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Doodles NFT Sales Test 2022 Low After Crashing by More Than $100 Million

2 mins
Updated by Kyle Baird
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In Brief

  • Doodles had a sales volume of roughly $15 million in June.
  • Sales volumes have struggled to recover from the bearish crypto market trends.
  • Doodles prices have been decreasing steadily since January.
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Doodles saw a tumble in sales volume due to decreased investor interest in non-fungible tokens (NFT) in the sixth month of the year. 

Doodles is among the top 15 digital collectible collections of all time by sales volume with a combined sales volume of around $511.85 million.

Per Be[In]Crypto research, Doodles had a sales volume of approximately $15.39 million in June 2022. 

Source: Doodles June 2022 Chart by CryptoSlam

While this value seems low due to the numerous milestones reached by the digital collectible, Doodles surpassed Axie Infinity, Bored Ape Kernel Club, the Sandbox, and Meebits in monthly sales within the same time frame.

However, the NFT’s sales were under that of Bored Ape Yacht Club (BAYC), CryptoPunks, and Otherside. With that said, Doodles’ latest sales volume was an 80% dive from May’s. In May, Doodles’ sales were in the region of $77.63 million.

Source: Doodles May 2022 Sales Volume Chart by CryptoSlam

New to Doodles? 

Launched on Oct. 17, 2021, Doodles was created by Jordan Castro, Scott Martin, and Evan Keast. The Doodles collection is comprised of 10,000 non-fungible tokens that were created out of virtual traits designed by Burnt Toast. The hand-drawn Doodles include mascots, apes, aliens, cats, and skeletons.

The collection also includes dozens of costumes, rare heads, and colorways of the palette of the artist. Becoming a Doodle owner grants you exclusive rights to vote on community-driven events, products, and features. 

Why the plummet in sales? 

When you observe the plunge in the number of unique buyers from June, the decline in sales volume led to the waning transaction counts of Doodle, with 677 unique buyers, and 998 transactions. 

In relation to Jan. where the NFT reached a peak in monthly sales, unique buyers stood at 1,928 and corresponded to 3,127 transactions. 

Doodles’ sales volume during the first month of the year was approximately $122.11 million.

Source: Doodles Jan. 2022 Sales Volume Chart by CryptoSlam

By garnering less than $30 million in sales for the first time, the collection made a higher low in June — a $106.72 million drop from January. 

Aside from sales volume, there was a 60% dip in average sale value from $39,049 in January to $15,417 in June. 

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Raphael Minter
As a writer, researcher, and analyst of centralized and decentralized financial instruments (stocks, commodities, metals, and cryptocurrencies), he started experimenting with financial asset trading in 2011. He ventured into full-time long term investing of cryptocurrencies in 2016.
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