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Nifty News: Doodles ‘no longer an NFT project,’ Playboy bares all on NFT earnings and more

Doodles’ co-founder claims it will transition from a “NFT initiative” to a “leading media franchise.” In a March 18 Discord message, one of the doodle’s creators, Jordan Castro (aka “poopie”), stated it intended to move away from financial speculators.

We want to become a media giant. “We are no longer an NFT initiative,” Castro remarked.

A September 2022 investment round valued Doodles at $704 million after its October 2021 debut. The brand’s CEO is Pharrell Williams. Castro said doodles will prioritize its “most faithful collectors” and not “appease those with pecuniary objectives.”  Twitter users criticized the apparent shift in focus and the project’s lack of communication and March 16 NFT sock drop.

NFT startup founder Daniel Tenner tweeted, “the earlier we do away with the phrase ‘NFT project’ the better,” adding that such initiatives “are all startups/businesses.”

Castro subsequently stated that it “will continue to employ NFT tech as the connecting thread across all we do.” The goal was to “evolve beyond vicious speculative cycles” by “bringing in intrinsically driven users,” addressing actual issues, and producing market-fit goods.

Playboy’s parent business reported large losses on their Ether $1,708 holdings from an NFT collection begun in late 2021. On March 18, PLBY Group reported an impairment loss of $4.9 million in 2022 because to a sharp drop in crypto values from the year before.

Playboy released Rabbitars NFTs in October 2021, before the crypto market peaked. Since then, Ether has plunged 60% along with the market.

Playboy’s crypto assets were worth $327,000 on Dec. 31, 2022. Even if its digital asset assets increase in value after recording impairment losses, it regards them as unrecoverable, according to the filing. “One Ethereum in our major market fluctuated between $964 – $3,813 during [2022),” the business noted. However the carrying value of each Ethereum we owned at the conclusion of the reporting period represents the lowest price of one Ethereum quoted on the active market since its receipt.”

“Positive movements in the market price of Ethereum are not reflected in the carrying value of our digital assets and effect earnings only when the Ethereum is sold at a gain,” it said.

Yuga Labs’ latest “Dookey Dash” web game collection garnered millions for the NFT conglomerate. On March 15, individuals who minted a “Sewer Pass” NFT for Dookey Dash were asked to “The Summoning” to burn their passes and mint an NFT from the new HV-MTL, or Heavy Metal, collection.

According to OpenSea, 30,000 NFTs resembling robotic cubes will disclose a “Mech” in the new collection. After its release, the collection has skyrocketed. OpenSea data shows the floor price at 2.3 ETH, roughly $4,000, and total trading volume at around 6,050 ETH, $10.3 million.

Yuga’s 5% creator profits have earned the corporation almost $500,000. Yuga updated the collection within hours to solve output issues noticed by early minters. Yuga Laboratories fixed the HV-MTL “companion characteristics” issue for early minters of the new NFTs.


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