Doodles on Tuesday disclosed its $54M incoming funds at the valuation of $704M

Doodles plans to make its mark in the entertainment industry after Doodles collection crossed 148,000 ETH on OpenSea

By Shashank Bhardwaj

Image: Shutterstock

Major NFT projects platform Doodles has recently announced its new valuation at $704 mn after the fundraising round led by Seven Seven Six which is a venture capital firm by Alexis Ohanian, co-founder of Reddit. The fundraising round had the participation of 10T Holdings, Acrew Capitals and FTX Ventures. This fundraising round was meant for Doodles to enhance its growth strategy and scale into the NFT projects market.

Doodles now plans on moving into capitalisation of music ventures, cultural ventures and the ones from the entertainment industry; in addition to earlier NFT projects, Doodles will allocate the funds to target audiences from various niches.

"We are using the funding to rapidly acquire a world-class team of engineers, creatives, marketers and business executives. As well as to fund product development, acquisitions, proprietary technology, media and collector experiences," Doodles team said in a tweet, suggesting their plans for future growth.

Doodles specialises in NFT profiling and has a collection of over 10,000 NFT projects on the platform. It was founded by the digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castro. Doodles is currently a platform for a colourful world and lively cartoon characters. All their NFT projects are character portraits of cats, monkeys, skeletons, aliens, etc., on the ETH blockchain. The company was founded in 2021 by Dapper Labs. In March, Doodles invited NFT holders to experience more from their platform at the Southwest Festival in Texas. The users were provided refreshment drinks, and they could get ‘doodles’ painted on their nails and display their NFT projects in the exhibit.

According to Katelin Holloway, founding partner at Seven Seven Six, "We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking the real value behind NFTs. Doodles are changing how the world connects and interacts by reimagining storytelling through the blockchain." Doodles collection has already surpassed 148,500 ETH through the OpenSea platform at the base price of 8.4 ETH. The platform has also invited many notable creators like Justin Bieber, Snoop Dogg, Gary Vee, Kygo, Steve Aoki, etc. The allocation of recent funds thus tends to expand the company's intellectual properties.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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