The company declared that it would further develop its intellectual property using the funds from the fundraising.
An investment round led by Seven Seven Six, including 10T Holdings, Acrew Capital, and FTX Ventures, raised $54M at a valuation of $704M, nonfungible tokens (NFTs) collecting Doodles reported on Tuesday. Doodles stated that the funding would enable it to develop its business plan and monetize its intellectual property worldwide through endeavors in the music, cultural, and entertainment sectors.
What Does Doodle Include?
Doodles were co-founded by Web3 pioneers Evan Keast and Jordan Castro, digital artist Burnt Toast, and a collection of 10,000 NFTs. The NFTs in the collection were created by hand using hundreds of attributes. Dapper Labs, a blockchain software development company, established the business in 2021.
Doodles sent an invitation to an exclusive event during the South by Southwest music festival in Texas earlier in March. Users may purchase drinks, get Doodles painted on their nails, order snacks, and show their NFTs throughout the exhibit in locations with a Doodles theme.
Katelin Holloway, a founding partner of Seven Seven Six, commented on the latest fundraising effort: “We think Doodles is creating the next digital frontier in content creation and consumption, revealing the true potential of NFTs. Doodles are rethinking storytelling using the blockchain to transform how people connect and interact with one another.”
The Doodles collection has exceeded 148,500 ETH exchanged on OpenSea since its introduction in October 2021 with a floor price of 8.4 ETH. Justin Bieber, Future, Gary Vee, Snoop Dog, Fat Joe, Kygo, Diplo, Steve Aoki, and Pranksy are notable collectors.