Doodles is a web3 NFT, media, and entertainment brand
According to the company's Twitter account, Doodles, a non-fungible token (NFT) collection, has raised $54 million at a $704 million valuation.
Reddit co-founder Alexis Ohanian's venture capital firm, Seven Seven Six, took the lead in the funding round but also included Acrew Capital, FTX Ventures, the venture-capital arm of crypto exchange FTX, and 10T Holdings.
Doodles is an expert in profile photos where the ownership of real or virtual assets is represented by NFTs, which are digital assets.
Doodles' founders revealed on Twitter that the additional funding will be utilized to support product development, acquisitions, media, more collector experiences, and unique technologies. A portion of the cash will also be used to hire new members of the technical, creative, marketing, and C-suite teams at Doodles including Pharrell Williams being appointed as Doodles' new Chief Branding Officer.
The fundraising round takes place during a bad market in cryptocurrencies that has put pressure on prices for NFTs, digital assets like photographs and music that have smart contracts to demonstrate their exclusivity. According to latest NonFungible.com data, the quantity of money transacted in the NFT market decreased by 25% between the first and second quarters of this year.
Doodles NFTs are renowned for its pastel and rainbow-colored decorations of animals, people, pickles, flowers, and aliens. The generative collection uses 10,000 different NFTs created by randomly combining 100 attributes from Burnt Toast's design. Every Doodles NFT in the collection is a one-of-a-kind, with some NFTs in the collection having more value than others due to their unique features.
The project’s inaugural 10,000-piece NFT collection launched on October 17, 2021, with a mint price of 0.123 ETH each.
At the time of writing, Doodles' floor price on OpenSea is comfortably around $13,000 (~8 ETH), but NFTs from the well-known company have already sold for much more. The most expensive piece of the collection, Doodle #6914, which was auctioned in January for roughly $1.1 million (296.69 ETH), was bought by investor and ardent NFT collector Pranksy.
The ability for collectors to customize their NFTs is one of the most alluring features of Doodles' upcoming phase. Holders of base-level NFTs from Doodles 2 can select features like skin tone, hair color, and clothing after minting them.
Doodles intends to more than double its personnel this year in order to carry out all of its ambitions. The business wants to grow its staff from 11 to 30 people.
Find out more here: https://doodles.app/
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