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After Plunging by More Than $100 Million, Doodles NFT at Year Low

After Plunging by More Than $100 Million, Doodles NFT at Year Low

In June, Doodles generated sales of about $15 million. Sales volumes have had difficulty reversing recent adverse patterns in the cryptocurrency market. Since January, doodles have become steadily less expensive. In the sixth month, Doodles’ sales volume fell due to dwindling investor interest in non-fungible tokens (NFT).

Doodles have a total sales volume of almost $511.85 million, one of the top 15 digital collector collections. Doodles had a sales volume of almost $15.39 million in June 2022.

Doodle Sales for June 2022.
Doodle Sales for June 2022. Source: Cryptoslam

Even though the digital collectible has achieved many milestones, its value looks modest. However, in the same period, Doodles outsold Axie Infinity, Bored Ape Kernel Club, the Sandbox, and Meebits in terms of monthly sales.

The NFT’s sales, however, lagged behind those of Otherside, CryptoPunks, and Bored Ape Yacht Club (BAYC). Having said that, Doodles’ most recent sales volume decreased by 80% from May. Sales for Doodles were somewhere about $77.63 million in May.

What is Doodle?

‘Doodles’ was introduced on October 17, 2021, by Jordan Castro, Scott Martin, and Evan Keast. 10,000 non-fungible tokens (NFTs) from the Doodles collection were made from digital qualities created by Burnt Toast. Mascots, apes, aliens, kittens, and skeletons are among the hand-drawn Doodles.

Doodle Sales for May 2022.
Doodle Sales for May 2022. Source: Cryptoslam

Numerous costumes, unique heads, and color variations from the artist’s pallet are also included in the collection. You have the exclusive right to vote on community-driven activities, goods, and features once you become a Doodle owner.

Why did Sales Decline?

You can see that the drop in sales volume from June resulted in a reduction in Doodle’s transaction counts, which fell to 677 unique purchasers and 998 transactions.

In comparison to January, when the NFT’s monthly sales peaked, there were 1,928 unique buyers, which translated to 3,127 transactions. January 2022 saw over $122.11 million in sales for Doodles.

Doodle Sales for January 2022
Doodle Sales for May 2022. Source: Cryptoslam

The collection reached a higher low in June by selling less than $30 million for the first time, a $106.72 million decline from January.

In addition to a decline in sales volume, the average sale value fell by 60%, from $39,049 in January to $15,417 in June.