On May 9, Doodles’ flagship NFT collection took a $4.2 million plunge. This decline came after the DOOD token airdrop, part of the community’s ongoing effort to expand and adapt. Doodles NFTs recently experienced a crash in their floor price by almost 60%. Now, each NFT is fetching well under 1.5 ETH (ETH). As of May 9, the whole Doodles NFT collection sits at an estimated market value of about $31 million.

Prior to the DOOD token airdrop, Doodles most recently enjoyed one of their biggest NFT sales spikes. Doodles had a phenomenal $2.6 million in total sales volume this past week. This incredible glass-breaking milestone is more than a 350% increase from the previous week’s figures.

Doodles first revealed its token plans back in February, detailing its plans to mint 10 billion DOOD tokens on Solana (SOL). The company’s long-term vision includes bridging DOOD tokens to Base, an Ethereum layer-2 network. With this move, Doodles becomes the latest Ethereum-native NFT brand to simultaneously launch a token on the Solana network.

The airdrop was, unsurprisingly, greeted with skepticism. DOOD’s market capitalization plummeted from more than $100 million right after launch to about $60 million. Some observers found the airdrop disappointing.

"definitely underwhelming" - lokithebird, a crypto commentator on X

Before the airdrop, that Doodles NFT was worth around 3.5 ETH on May 8. The fall to under 1.5 ETH marks a significant loss in value for owners of the digital trophies.