Doodles Raises $54 Million in Funding — Explorations In Music & Gaming NFTs To Follow

Doodles raises $54 million

Doodles is a Blue-Chip NFT collection that’s comprised of 10,000 unique and cartoon inspired PFP digital assets. Each Doodles NFT sports its own distinct and colorful assortment of Background, Body, Face, Hair, and Head traits, with each design being the brainchild of artist Scott ‘Burnt Toast’ Martin.

Although only launching in the Autumn of last year, the collection has already amassed over $528 million worth of secondary sales volume- further making it one of the most iconic PFP NFT collections to date. 

The project’s most recent activity was the announcement of its $54 million funding round which took place earlier this year. The new injection of funds, which were courtesy of venture capital firm Seven Seven, FTX Ventures, Acrew Capital, and 10T Holdings, increases the project’s total valuation to a whopping $704 million.

Doodles plans on leveraging its wealth of capital to expand its efforts within NFT music and gaming, which comes as no surprise given that the NFT music industry is already valued at an approximate $1.2 billion, and is estimated to be worth around $4.24 billion come 2032 (as per the predictions of market research platform Market Decipher).

The first music-related endeavor of the project will quite-likely be the release of a NFT-inspired album entitled ‘Doodles Records: Volume 1,’ which will launch in partnership with Columbia Records. The NFT album will also be executively produced by its new Chief Brand Officer and pop-culture icon, Pharrell Williams.

As expected, Doodles’ announcement of the investment round also influenced the trade activity of the collection. According to data from NFT analytics platform CryptoSlam, the collection’s 24-hour sales volume surged by a huge 1224% (to 2.1 million) in wake of the announcement, which made it the top-ranked Ethereum-based NFT project over the same period of time.

Speaking of Ethereum, the project has also revealed its plans to release a ‘Doodles 2’ NFT collection. The collection will reside on a TBA announced blockchain that’s reported to be faster and cheaper than the current industry leader.

Leave a Reply

Your email address will not be published.

Related Articles
NFTiff CryptoPunks Collaboration
Read More

Bling Out Your CryptoPunks Avatar With Tiffany & Co

Tiffany & Co is making its way into the Web3 space with the upcoming launch of the NFTiff project — a special collaboration with CryptoPunks, allowing holders to create custom designed pendants from their avatars. Tiffany & Co appears to be the first luxury jewelry...
NFTs new era
Read More

NFTimes 17 – The Dawn Of A New Era Of NFTs

Moonbirds, the profile picture project launched by PROOF Collective, the incredibly successful private discord for NFT traders and artists, led the charge. Moonbirds If you spend a lot of time in the NFT ecosystem, you’ve probably already heard chatter about Moonbirds. Yet not many people...
Read More

Mental Health And Meta: How NFTs Are Making An Impact

So how does the prevalence of mental health issues influence NFTs and the metaverse? For some businesses, quite a bit, actually. Three crypto companies seek to shine a spotlight on a topic that so often remains hidden in plain sight. Each of them varies in...
Total
0
Share