Doodles NFT Project Closes Funding Round After Raising $54 Million

Doodles NFT project recently concluded its funding round after raising a whopping 54 million dollars. The round was led by Reddit co-founder Alexis Ohanian’s Seven Seven Six.

Forbes closely followed the funding round, after which Doodles stands at a staggering 704 million market value. Several users have previously raised concerns regarding the Doodles team being inactive on social media channels for over a month.

The platform came back with a massive announcement, generating more than 1,000 ETH, valuing over 1.5 million dollars by September 13. These transactions have been a part of its secondary sales after the announcement. 

Compared to renowned names like Bored Apes and CryptoPunks, the amount overshadows them by twice the volume. Doodles have secured first place on the NFT projects list based on volume by 1,319 tokens.

On the other hand, DirtyRobot is placed second with 675, closely followed by Mutant Ape and CryptoPunks at 496 each. After a month-long silence, doodles tweeted about the funding, stating that the funds would be used for 18 new positions.

These roles include major profiles like the head of business affairs, marketing, and finance. The project started by bringing Pharrell Williams, the famous musician, to act as the company’s CBO (Chief Brand Officer).

As expected, the recent fundraiser boosted Doodles’ floor price by 16%. It crossed the 8 ETH mark based on the assessment of Nansen, a cryptocurrency analytics platform. According to Ether’s concurring prices, the cheapest Doodle is listed for 13000 dollars.

While the price is significantly lower compared to Doodles’ peak in May at 23 ETH, it is still enough to attract new customers. The platform has been on a downward spiral since July, so the recent surge is a welcoming one.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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