The grass is always greener, it seems. NFT projects on non-Ethereum chains aspire to see the levels of liquidity achieved by top Ethereum-based projects, while Ethereum-based NFT collections see the opportunity for “bigger fish in a smaller pond” with leaner non-Ethereum chains. There are many other potential motivations for projects to move across chains – or grow beyond a single chain – and for the first time in recent months, it’s action we’re finally seeing come to life. .
We saw a prime example of this in the final hours of 2022 when iconic projects based on Solana DeGods and y00ts announced their move from Solana to Polygon.
Another case study is in the works this week, this time with a once high-flying Ethereum-based “blue chip,” doodles.
NFT: To Ethereum and Beyond
There have been high ceilings and low floors in Doodles’ long but brief history. However, the project still shows continued investment – literally as recent as September, when Doodles raised more than $50 million in venture capital fundraising led by Reddit co-founder and Doodle holder Alexis Ohanian and his investment company Seven Seven Six.
At the time, many in the NFT space community thought it was bizarre and downright laughable, but that didn’t dampen Doodles’ efforts to continue developing an IP powerhouse.
This week’s latest news comes straight from the horse’s mouth. An announcement from the Doodles team on Wednesday shed light on the upcoming release of “Doodles 2”, the follow-up collection to Doodles. In this announcement, the Doodles team announced that they would be launching the latest iteration of the project on Flow, rather than Ethereum – and thus shared the sentiment of a “future of strong cross-interoperability”.
A letter to our community pic.twitter.com/M9kp0LK0Gq
— doodles (@doodles) January 25, 2023
Flow blockchain (FLOW) secured a major win this week with it's new support of upcoming 'Doodles 2.' | Source: FLOW-USD on TradingView.com
A cross-chain future
It’s hard to imagine exactly how simple and smooth cross-chain interoperability with NFTs comes to life. The reality is that we’re probably a year or two away from being close. However, the kudos are due to projects willing to take risks and launch in new and unique ways – and many major members of the community, both in NFTs specifically, and in crypto in general, have pleaded for more cross pollination.
The Flow blockchain is undoubtedly an interesting choice for the Doodles team as well; Flow has been a mainstay for sports NFTs, with Dapper Labs’ oversight team securing partners such as the NBA, UFC and La Liga. However, Flow has generally not been a top choice for traditional NFT collections – despite similar business advantages to chains like Polygon or Solana, Flow’s business development has generally not been focused on community collections. Doodles, however, is clearly a project Flow will welcome with open arms as the channel looks to diversify its slate of high-profile projects.
The ever-present and undeniably complicated question is always, what is the endgame for NFTs? The answer is probably inherited multimedia and digital intellectual property, emblematic of the Disney franchises, Pokemon, etc. However, building brand loyalty in the space isn’t easy, and few will survive in the long run. We’ll see how it goes for Doodles and co.