- Doodles is spreading wings further in gaming and music NFTs via the money raised from Alexis Ohanian’s Seven Seven Six.
- Doodles has exceeded 148,500 ETH on OpenSea with a floor price of 8.4 ETH.
- Celebrities like Justin Bieber, Diplo, Snoop Dog, Steve Aoki, Gary Vee and Kygo are some of the key collectors.
While the NFT market isn’t having its best phase, Doodles have raised $54 million of equity funding with support from Alexis Ohanian’s Seven Seven Six. Other participants include FTX Ventures, Acrew Capital and 10T Holdings.
Doodles started minting less than a year ago and are now among the largest profile picture collections. The collection’s collective value is over $121 million.
Funds of the capital influx will be utilized; thereby, bringing the valuation to $704 million, which will eventually help to grow further in gaming and music.
776 founding partner and Doodles board member, Katelin Holloway, got exposure to the collection because of Ohanian, who is an early collector of Doodles. However, what attracted her towards the community was meeting with the Doodles team at SXSWXSW -3.9% in 2021.
Doodles CEO Julian Hoguin said that having Holloway as a sounding board as well as a partner will be valuable since the focus is on building culture and bringing fun and creativity.
The team has worked with the collectors to let owners of Doodles commercialize their non-fungible tokens for up to $100,000 prior to a licensing agreement and hiring holders as well as creators.
Hoguin further said that they are focused on developing others opportunities to use their characters in commercial efforts.
Singer Pharrell Williams was appointed as chief brand officer of Doodles in June. Hoguin shares that music NFTs enable introducing people to web3 and a new & decentralized internet model on the pillars of blockchain.
Doodles’ music NFT project in collaboration with Columbia Records will launch in the coming six months. Though details have not been disclosed, it has been shared that there will be a song that will be radio played and streamed and will have an adaptation experience for owners of NFTs.
NFTs used in gaming are the most traded type and have exceeded the art-and-collectibles type. In August, gaming tokens captured 77% of weekly NFT sales.
The company’s gaming branch, Space Doodles, will simplify the entry into the collection’s ecosystem. Users will be allowed to buy characters as well as animations through credit cards and not crypto.