NFT
The yore NFT boom sparked an explosion of intellectual property creation, with the most resilient products holding up despite market volatility. One of the most successful examples is Doodles, a project that began as a collection of 10,000 profile photos featuring vivid cartoon portraits.
The Web3 company is now trying to move beyond the market hype of the past, shifting focus to building its intellectual property, or IP, outward and connecting the tight-knit NFT community to the mainstream.
CEO at Doodles and former president of Billboard, Julian Holguin spoke to Blockworks about what the company is building on the Empire podcast.
When the project started, according to Holguin, it stood out for the new strategies it implemented, such as blocking Discord channels for token holders and structuring itself as a DAO — relatively new concepts at the time. “The Doodle Bank was founded and everyone who owned a Doodle got a chance to actually vote on how the money and the bank were used.”
It was at an in-person Doodles event at the 2022 South by Southwest conference that Holguin says people “got it.”
“That was really the big moment for Doodles where people said, ‘Okay, I really get it now. I really understand where this brand can go.'”
“It was the Doodles world that was brought to life,” he says.
A new mindset
Around that time, the shift to focus on building a broader company began, Holguin says.
When Pharrell Williams joined the Doodles team as chief brand officer and board member, Holguin was assured that they were serious about entering the mainstream: “Okay. Doodles is here to play.”
“The founders believed that NFT technology and the blockchain could usher in a whole new mindset around IP.”
Holguin suggests that the dynamic and timeless art created by artist Burnt Toast, aka Scott Martin, is “the thing that could be the tip of the spear” in delivering the new approach.
“To build an IP house,” says Holguin, “you need a hit first.”
Doodles is our Toy Story
Holguin compares the Doodles IP to the famous computer animation studio Pixar. “The company was founded on the principle of creating technology that would ultimately change formats for consumers.”
“They spent years developing technology for making computer animated films before Toy Story came out,” but the technology was brought to the world, Holguin explains, “through characters that people love.”
“The technology enabled Toy Story, but Toy Story enabled adoption of the technology, and I think that’s the biggest parallel to what we’re building right now.”
“Doodles Will Be Our Toy Story.”
To collaborate
Holguin is looking at the opportunity to build partnerships that “might need help getting into Web3.”
“It’s a very complicated place and some of the biggest brands in the world have failed quite a bit,” he says.
While Doodles can act as a Web3 consultant to business partners, Holguin says, “our IP can be developed through the things they know how to do well” — a symbiotic relationship.
Holguin refers to the recent acquisition of world-class creative studio Golden Wolf as part of their regular expansion strategy. “We believe we have all the pieces in place,” he says, “to continue to execute on our vision and really take it to the next level.”
The goal is to reach new audiences with products “outside the NFT ecosystem that the NFTs will actually be connected to”.
The Doodles community can connect by creating knowledge that “goes back to product experiences,” says Holguin. “That is such an incredible opportunity that has never existed before. You can test story and IP in entirely new ways through NFTs.
“We want the product and the lore to be intrinsically connected, and we want the community to be intrinsically connected to the lore.”
“What we are trying to build is a world-class IP house,” says Holguin, “that is made possible through the implementation of blockchain community and NFT technology.”
Connecting identity with digital resources
“People already care about digital goods and that trend is only going to continue,” he explains. “You talk to any 13-year-old or a parent of an eight-year-old and their kids buy as much as they can on Roblox.”
“They want the new skins in Fortnite – digital goods are a thing. And that trend is only increasing.”
The problem, Holguin explains, is that these digital goods are in closed environments. “You buy all that Roblox stuff, it only exists there.”
“The blockchain gives you the ability to move experiences seamlessly from place to place to place and potentially connect to your everyday life.”
This innovation promotes an entirely new concept, he says, connecting the real world and identity with digital assets, “because you can use them in many places, built alongside a fictional world of characters you love, IP you love , and stories you love.”
“That didn’t really exist yet.”
“It’s a mindset-changing technology,” Holguin explains, “because if I can take an NFT that I own, I can use it as a character in a game environment. I can use that to enter a cafe and reveal a secret menu. I can use it to access a VIP area of a music tour. I can use it to get VIP treatment at Doodles events.”
Holguin lists more possibilities such as merchandising, clothing and licensing character traits to use a brand in music, videos or movies. “The blockchain is the most efficient way to connect every single touchpoint of a brand’s ecosystem.”
“Not only are you returning value to your community, but you’re extending your brand’s reach,” he says.
“How do we partner with global brands, create really cool stuff with them, and then give our community access that the general public doesn’t have? That’s kind of what we do.”
