THE DAILY ENCRYPT

September 25, 2022

NFT Project Doodles Raises $54 Million Lead by 776 FTX Ventures and More

Following the most recent fundraise, the Doodles NFT project now has a valuation of $704 million....
doodles nft
Image by Doodles

Following the most recent fundraise, the Doodles NFT project now has a valuation of $704 million. Popular NFT project Doodles announced a $54 Million fundraise, led by Alexis Ohanian’s venture Capital firm 776. Additional participation came from Acrew Capital and FTX Ventures as well as 10T Holdings.

The 10K NFT collection was first issued in October 2021. It is well-known for its bright-colored and pastel-toned characters, which include humans, flame-heads, and skeletons.

After having already made a deal at this year’s NFT NYC, Pharrell Williams was named their Chief Brand Officer. The NFT collection now have fresh funds to expand its reach.

The team will use the raise to grow their brand and technology reach.

Doodles has outlined its plans to increase the core team’s number from 11 to 30, including a range of managerial positions such as Head of Finance, Head Business Affairs and Social Media Manager.

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A tweet in June showed the Doodles brand’s ambition to expand into music, animation, consumer goods, IP partnerships, events and attractions.

Pharrell Williams was named Chief Brand Officer of Doodles

In June, Ohanian’s company first hinted at today’s investment. In addition to Pharrell being Doodles’ brand rep, 776 teased that it had also led the initial funding round for the project back in June.

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Ohanian stated that his company would “take all their work so far and bring them to another level, scale them even further.” Along with Williams, Katelin Holloway, cofounder of Seven Seven Six, joined Doodles.

Doodles, according to Crypto Slam data, is the eleventh largest NFT project in terms of sales volume. The collection has sold more than \$524 million on the Ethereum network to over 13,300 customers since its launch in Oct 2021.

Doodle #6914 is the highest-value piece in the collection. It sold for 296.69 Ethereum or approximately \$1.1 million today’s price. The owner is Pranksy, a serial NFT collector.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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