For some of you that understand the path forward for Ethereum, you realise that soon ETH L1 will be too infeasible for retail to transact on, and everything will eventually be migrated over to L2.
With things like ImmutableX and Arbitrum starting this new wave, this proposal is to migrate the doodles contract to a Layer 2 that the team finds most sufficient after due diligence and research, my suggestion would be Immutable as it seems like the go to NFT L2.
Immutable also allows doodles to be listed on things like VEVE and have “normies” purchase it with $$.
- Just more exposure through lower barrier to entry
- huge new addressable market
- More sales and trade volume due to 0 gas fees and therefore more secondary income for treasury
- Following the mass onboarding of society onto NFTs which will be on L2
- Capturing the next hype cycle of NFTs which is likely to be completely on L2
This could be a big step for doodles in the right direction to much more exposure and longevity moving forward.
I feel a lot of L1 projects will soon be left behind, we shouldn’t risk this for doodles and be on a proactive front foot.
As always happy for any comments and suggestions in regards to this, also feel free to expand on it through comments below
Thank you for raising this. It is an important topic.
I agree that the gas fees are prohibitive right now, and we may very well need to migrate to L2. I believe CryptoKitties have gone or are going to Flow. We should definitely allocate resources to explore where and when. Below are some of my thoughts;
The When: There are 100+ secondary market sales a day on OpenSea, so I would say there is still a strong market on L1 for now, so this assessment doesn’t have to be rushed. We can take some time to make the right decision.
The Where: I sense that there is an association of blue chip NFTs with Ethereum L1 (thinking about SOL and Terra comparisons) . Being on a proven blockchain may be part of the “premium” that the secondary sales are still willing to pay. This may not matter anymore once there is a preferred L2 for blue chip NFTs. Until that is determined, being a first mover onto an L2 where the overall market may not follow us might be risky.
Overall I agree we need to consider if Doodles need to move to L2 in the long term, but we need to spend time and allocate the right expertise to this task.
Maybe a good place to start is criteria on what a good L2 looks like, both technically (reliability, cost) and market-wise?
I totally agree on “the when”
In no means did I want to make this seem urgent, however I think being planned and ready to go is key.
At this stage staying on Opensea is our best bet due to the market basically being on the 1 marketplace right now.
In the near future this may very well change and we should be ready.
In regards to “the when” we shouldn’t be first mover, but we should definitely be within the first 20%, also I do believe (and i could be wrong) however Immutable will likely reign supreme as the defacto NFT L2, although we will have to see if Arbitrum puts up a fight as they are also starting to do NFTL2 features.
I just thought putting this here to invoke the thought is important, because I believe this entire market is very reactive not proactive, and everyone will soon realize that they need to migrate ASAP and it will become the big wave very soon (3-6months IMO)
Clout could be wrong