Significant Investment in Doodles
On Tuesday, Doodles, the popular non-fungible tokens (NFT) collection, announced that it successfully raised $54 million in a funding round that valued the company at $704 million. The round was led by investment firm Seven Seven Six, with contributions from 10T Holdings, Acrew Capital, and FTX Ventures. This substantial infusion of capital is set to accelerate Doodles’ growth strategy, focusing on monetizing its intellectual property across music, culture, and entertainment sectors.
The Doodles Collection
Co-founded by digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castro, Doodles is celebrated for its vibrant artistic style and a colorful spectrum of joyful cartoon-like characters, including skeletons, cats, aliens, apes, and mascots. Each NFT in the collection, consisting of 10,000 unique pieces, is generated from hundreds of traits and meticulously hand-drawn. Doodles was initially launched by blockchain development software firm Dapper Labs in 2021.
Exclusive Experiences for NFT Holders
In March, Doodles provided a unique experience for its NFT holders at the South by Southwest (SXSW) festival in Texas. Attendees had the opportunity to engage with Doodles-themed venues where they could enjoy drinks, get Doodles artworks painted on their nails, and showcase their NFTs throughout the exhibit.
Industry Insights
Katelin Holloway, founding partner at Seven Seven Six, expressed enthusiasm about the project, stating, “We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking the real value behind NFTs. Doodles is changing how the world connects and interacts by reimagining storytelling through the blockchain.” This highlights the innovative potential seen in NFT projects as they evolve beyond art into broader cultural contexts.
Market Performance
Since its inception in October 2021, the Doodles collection has seen impressive trading activity, with over 148,500 Ether (ETH) traded on OpenSea. The floor price for Doodles NFTs currently stands at 8.4 ETH, signaling robust demand. Notable patrons of the collection include celebrities such as Justin Bieber, Future, Gary Vee, Snoop Dog, Fat Joe, Kygo, Diplo, Steve Aoki, and Pranksy, further emphasizing its cultural significance.
Conclusion
The successful funding round and strategic plans to expand into music and entertainment underline Doodles’ ambition to solidify its position in the evolving NFT landscape. As the brand grows, it reflects the broader trend of NFTs pushing the boundaries of art, culture, and communal storytelling in the digital age.
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