Doodles NFT Sales Test 2022 Low After Crashing by More Than $100 Million

Doodles saw a tumble in sales volume due to decreased investor interest in non-fungible tokens (NFT) in the sixth month of the year. 

Doodles is among the top 15 digital collectible collections of all time by sales volume with a combined sales volume of around $511.85 million.

Per Be[In]Crypto research, Doodles had a sales volume of approximately $15.39 million in June 2022. 

While this value seems low due to the numerous milestones reached by the digital collectible, Doodles surpassed Axie Infinity, Bored Ape Kernel Club, the Sandbox, and Meebits in monthly sales within the same time frame.

However, the NFT’s sales were under that of Bored Ape Yacht Club (BAYC), CryptoPunks, and Otherside. With that said, Doodles’ latest sales volume was an 80% dive from May’s. In May, Doodles’ sales were in the region of $77.63 million.

New to Doodles? 

Launched on Oct. 17, 2021, Doodles was created by Jordan Castro, Scott Martin, and Evan Keast. The Doodles collection is comprised of 10,000 non-fungible tokens that were created out of virtual traits designed by Burnt Toast. The hand-drawn Doodles include mascots, apes, aliens, cats, and skeletons.

The collection also includes dozens of costumes, rare heads, and colorways of the palette of the artist. Becoming a Doodle owner grants you exclusive rights to vote on community-driven events, products, and features. 

Why the plummet in sales? 

When you observe the plunge in the number of unique buyers from June, the decline in sales volume led to the waning transaction counts of Doodle, with 677 unique buyers, and 998 transactions. 

In relation to Jan. where the NFT reached a peak in monthly sales, unique buyers stood at 1,928 and corresponded to 3,127 transactions. 

Doodles’ sales volume during the first month of the year was approximately $122.11 million.

By garnering less than $30 million in sales for the first time, the collection made a higher low in June — a $106.72 million drop from January. 

Aside from sales volume, there was a 60% dip in average sale value from $39,049 in January to $15,417 in June.