On Tuesday, nonfungible tokens (NFTs) assortment Doodles announced that it had raised $54 million at a $704 million valuation in a funding spherical led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital and FTX Ventures. As instructed by Doodles, the funding will permit it to scale its development technique and monetize its mental property globally via ventures within the music, tradition and leisure industries.
Doodles is a set of 10,000 NFTs co-founded by digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castro. Artistically, it’s identified for its colourful world and joyful cartoon character portraits of skeletons, cats, aliens, apes and mascots minted on the Ethereum blockchain. NFTs within the assortment are generated from a whole lot of traits and hand-drawn. Blockchain improvement software program agency Dapper Labs based the corporate in 2021.
Earlier in March, Doodles invited its NFT holders to an unique expertise on the South by Southwest pageant in Texas. Customers might go to Doodles-themed venues to purchase a drink, get Doodles painted on their nails, order refreshments and show their NFTs all through the exhibit.
Relating to the brand new fundraise, Katelin Holloway, founding associate at Seven Seven Six, stated:
“We consider Doodles is growing the subsequent digital frontier of how we expertise and create content material, unlocking the true worth behind NFTs. Doodles is altering how the world connects and interacts by reimagining storytelling via the blockchain.”
Since its launch in October 2021, the Doodles assortment has surpassed 148,500 Ether (ETH) traded on OpenSea with a flooring value of 8.4 ETH. Notable collectors embody Justin Bieber, Future, Gary Vee, Snoop Dog, Fats Joe, Kygo, Diplo, Steve Aoki and Pranksy.