After a long silence – The Ethereum (ETH)-based NFT Doodle project closes a funding round that sends its sales skyrocketing. The company now has the necessary financial resources to further promote its brand.
$54 million for avatars on Ethereum
On September 13, Doodle announcement the raising of 54 million dollarsin a funding round led by the venture capital firm Seven Seven Six of Alexis Ohanian, who is the co-founder of Reddit.
The valuation of this project launched in the fall of 2021, which presents avatars with unique characteristics linked to 10,000 NFTs based on Ethereum, amounts to 704 million dollars, following this funding round which saw the participation from FTX Ventures, Acrew Capital, and 10T Holdings.
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Funds and skills for the brand
Doodle will use these funds to fuel its growth and to “monetize its intellectual property globally.” The project will seek out and collaborate with talents from different sectors, such as music, culture, and entertainment, to implement this strategy.
But Doodle also seeks essential skills in other areas such as “creation, operations and blockchain”, to ensure its development.
The project recently recruited key people to promote its brand. She put the producer and musician Pharell Williams as Chief Brand Officerand hired former Billboard chairman Julian Holguin as CEO.
Round table and explosion of sales of NFT Doodle
The announcement of this funding should calm the concerns of NFT Doodle holders, who had expressed their frustrations, due to lack of communication. The project had indeed remained silent, emitting no tweets, for more than a month and a half.
In addition to these positive effects on the trust between the community and the project, this fundraising has revived the market’s enthusiasm for the Doodle NFTs. During the 24 hours following the announcement of the funding round, sales of the collection jumped more than 1,200%according to data from CryptoSlam.
Ethereum seems to attract successful Doodles, whether it’s NFT, or a design by this web2 giant that wants to contribute in its own way, to The Merge.
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