Home » NFTs: Doodles sales soar 1200%, valuation hits $704 million

NFTs: Doodles sales soar 1200%, valuation hits $704 million

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What’s to revive the craze for non-fungible tokens (NFTs)? After having entrusted the artistic direction of the brand to the famous musician Pharrell Williams, the Doodles have 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 Alexis Ohanian’s venture capital firm Seven Seven Six, the round saw participation from Acrew Capital, FTX Ventures and 10T Holdings.

The art project, loved for its unique design with bright colours and pastels, is now valued at $704 million. The newly raised capital is expected to expand the growth strategy and monetise the project’s intellectual property.

Indeed, at 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. He even announced the recruitment of a new artistic director in the person of Pharrell Williams.

A renowned producer, writer, composer and performer, Williams is also expected to produce an album inspired by the NFTs collection. Entitled Doodles Records: Volume 1, it will be released in partnership with Columbia Records.

Sales soar 1200% in 24 hours

Since its launch in October 2021, the Doodles collection has surpassed 148,500 Ether (ETH) in 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 has printed $2.1 million in sales over the past 24 hours. This represents an increase of 1,224% over the same period, with a total of 140 transactions. In addition, the floor price climbed 19% to ETH 8.5, or about $13,000.

The team plans to launch a second collection, called Doodles 2, which will create millions of customisable 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 more than $4 billion.

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