NFT collection Doodles raises $54 million to become the top global Web3 entertainment brand
NFT project Doodles has raised $54 million at a $704 million valuation. The collection of 10,000 colorful generative NFTs was created in October 2021 by Evan Keast, Scott Martin, and Jordan Castro. With the funds, Doodles aims to become the world’s first Web3 native entertainment brand and expand into music and gaming.
The fundraising was led by Seven Seven Six, the venture capital firm founded by Reddit co-founder Alexis Ohanian. Doodles are not the first Web3 investment for Ohanian, who also invested in Solana Labs and Polygon, supported Americana Technologies’ move into the metaverse, and led PROOF’s fundraising, which raised $10 million.
Acrew Capital, 10T Holdings, and cryptocurrency exchange FTX were other participants in Doodles’ fundraising.
The Doodles team tweeted that the money will be used “to rapidly acquire a world-class team of engineers, creatives, marketers, and business executives.” In addition, the team will fund “product development, acquisitions, proprietary technology, media, and collector experiences.” The post also mentioned that in the upcoming week, the team is going to announce 18 full-time job positions.
The team consists of 11 NFT-enthusiasts, but after the project’s expansion, there will be 30 team members. Doodles have already welcomed Brandon Rosenblatt, the new Head of Brand Partnerships, who has 12 years of experience with Fortune 500 companies.
Another Twitter post mentioned that the team plans to launch a second Doodles collection in the next six months. Other plans include releasing a song and allowing users to purchase Doodles NFTs with fiat money (credit cards).
The collection is currently ranked first on OpenSea, with a trading volume of 882.57 ETH (approximately $1.4 million) in the last 24 hours. The floor price of a Doodle NFT is 7.47 ETH, though yesterday, it reached 8.23 ETH. Doodles is an all-time top-ninth NFT collection. Doodles’ $704 million valuation is among the highest in the NFT industry. In comparison, the leading NFT project, the Bored Ape Yacht Club, has a $1.27 billion market valuation.
Read related posts:
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
More articles
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on agnec@mpost.io.
