Business In News
- Doodles NFT has raised $54 million at a $704 million valuation.
- With this capital, Doodles will expand its IP throughout the music, culture, and entertainment industries.
- Alexis Ohanian’s Seven Seven Six led the round, with participation from Acrew Capital, FTX Ventures, and 10T Holdings.
Doodles are ready to expand its reigns with a bigger war chest
After staying quiet for the entire month of August, Doodles NFT finally broke the silence with a huge announcement. This time, the company has raised $54 million at a $704 million valuation, much to the delight of its fans.
Alexis Ohanian’s Seven Seven Six led the round, with participation from Acrew Capital, FTX Ventures, and 10T Holdings. Notably, Doodles will use this fund to expand its IP across the music, culture, and entertainment industries.
“Reimagining storytelling through the blockchain, Doodles is changing the way the world connects and interacts,” said Katelin Holloway, founding partner of Seven Seven Six.
“We’re so excited to partner with Doodles and the team as they continue transforming what the next generation of entertainment and media looks like.”
Indeed, transforming Doodles NFT into the largest Web3 media brand is something that Doodles CEO, Julian Holguin, has always wanted to achieve.
“With this capital, we aim to continue developing a new generation of engaging experiences and content using blockchain technology, including NFTs,” said Holguin.
“We’re thrilled to have Seven Seven Six believe in our vision to build the largest and most coveted Web3 media brand worldwide, bridging consumer, culture, and entertainment. Our mission is to redefine what it means to be a world-class intellectual property.”
We’re thrilled to announce that Doodles has raised $54M at a $704M valuation.https://t.co/XCTphrxpR9@sevensevensix @10TFund @AcrewCapital @FTX_Official
— doodles (@doodles) September 13, 2022
What is Doodles NFT?
For a start, Doodles is a joyful collection of 10,000 NFTs created by Jordan Castro, Evan Keast, and Burnt Toast in October 2021. With its attractive, pastel-hued avatars, it has become one of the hottest NFT collections to date.
Right now, Doodles is among the top 10 collections of all time by trading volume on OpenSea. Tons of high-profile individuals such as Gary Vee, Snoop Dogg, and Justin Bieber have aped in too. If this is your first time in Doodles, you may be surprised to know that Pharrell Williams is the firm’s Chief Brand Officer as well!
Even so, Doodles has always been a community-focused NFT project. Its holders can vote on community proposals such as Doodles team scaling, live events, and 3D Doodles funding from day one. Under its licensing agreement, owners can even commercialize their Doodles NFT for up to $100k each.
What’s next for Doodles then? Based on its roadmap, it is expected to launch Doodles 2, a separate NFT collection for the mass audience soon.
According to its website, Doodles 2 are highly customizable, and owners can update their appearances on the blockchain with no transaction fees. What’s more, the new collection will incorporate music from the biggest artists, which can be unlocked and utilized upon launch.
Given the brand’s renewed momentum, many can’t wait to see what exciting ventures Doodles will take on next. Until then, feel free to hop in and learn more about this colorful NFT project.