Doodles NFT creator will partner with ‘Rick & Morty’ creator Golden Wolf Studios to further drive its expansion into mainstream media.
The Web3 firm behind the popular cartoon NFT collection will acquire Golden Wolf for an undisclosed amount in the coming weeks.
Doodles TV Shows May be Coming Soon
Doodles’ acquisition of the animation studio that has done work for the likes of Disney, Illumination, and Nike will leverage blockchain and artificial intelligence tools from Golden Wolf partner Psyop.
According to Doodles CEO Julian Holguin, this strategic venture will pioneer new ways of creating content for a new class of consumer. Golden Wolf will initially help the NFT company develop characters and a narrative as it seeks to break out into longer-form content after working for Disney, Nike, and Meta (formerly Facebook). Digital artist Burnt Toast created the collection of 10,000 Doodles NFT profile pictures in late 2021 amid the last crypto bull run.
Holguin is also talking with Hollywood creatives and studios to develop a TV show.
“Golden Wolf will produce always on content that is distributed through social channels for Doodles and we are already in the process of developing longer-form content, and we will incubate new IP – some in partnership with well-established Hollywood creatives. Some of these initiatives will lead with Web3 and some will not,” Holguin said.
Golden Wolf Acquisition Expands Mainstream Plans
Doodles’ acquisition of Golden Wolf comes after the company raised $54 million last year for an expansion into mainstream media.
It enlisted music producer and artist Pharrell Williams to spearhead its music NFT initiative, with an album release planned for later this year. Columbia Records will release Doodles Records: Volume 1, featuring Burnt Toast’s artwork.
Doodles announced the release of a second NFT collection, Doodles 2, at the flagship NFT conference NFT.NYC in 2022. It auctioned off 4,000 accessory kits called Genesis Boxes at the conference, some of which will be unlocked in Feb. 2023.
There is currently no firm release date for Doodles 2, although the company has indicated that users could “layer” music from the upcoming music album onto Doodles 2 characters.
Additionally, Space Doodles Gaming attracts users to the Web 3 ecosystem by allowing non-crypto consumers to buy Doodles characters.
Multi-Dimensional Utility NFTs the Future
Despite efforts to rejuvenate interest in the collection, Doodles has yet to match the heights of its earlier successes.
Sales volume for the collection peaked at around $24 million shortly after the collection’s release in Oct. 2021. It reached an annual peak of sales volume of about $17 million in May 2022.
Since the bankruptcies of crypto entities like Three Arrows Capital, Celsius, and recently FTX, daily sales for the profile-picture collection have struggled to top $3 million.
Still, mainstream utility seems to be where the industry is headed. Several 2023 forecasts have suggested that utility will drive NFT adoption as the speculative NFT craze from 2021 dies down.
NFT ticketing has emerged as a viable use case since 12% of event tickets have been found to be fraudulent. These tickets can act as digital VIP passes that give fans VIP access to exclusive content from their favorite artists.
Performers like electronic group Clean Bandit, rapper Gucci Mane, and comedian Kevin Hart have already sold tickets to NFT gigs.
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