NFT

Doodles NFT Trading Volume Rises 500% Following McDonalds Announcement

3 days ago
Bitcoin Ethereum News

TLDR

  • Doodles NFT sales volume increased by 500% in 24 hours
  • McDonalds is collaborating with Doodles NFT project
  • Trading volume reached 766 ETH
  • Floor price increased 33% to 2.71 ETH
  • Official unveiling scheduled for November 18, 2024

McDonald’s entrance into the NFT space has created a surge in trading activity for Doodles, a popular NFT collection.

The partnership announcement led to a 500% increase in Doodles NFT sales volume within 24 hours, according to data from CoinGecko.com.

The collaboration came to light when Guillaume Huin, McDonald’s Senior Marketing Director, posted about an upcoming project on social media. Huin described it as “something a little different than usual” and “more niche than what we normally do.”

Doodles, launched in 2021 by former Dapper Labs team members, consists of 10,000 NFTs on the Ethereum blockchain. The collection has established itself as a major player in the NFT market since its inception, working to transform from a pure NFT startup into a broader media franchise.

Following the partnership announcement, Doodles’ trading metrics showed substantial growth across multiple areas.

The collection’s floor price rose 33% to reach 2.71 ETH, while trading volume hit 766 ETH in a single day. This volume nearly matched the combined trading of two other major NFT collections, Pudgy Penguins and Bored Ape Yacht Club.

The news attracted attention from several prominent figures in the crypto and NFT space. The Azuki founder Zagabond and Yuga Labs co-founder Greg Solana were among those who commented on the partnership, highlighting its potential impact on the NFT market.

The timing of the announcement aligns with Doodles’ ongoing strategy to expand beyond its initial NFT focus. The project has been working to develop a larger presence in the media and entertainment space, making the McDonald’s partnership a natural step in this direction.

Trading data shows that the announcement’s impact was immediate and substantial. The 500% increase in sales volume demonstrates strong market interest in the collaboration, suggesting traders and collectors see value in the partnership.

McDonald’s brings considerable brand recognition to the partnership. As one of the world’s most recognized fast-food chains, their entry into the NFT space represents a major mainstream business embracing digital collectibles.

The floor price increase to 2.71 ETH indicates growing confidence in the project’s future value. This price represents the minimum amount needed to purchase a Doodles NFT on the secondary market.

CoinGecko.com’s data tracking showed the sharp rise in trading activity began immediately after the partnership news broke. The platform’s metrics revealed the surge in both volume and price occurred within hours of the announcement.

The 766 ETH trading volume achievement stands out particularly when compared to other major NFT collections. This level of trading activity places Doodles among the most actively traded NFT collections during this period.

The partnership marks a new direction for McDonald’s digital strategy. While the company has previously explored various digital initiatives, this represents their first major foray into the NFT space.

Public reaction on social media platforms has been notable, with thousands of community members discussing the collaboration. The announcement generated substantial engagement across various crypto and NFT-focused channels.

Doodles’ achievement of matching the combined trading volume of Pudgy Penguins and Bored Ape Yacht Club demonstrates the market’s strong response to the partnership news.

The official unveiling of the Doodles x McDonald’s collaboration is scheduled for November 18, 2024, when more details about the specific nature of the partnership will be revealed.

Source: https://blockonomi.com/doodles-nft-trading-volume-rises-500-following-mcdonalds-announcement/