On Tuesday, NFT collection Doodles manages to raise $54 million at a $704 million valuation in a funding round led by Seven Seven Six. The other participation was from 10T Holdings, FTX Ventures, and Acrew Capital. As conveyed by the firm, the investment will assist it to scale its growth strategy and monetize its intellectual property worldwide via ventures in the music, culture, and entertainment industries.
Insights into Doodles NFT Collection
Co-founded by digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castroj, Doodles is a collection of 10,000 NFTs. Artistically, it is admired for its colorful world and joyful cartoon character portraits of skeletons, cats, apes, aliens, and mascots minted on the Ethereum blockchain. All the NFTs in the collection are hand-drawn and developed from hundreds of traits. Blockchain development software firm Dapper Labs based the company back in 2021.
Recently in March, Doodles invited its NFT holders to an exclusive experience at the South by Southwest festival in Texas. Users could visit Doodles-themed venues to purchase a drink, obtain the collectibles painted on their nails, order refreshments, and exhibit their NFTs throughout the show.
About the new fundraiser, Katelin Holloway, founding partner at Seven Seven Six, believes that Doodles is developing the next digital frontier of how we experience and make content, unlocking the real value behind NFTs. Katelin also says that they are transforming how the world connects and interacts by reimagining storytelling via the blockchain.
Since its launch in October 2021, the collection has exceeded the 148,500 Ether (ETH) mark and traded on OpenSea with a floor price of 8.4 ETH. Some of the renowned collectors include celebrities like Justin Bieber, Future, Gary Vee, Fat Joe, Snoop Dog, Kygo, Diplo, Steve Aoki, and Pranksy.
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