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June 22, 2022

The volume of NFT Collection Doodles has increased by 400%

Major NFT collection, Doodles, announced the introduction of Doodles 2 during the NFT.NYC conference. Doodles has appointed famed music producer Pharrell Williams as its Chief Branding Officer.

Doodles had a 400% increase in sales volume and an 11% increase in its floor price in the previous 24 hours.

Meanwhile, the NFT.NYC conference failed to inspire interest for the BAYC and CryptoPunks NFT collections. Both saw their trade volumes decrease 34 percent and 57 percent , respectively.

Alongside the launches of Doodles 2 and Pharrell Williams, Doodles also disclosed a music album “Doodles Records: Volume 1”, that would be published in cooperation with Columbia Records. Pharrell will act as the executive producer for the record.

They also stated that Reddit co-founder Alex Ohanian’s venture capital company Seven Seven Six led the first round of investment. Moreover, Doodles will also build a game based on their paintings.

These announcements are probably the reason why Doodles was one of few NFT brands to witness a big boost in price and sales volume.

The NFT.NYC conference failed to inspire any interest for NFTs. For the ‘Best NFT Business Model,’ the Bored Ape Yacht Club was named the winner. Despite that, BAYC saw its sales volume decline by roughly 34 percent and its price by 7 percent .

CryptoPunks witnessed an even larger reduction, with their sales volume decreasing by 57 percent . Art Blocks Curated, Udder Chaos, Primates and CryptoPunks V1(Wrapped) also lost heavily.

NFT industry giants, meanwhile, seem unfazed about the sputtering NFT business. Chris Cantino, the co-founder of Color Capital, disclosed on Twitter that the NFT.NYC conference attendees were more interested in discussing the future, rather than the shifting price of the cryptocurrency market.

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It’s unclear how the NFT market will rebound in the wake of the recent selloff of key NFT brands. After peaking in 2021, NFT sales have been declining for most of the year.