Quick take:
- Doodles NFT project has completed a $54 million funding round led by Alexis Ohanian’s 776.
- The new fundraising values the company at $704 million.
- Doodles NFT transaction volume on Tuesday spiked to a new 30-day high of about 1,109 ETH following the announcement.
Doodles NFT has raised $54 million in a funding round led by Alexis Ohanian’s 776. The fundraising values the NFT PFP project at about $704 million. FTX Ventures, Acrew Capital and 10T holdings also participated in the round.
The company said it will use funds to scale its global strategy and monetise its intellectual property globally. The company will invest in music, culture and entertainment as part of its global expansion strategy.
To facilitate that growth, the company will also be expanding its talent across the board including creative, operations, and blockchain to accelerate the roadmap.
The company also plans to invest some of the funds in product development through acquisitions and in-house technology.
“With this capital, we aim to continue developing a new generation of engaging experiences and content using blockchain technology, including NFTs,” said Doodles Chief Executive Officer Julian Holguin.
According to Holguin, Doodles’ plan is “to redefine what it means to be a world-class intellectual property.”
Katelin Holloway, Founding Partner at Seven Seven Six commented: “Reimagining storytelling through the blockchain, Doodles is changing the way the world connects and interacts. We’re so excited to partner with Doodles and the team as they continue transforming what the next generation of entertainment and media looks like.”
The company appointed American musician Pharrell Williams as Chief Brand Officer in June 2022 and revealed that it had received funding from Seven Seven Six.
Following Tuesday’s fundraising reveal, Doodles’ NFT transaction volume soared to a new 30-day high of 1,109 ETH (~$1.77 million) according to data by NFTgo.io.
Doodles’ huge fundraising also comes at the time the NFT market is considered to be in a bear trend. NFT floor prices have plummeted in recent months contributing to a significant decline in the transaction volume.
However, On Tuesday, Doodles floor price spiked more than 19% to 8.5 ETH according to data by RaritySniper. The collection topped the list of biggest Floor price gainers on Tuesday.
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