As holders of Doodles, we are allowed to make up to $100,000 in merchandise sales from each of our doodles NFTs.
There are other projects like BAYC which allow their holders fuller IP rights over their NFTs and the ability to make unlimited revenue from merchandise using their NFT.
In order to make Doodle holding more attractive, and create maximum benefit for each Doodle holder, I propose we use money from the Doodlebank to finance the creation of an in-house platform for the sale of merchandise FOR the holders of Doodles NFTs.
The idea is that we each have our NFTs, but lack the business connections, supply chains, design skills, manufacturing abilities, and delivery infrastructure to make merchandise from our NFTs and deliver it to potential customers.
I propose that we create a platform within the Doodles project, whereby customers can browse through a variety of garments and merchandise and order items with the likeness of any Doodle-holder’s doodle artwork (as long as we have chosen to list our doodle as being available for merchandise.)
It is a large undertaking, but there are projects like 10KTF and others who are already offering the service of placing users’ NFTs as a design onto high-top shoes, hoodies, socks, caps etc. Further down the line, these items will be redeemable for actual physical garments.
The cross-over between the NFT space and fashion is going to be a very lucrative one, and the first project to offer this service to its holders is going to stand out high above all the competition in terms of value offered to holders.
I, as a holder, would go to the merchandise section of the doodles site, and simply list my doodle as being available to merchandise. Customers coming to the merchandise section would be able to choose from a whole range of clothing and other merchandise items and then search through all the available doodles and see which one they’d like and on which item of merchandise they’d like it.
Once they order, a part of the sale goes to the NFT holder, and part to the project treasury to fund the continuing process.
The doodle holder keeps receiving payments until their $100,000 income limit is reached, after which the NFT is still listed as available for merchandise, but the sales all go to the treasury.
The value this would add to holders of Doodles NFTs would be unparalleled. Most projects attempt to add value via dilutive drops, or now tokens, and essentially try to turn their NFTs into yield-bearing financial assets.
This proposal would create a completely different type of utility and added value for holders, and one which is much more in line with where this space is already naturally headed. The culture around NFTs and fashion will inevitably explode. The world currently watches suspiciously, trying to see where the ‘value’ is to justify all of the interest in the NFT space.
To show them a business model they can understand with a product (fashion) they can understand will bring the Doodles project so far into the front of the NFT ecosystem that it will become a global crossover phenomenon. They will all understand the value very easily. And the organisation the team will have demonstrated will be unmatched.
There is an issue with whether each owner can make $100,000 from the doodle, or whether that doodle can only ever make $100,000 in sales throughout its entire lifecycle, no matter how many owners it has had. This is something which would make a great difference to the mechanics of the system, and I’d hope it’s $100,000 per owner.
There are many things to iron out, but as a rough idea, I believe this would potentially be an incredibly attractive value proposition to everyone out there. Owning a Doodles NFT would become a business opportunity in itself (not a security).
Eventually, a third party site will open to offer the ability to any NFT holder to make merchandise from their NFTs in this way. Projects which give more of the IP to holders will become more valuable as this happens, as it’s a clear value-add.
Doodles has the opportunity to get ahead of the curve, and by organising all of this in-house for its holders will cement the brand’s place as being the most holder-focused NFT that exists.
We have heard from the team about the amazing connections they have already made in terms of merchandising ventures. This would be another step in the process which has already begun.
Our community would be copied far and wide, but like BAYC and their companions, we’d have done it first. The skill of the team is already there. This just unleashes a massive revenue opportunity for us the holders, and takes NFT ownership to the next level.