Non-fungible tokens (NFTs) collection Doodles made the announcement that it clocked $54 million at a $704 million valuation, through a funding round conducted by Seven Seven Six, with participation from 10T Holdings, Acrew Capital and FTX Ventures, as reported by Cointelegraph. In a statement made by Doodles, the investment will allow it to increase its growth strategy and monetise its intellectual property, globally, through ventures in music, culture and entertainment industries.
According to Cointelegraph, Doodles is a group of 10,000 NFTs, co-founded by digital artist Burnt Toast and Web3.0 pioneers Evan Keast and Jordan Castro, with blockchain development software firm Dapper Labs founded the platform in 2021. From an artistical perspective, it is known for having a colorful world and cartoon character portraits of skeletons, cats, aliens, apes, and mascots minted over the Ethereum blockchain. The collection-based NFTs are based on traits and hand-drawn things.
On the basis of information by Cointelegraph, in March, Doodles called for its NFT holders for an exclusive opportunity at the South by Southwest festival in Texas. Users will be able to visit Doodle-based venues for drinks, getting Doodles painted on their nails, have refreshments and get their NFTs displayed through an exhibition.
“We believe Doodles is developing the digital frontier of how we experience and create content, unlocking the real value behind NFTs. Doodles is aiming to change how the world connects and interacts by reimagining storytelling through the blockchain,” Katelin Holloway, founding partner, Seven Seven Six, said.
Moreover, Cointelegraph noted that since the platform’s launch in October, 2021, the Doodles collection recorded trading volumes on OpenSea, which was more than 148,500 Ether at a floor price of 8.4 ETH. NFT collectors include Justin Bieber, Future, Gary Vee, Snoop Dogg, Fat Joe, Kygo, Diplo, Steve Aoki and Pranksy, among others.
(With insights from Cointelegraph)
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