Non-fungible token (NFT) project Doodles has announced plans to launch its own token, $DOOD, on the Solana blockchain.
The news comes after the project revealed a leadership change. Scott Martin, also known as Burnt Toast and the creator of the NFT collection, will replace the current top executive.
In a post on X (formerly Twitter), Martin shared the project’s new vision, saying, “we’re moving to a vision with a strong bias for risk, disruption, radical transparency and the authenticity that made us who we are in the first place.” He added, “execution isn’t just code or partnerships – it’s culture too. the extractive corpo era of doodles is over.”
In a separate post, the project teased the upcoming launch of $DOOD, a token that will have a total supply of 10 billion. Of this supply, 68% will be allocated to the Doodles community. The team also plans to set up a future bridge to Coinbase’s Ethereum layer-2 network, Base.
This move places Doodles among several other NFT projects that have recently entered the token space. Azuki launched its governance token, $ANIME, last month, and Pudgy Penguins introduced its $PENGU token in December.
Since its debut in early 2021, Doodles has been known for its collection of 10,000 colorful cartoon characters. According to CoinMarketCap data, the project is currently ranked first by trading volume in the last 24 hours and the past seven days, while it holds fourth place in the last 30 days, behind Azuki, Pudgy Penguins, and Milady.
Doodles has focused heavily on building a strong community and launching various initiatives. One of the most recent partnerships was with McDonald’s for a holiday campaign, which featured limited-edition cups, digital collectibles, exclusive music, and animated content.
Other collaborations include limited-edition Rubik’s cubes, a collection with Adidas for exclusive apparel inspired by Pharrell Williams’ Deysi digital mascot, and a partnership with Casio to release a G-Shock NFT watch.