Is this enough to revive the craze for non-fungible tokens (NFTs)? After having entrusted the artistic direction of the brand to the famous musician Pharrell Williams, Doodles has just closed a $54 million fundraising, bringing the valuation to $704 million. Sales soared 1200% on the day.
Doodles valued at $704 million
One of Ethereum’s (ETH) most famous collections of non-fungible tokens (NFTs), Doodles, has just closed a $54 million fundraising round. Led by Seven Seven Six, Alexis Ohanian’s venture capital firm, the round saw participation from Acrew Capital, FTX Ventures and 10T Holdings.
The art project, appreciated for its unique design with bright colors and pastel tones, is now valued at $704 million. This freshly raised capital should allow to expand the growth strategy and monetize the project’s intellectual property.
Indeed, during the NFT.NYC conference in New York last June, the director of Doodles announced his ambition to establish himself in the music, fashion, culture and even entertainment sectors. Moreover, he even announced the recruitment of a new artistic director in the person of Pharrell Williams.
Very famous producer, author, composer and performer, Williams should also produce an album inspired by the collection of NFTs. Entitled Doodles Records: Volume 1, this one will be released in partnership with the production company Columbia Records.
Sales explode by 1200% in 24 hours
Since its launch in October 2021, the Doodles collection has surpassed 148,500 Ether (ETH) trading volumes on the OpenSea platform. Notable collectors include the likes of Justin Bieber, Future, Snoop Dog, and Steve Aoki.
According to data from aggregator CryptoSlam, the collection printed $2.1 million in sales over the past 24 hours. This represents a 1,224% increase over the same period, with a total of 140 transactions. In addition, the floor price climbed 19 percent to 8.5 ETH, or about $13,000.
The team plans to launch a second collection, called Doodles 2, which will create millions of customizable avatars. This project is expected to be built on a blockchain that is more scalable and cheaper than Ethereum, but this has yet to be announced.
Doodles is not the first NFTs project to raise funds. Earlier this year, Yuga Labs, the company behind the highly successful Bored Ape Yacht Club, raised $450 million, bringing their valuation to over $4 billion.