blends an ideal combination of artistic skills with Web 3.0 experience and knowledge. Burnt Toast, the artist behind the project’s creations, is a Canadian–based illustrator, designer, animator, and muralist with an impressive professional background that includes projects for Google and Snapchat. The collection consists of 62 hand-drawn designs by Burnt Toast himself. Also, his animation skills present an intriguing scenario for Doodles.
Tulip and Poopie come with substantial NFT and blockchain experience as both were heavily involved in CryptoKitties and other developments for Canada-based organization Dapper Labs.
At the time of writing, Doodles is the 23rd most traded NFT collection ever, after netting more than $118.8 million in trading volume. The collection has also reached more than 12,000 unique traders in 23,500, reflecting the demand for this project.
The Doodles’ floor price has skyrocketed and now floats around 11 Ξ. But what are the aspects that give the Doodles this remarkable price?
The uniqueness of each NFT is perhaps the most important factor when valuing a single piece within a whole collection. Thus, it is necessary to analyze the individual traits that make this collection special. Almost 18,000 sales were analyzed for the following trait analysis.
Although there are no levels in the Doodles collection, specific characteristics made some pieces really unique, starting with the 62 Custom Doodles hand-drawn by Burnt Toast. These NFTs are not only amongst the most valuable within the collection but across the entire space. Only 23 pieces or 37% of these Custom Doodles are listed for sale with a floor price of 185 Ξ or 613,000 USD at the time of writing.
There are five types of Custom Doodles. The Mascot Doodle is the rarest. There will only ever be five Mascot Doodles (0.05% rarity) in this genesis collection. Currently, no Mascot Doodle is listed for sale.
The Alien Doodle is the second rarest (0.1%) NFT of this collection, only half of them are listed for sale with a floor price of 330 Ξ. Cats (0.12%), Skellys (0.15%), and Apes (0.2%) complete Burnt Toast’s customized NFTs.
Besides the 62 Custom Doodles, the team designed 333 Special NFTs with unique heads and faces that can be considered the second tier in terms of rarity. Of these, 107 are listed with a floor of 48 Ξ.
The Whale (0.04%) is the rarest, even surpassing Mascots in rarity from these Special Doodles. These Doodles are amongst the most expensive, as they have been sold for 27.67 Ξ on average, followed by the Dinos (0.11%) 21.12 Ξ, and balloons (0.31%) for 16.81 Ξ. Coffees and Flowers are the most accessible pieces from the Special Doodles, with an average sale price of 5.32 Ξ and 6.04 Ξ, respectively.
For all the other Doodles, there is no clear correlation between the rarity provided by a specific “type” and a higher price. Nevertheless, at least five attributes positively impact the Doodles’ price.
First, the Holographic Sweater (0.4%) – a body trait that netted a 6.29 Ξ on average. The rest of the body traits are sold between 3.54 Ξ and 2.61 Ξ.
From the face traits, the Rainbow Puke (1.18%) attribute stands out. With an average price of 6.87 Ξ, this face is easily the most demanded, followed by the popular blue check (1.23%) with an average sale price of 4.91 Ξ. The rest of the face attributes are sold on average between 3.40 Ξ and 2.44 Ξ.
The hair also has a couple of attributes that stand out. The crown with a holographic horn (0.17%) is the most expensive of the common characteristics with an average price of 10.76 Ξ, followed by the holographic crown (0.33%) sold on average for 10.40 Ξ.
The rest of the attributes do not represent any evident impact on the price of the Doodles. The background, for instance, excluding Custom and Special NFTs, goes from Iridescent (4.36%) at 3.42 Ξ to Purple (6.92%) 2.67 Ξ.
The price data for the head trait is also compact for the Common Doodles. The average price goes from 2.75 Ξ to 3.16 Ξ.
Finally, the piercing trait, which is not present in Custom and Special Doodles, does not show any specific price behavior. The Airpods trait (5.15%) is sold for an average of 3.26 Ξ while the Hoop trait (10.45%) is the least expensive piercing with an average of 2.79 Ξ.
Doodles were conceived as a community-driven project; thus, seeing the social factor as a strength is not surprising. The community treasury, or Doodlebank, is shaped to become a DAO where Doodle owners vote on the project’s future.
Along with its strong community, Doodles’ social metrics stand out. More than 158,000 followers on Twitter and almost 30,000 members on Discord provide the project with solid social metrics. It is safe to conclude that Doodles boasts a significant social media following.
The celebrity factor strengthens the project’s social reach. Celebrities are playing a vital role in space due to their social reach and influence, with artists and famous people helping NFTs become mainstream. With notable holders including Steve Aoki, Gary Vee, Loopify, Pranksy, and NBA celebrity Andre Iguodala, this scenario is at play with the Doodles.
Despite renowned NFT whales and collectors having made their dent felt in the project, Doodles is a well distributed collection. 5,772 unique owners are holding at least one Doodle. The whale factor also shows a good distribution, with 5.02% owned by the top 5 whales and 7.93% owned by the top 10.
Pransky, one of the premier NFT personas in space, has supported the project. With the third most Doodles, Pransky has been vocal about the project since its beginnings and currently holds 109 Doodles, having added more than 50 since December.
Utility – Space Doodles and more…
The Doodles will follow a successful methodology to reward owners. Holders with a Doodle NFT will be allowed to mint Space Doodles for gas fees only. An interesting aspect of Space Doodles is that the upcoming collection is not expected to expand the existing supply of Doodles, making it even more unique in the process.
The project has collaborated with other NFT projects like Cool Cats and Ghxsts to broaden the utility window of the collection. In addition, the Doodlebank gives the project more space to develop in the future.
Without question, Doodles have rapidly gained recognition as an influential project in the NFT space. The Custom Doodles represent some of the most unique NFTs on Ethereum, while the Special Doodles gained considerable value. . Overall, Doodles have become one of the best performing NFT collections.
The project checks all the boxes. The rarity and uniqueness of certain pieces are clearly represented. The team comes with extensive experience in the space, and Burnt Toast is recognized as a talented artist in the space. The social aspect is also a strength, not only for its vast community but also due to the vast support coming from celebrities and NFT influencers. So depending on the available budget, one could consider owning one piece of NFT history.