The NFT space is about as fast as a Shiba Inu on a crackling laser pointer. One day, a project is the hottest thing on the agenda. The next, it’s buried under an avalanche of new drops and featured collections, corkscrewing into yesterday’s news just like that. So when I saw Doodles’ 500% increase, I wasn’t initially excited – I was skeptical. I think we’ve all been burned by bad projects that promised the moon and ended up delivering nothing. So, what’s different about Doodles, if anything, or is this just another example of smart marketing boosted by crypto speculative frenzy?

Is DOOD Really That Groundbreaking?

Let's be honest, the core concept of NFTs isn't exactly rocket science. It’s about scarcity, glamour, and a return to community – all of which are neatly tied up in a digital bow. Sure, Doodles are rad – their colors, characters and charm make them visually appealing – but aesthetics alone don’t warrant a 500% increase. The much bigger question should be, what’s going on under the hood? In Doodles’ case, that’s the DOOD token.

Now, I'm a technologist at heart. It’s what I love most, digging into the nitty gritty of a project. What I really get into is how it works and whether it’s really that innovative or just a new wrapper on old technology. DOOD, dare I say, essentially a governance and utility token. Holders can stake their NFTs to vote on community proposals, gain access to unique experiences, and hopefully earn rewards. Sounds familiar, right? We've seen this model before.

Here's where it gets interesting. Doodles is attempting to position DOOD as something other than a governance-only token. Second, they understand that it is the lifeblood that fuels their whole ecosystem. It acts as a tool to promote engagement and incentivize leaders and engaged members of the community. That's not bad. The reality is that I really can’t help but feel like this is all just a distraction. The larger crypto ecosystem as a whole is trending back upward! Bitcoin is hovering at about $103,000 at this writing, and Ethereum has had a miraculous 35% rebound—just in the last week. Are people just riding the wave?

Community Love or Just Speculative Greed?

Here's a harsh truth: not every NFT buyer is a true believer. Some are in it for the art, the community, the long-haul vision. In truth, many are just looking for an easier way to make a buck. That's fine! It is important to draw a bright line between authentic community engagement and speculative wishful thinking.

Doodles boasts a vibrant community, no doubt. Are the 618% additional prospective buyers really committed to the artistic vision of the project and its extended roadmap? Or are they like most of the rest, just hoping to cash out by flipping their Doodles for a profit. Are citizens genuinely engaging in the process of governance and helping to determine the long-term direction of the project? Or are they doing nothing, simply letting their DOOD tokens accrue, waiting for the next price spike?

The numbers paint a mixed picture. Even though Doodles enjoyed an enormous surge in new buyers and transactions, the larger NFT market is experiencing a trend of dwindling participation. NFT buyers decreased by an unbelievable 76.8% on all blockchains. Think of a badly organized party where everyone scrambles for the exits. A dozen compatriots remain tightly clustered around the Doodles punch bowl, relishing their luck.

This disparity makes me uneasy. This indicates that Doodles’ growth could be occurring in defiance of the overall market trajectory, rather than as a result of the opposite. And that raises a red flag. So is this a sustainable new model, or is this the equivalent of a new dot-com bubble set to burst? What’s the use of DOOD if no one in the community is engaging?

Ethereum's Power Grab: A Rising Tide?

Let's talk about the elephant in the room: Ethereum. The Ethereum NFT market exploded with a 54.17% increase, far outpacing all other blockchains. Whether you’re a fan of Ethereum or not, it’s no secret that Ethereum is the dominant force in the NFT space. Is this dominance a good thing?

One the one hand, Ethereum’s strong infrastructure and massive development community offers a strong base for NFT projects such as Doodles. On the other hand, it disproportionately develops a winner-takes-all dynamic that ends up discouraging innovation and potentially shutting out smaller projects. Just picture your favorite independent bookstore trying to compete against Amazon – this is a total David and Goliath scenario.

If Doodles has a major success on Ethereum, it might be a big rising tide lifting all boats situation. This might just mean a deeper concentration of power. Consequently, newer, innovative and precedent-setting projects may have a much tougher time gaining traction. Ethereum NFT sales have increased by 54.17%. At the same time, the number of unique buyers on every blockchain is going down, showing that the market overall is concentrating its capital in fewer places. Well, if you’re not using any other blockchains, unfortunate news, you’re not going to win.

At the end of the day, Doodles’ 500% increase is an interesting story, and unfortunately has no clear, cut-and-dry answers. Beyond the embarrassment, there’s some real true innovation, creativity and community engagement. There’s a lot of hype and speculative trading. As TSW buyers, we should face squarely into this reality. Are we paying for a program we want to support, or are we hocking our future for another magic-worms-into-gold program? How you implement it is, as ever, entirely in your hands. We must caution you, although it is never too late to be rugged (scammed).