blockworks.co
Popular NFT project Doodles is revamping its treasury, the Doodlebank, to enhance support for community projects.
Earlier in January, the Doodles community appointed an advisor to oversee the Doodlebank project. It recently created a community council that will focus on establishing council governance and developing a budget and proposal vetting process.
The community council will also be held accountable for communicating Doodlebank updates to its community members.
As of now, there are roughly $5 million in crypto in the Doodlebank waiting to be deployed.
Removing the $100k commercial license cap
One of the most significant updates about the Doodlebank project is its removal of the $100k commercial license cap for projects which are supported by approved Doodlebank proposals.
In an interview with Blockworks, Julian Holguin, Doodles CEO said that the initial purpose of the $100k cap is to protect the Doodles IP.
“We want to ensure that we can control the IP and create the business opportunity for our company and our community,” Holguin said.
But with projects initiated through the Doodlebank, creators won’t just have the opportunity to use their one individual NFT, he noted, they will also have access to other parts of the Doodles brand to build out their ideas.
“So not only are we going to lift the cap and make a real business opportunity for you [the creators], we’re going to fund it for you too,” Holguin said.
Holguin notes that, currently, the Doodlebank is given a percentage of money from the sale of Doodle NFTs — though the goal for the Doodles business is to diversify that source of revenue eventually.
“We have a flagship retail experience launching this summer, there will be ticket and merchandise sales, and sponsorship opportunities around it,” he said. “You can think of it as a scaled-down version of Disneyland.”
Ultimately, the Doodlebank initiative is designed to bring the Doodles community closer together by giving more opportunities to the NFT holders.
“We’re going to be bringing our community into the world of Doodles — they’re already a part of it, but now they get to be part of this fantasy world as well, that’s the sense of identity that does not really exist with IP right now,” he said.