living in goblin town
bro, i’m straight up not having a good time.
the long awaited Doodles announcement dropped Friday…and it was just an announcement of a future announcement? May 12th “a mysterious device will drop into the Doodles universe.”
there was big news, however. there’s a new HDIC (head Doodle in charge). Julian Holguin revealed that he would be leaving Billboard as their CEO to become Doodles’ new one.
how dare he do this so close to the Billboard Music Awards? (bet you didn’t know that was a thing happening this weekend, huh?)
it’s a big get for Doodles and web3 in general. apparently, you can now poach leaders from big legacy companies with all this money and potential laying around.
what I’m left wondering is why him? Doodles’ position in the space has been rather mysterious. they have hinted at a game (with their Space Doodles), had a successful IRL event (their SXSW pop up was a huge hit), and partnered with Shopify to give away a Doodle (in seemingly a play into the e-commerce space).
they’ve been all over the map, and this is another zag. now they are grabbing a CEO from a music company? I realize Billboard does a lot more with “media”, but are music NFTs something Doodles is poking around with now?
generally, I like the Doodles ethos. they much like myself are throwing a lot at the wall to see what sticks. are they becoming a jack of all trades, but a master of none though? perhaps.
on the whole, I see them slowly building themselves into a juggernaut in this space. they already have the sales volume, the pedigree and now it’s a matter of their execution. with an established CEO at the helm that certainly looks good now.
I was told that when ETH goes down, NFTs go up???
well, that’s certainly not the case right now as both digital assets are in free fall. let’s look at the Bored Ape ecosystem as they are essentially the “bitcoin” of NFTs and can point us to how the NFT market is doing in general.
consider that Otherside was just a week ago too…
Mutant Ape Yacht Club has gone from 40 ETH floor two weeks ago to…below 20 ETH as I type this.
the OG Bored Apes? that was a hovering around 120 ETH in that same time frame…now it’s below 100 ETH for a “floor” Ape.
(I, for one, am shocked that it wasn’t up only forever with Apes)
and so goes Apes, so goes the market. most projects are watching their floors drop with very little sales volume too.
bear market looking likely.
are we surprised though? we have been daring the markets to fade us for months now. kind of like that meme…"what are you going to do? stab me?” said the stabbed man.
we’ll be back, but for now, we are most definitely not OK.
a reminder that buying the dip is generally horrible investing advice. you could just be lowering your average on an asset that is still going to 0.
if you’re feeling spicy though, where should you be looking for deals? it’s time to invest in NFTs that you could see still being big in 5 years. I’ve always had ENS as one of my longest, safest bets in the space.
what’s next? this will be an event that leads to a lot of “weeding out” in the NFT world. for all those that drop out, in order to restore the market conditions, there will need to be a big event (please buy an NFT, Elon) that brings just as many into the space. if Coinbase NFT wasn’t such a disaster, I would have bet that could have been helpful to onboard new people.