Key Takeaways
- The importance of community in NFT projects, as a strong community can turn against a project that loses touch with its core values.
- The need for authenticity in the NFT space, as collectors are drawn to projects that are genuine and true to their values.
- The importance of open communication between NFT creators and their community to avoid misunderstandings and maintain trust.
Imagine the uproar if your favorite band suddenly ditched their signature sound for bubblegum pop. That’s what happened when Jordan Castro, co-founder of the popular NFT project Doodles, declared that “Doodles is no longer an NFT project.” Cue the collective gasp from the Doodles community.
Clash of the Titans: Web3 Values vs. Profit
The clash began when Castro announced a shift in focus towards “mass adoption” and “utility.” This rubbed the community the wrong way, who felt it betrayed the Web3 values of decentralization and community ownership. Discord channels erupted in heated debates, with many expressing their disappointment.
Castro’s Clarification: Too Little, Too Late?
Castro attempted to clarify his comments on Twitter, but it only added fuel to the fire. He stated that Doodles would still be “Web3-native,” but the damage had been done. The community felt that the project was moving away from its roots.
Community Backlash and Falling Floor Price
The community’s anger manifested in a drop in the floor price of Doodles NFTs by approximately 13% in USD value. Disgruntled holders sold their Doodles in droves, expressing their dissatisfaction with the project’s new direction.
Lessons Learned: The Power of Community
The Doodles debacle highlights the importance of a strong community for the success of NFT projects. When a project loses touch with its core values, the community can quickly turn against it. It’s a lesson that all NFT creators should take to heart.
Bonus: The Importance of Authenticity
Authenticity is key in the NFT space. Collectors are drawn to projects that are genuine and true to their values. When a project tries to change its identity for profit, it risks losing the very people who made it successful.
Conclusion
The Doodles controversy is a cautionary tale for all NFT projects. It’s essential to stay true to your roots and maintain open communication with the community. Without these elements, even the most popular projects can quickly lose their footing.
Frequently Asked Questions:
Is Doodles still an NFT project?
According to Castro, Doodles is no longer solely an NFT project but is moving towards “mass adoption” and “utility.”
Why are Doodles holders angry?
Holders are angry because they feel that the project is moving away from its Web3 values and becoming more profit-driven.
What happened to the floor price of Doodles?
The floor price of Doodles NFTs dropped by approximately 13% in USD value following Castro’s comments.
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