Doodles Raises $54 Million in Funding

Doodles is a Blue-Chip NFT collection that’s comprised of 10,000 unique and cartoon inspired PFP digital assets. Each Doodles NFT sports its own distinct and colorful assortment of Background, Body, Face, Hair, and Head traits, with each design being the brainchild of artist Scott ‘Burnt Toast’ Martin.

Although only launching in the Autumn of last year, the collection has already amassed over $528 million worth of secondary sales volume- further making it one of the most iconic PFP NFT collections to date.

The project’s most recent activity was the announcement of its $54 million funding round which took place earlier this year. The new injection of funds, which were courtesy of venture capital firm Seven Seven, FTX Ventures, Acrew Capital, and 10T Holdings, increases the project’s total valuation to a whopping $704 million.

Doodles plans on leveraging its wealth of capital to expand its efforts within NFT music and gaming, which comes as no surprise given that the NFT music industry is already valued at an approximate $1.2 billion, and is estimated to be worth around $4.24 billion come 2032 (as per the predictions of market research platform Market Decipher).

The first music-related endeavor of the project will quite-likely be the release of a NFT-inspired album entitled ‘Doodles Records: Volume 1,’ which will launch in partnership with Columbia Records. The NFT album will also be executively produced by its new Chief Brand Officer and pop-culture icon, Pharrell Williams.

As expected, Doodles’ announcement of the investment round also influenced the trade activity of the collection. According to data from NFT analytics platform CryptoSlam, the collection’s 24-hour sales volume surged by a huge 1224% (to 2.1 million) in wake of the announcement, which made it the top-ranked Ethereum-based NFT project over the same period of time.

Speaking of Ethereum, the project has also revealed its plans to release a ‘Doodles 2’ NFT collection. The collection will reside on a TBA announced blockchain that’s reported to be faster and cheaper than the current industry leader.

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