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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.
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