Doodles noted that it shall use the newly raised funds for product development, acquisitions, proprietary technology, media and collector experiences.
On Tuesday, September 13, the popular non-fungible tokens collection Doodles said that it had raised $54 million in funding at a total valuation of $704 million. Reddit co-founder Alexis Ohanian’s Seven Seven Six led the funding round along with other partners like FTX Ventures, 10T Holdings, and Acrew Capital.
Less than a year ago, Doodles started minting its pastel NFTs while creating one of the largest profile picture collections on the internet. As per NFTPriceFloor, the 10,000 image collection of Doodles has a collective value of $121 million.
The Doodles collection features 100 visual traits mixed and matched in different combinations having unique works. The NFTs in the Doodle collection are available for as low as 6.9 ETH to as high as 270 ETH. The most expensive Doodle sold #6914 featured gold coloring. Some of the Doodle NFT owners include popular figures like entrepreneur Gary Vaynerchuk and superstar Justin Bieber.
Interestingly, the recent fundraising comes despite the recent slowdown in the NFT market and the overall crypto space. The NFT trading volumes have also plummeted in recent months. After hitting a high of $3.5 billion in transactions this May, the NFT trading volumes dropped to $191 million by August.
However, Doodles have performed much better than other peers in the NFT space. The transaction volume for the Doodle NFT collection dropped 7% in the last 30 days. However, the two biggest NFT collections – Bored Ape Yacht Club and CryptoPunks – saw their NFT transactions drop by 40% and 77% respectively over the last 30 days.
Music and Gaming Expansion
The team behind the Doodles collection said that they will be using the new funds for music and gaming expansion. Doodles said that they will use these funds for “product development, acquisitions, proprietary technology, media and collector experiences”. They will also hire a team of engineers, marketers, business executives, and creatives to work on the matter. Speaking to Forbes, Doodles CEO Julian Holguin said:
“We’re very keen on actually developing other people’s opportunities to utilize their characters in their own commercial efforts. We want to create products for our core collector base, but at the same time utilize these great forms of marketing like music, to introduce new people to Web3 and onboard them into the Doodles ecosystem”.
In the next six months, Doodles plans to release its music NFT project in partnership with Columbia Records. Doodles’ second area of focus would be NFTs used in gaming. The demand for in-game NFTs has been growing significantly amid the rapid expansion of the gaming industry.
In August, gaming NFT tokens alone made 77% of the weekly NFT sales. The company’s gaming branch Space Doodles shall ease the entry into the Doodles ecosystem. Doodles shall allow its users to purchase characters and animations with credit cards.