The Doodles NFT collection has raised a significant $54 million in funding, positioning itself to emerge as the premier global brand in the Web3 entertainment sector.

Doodles, the NFT project, has successfully raised $54 million, bringing its valuation to $704 million. With a collection of 10,000 vibrant generative NFTs launched in October 2021 by Evan Keast, Scott Martin, and Jordan Castro, the team aims to pioneer a Web3 native entertainment brand that expands into the realms of music and gaming with this new funding.

Leading the fundraising effort is Seven Seven Six, the venture capital firm established by Alexis Ohanian, a co-founder of Reddit. Ohanian is no stranger to Web3 investments, having previously put his money into Solana Labs and Polygon. Americana Technologies’ move into the metaverse, and led PROOF’s fundraising , which raised $10 million. 

Other contributors to Doodles' fundraising round include Acrew Capital, 10T Holdings, and the cryptocurrency exchange platform FTX.

The Doodles team expressed their excitement on Twitter, announcing plans to utilize the funds to quickly build a team of top-notch engineers, creatives, marketers, and business leaders. They will also allocate resources to product development, strategic acquisitions, and enhancing collector experiences. Anticipate announcements regarding 18 new full-time job openings in the coming week.

The current team, made up of 11 NFT enthusiasts, will expand to 30 as the project grows. Doodles has already brought on board Brandon Rosenblatt as the new Head of Brand Partnerships, who possesses 12 years of experience working with Fortune 500 companies.

We are excited to share that Doodles has successfully raised $54M, achieving a remarkable valuation of $704M. https://t.co/XCTphrxpR9 @sevensevensix @10TFund @AcrewCapital @FTX_Official

— doodles (@doodles) September 13, 2022

Another  Twitter post Additionally, the team has revealed plans to introduce a second Doodles collection within the next six months. They also intend to release a musical track and enable customers to purchase Doodles NFTs using traditional currency like credit cards.

Currently, the Doodles collection is leading the charts on OpenSea, boasting a trading volume of approximately 882.57 ETH (around $1.4 million) within the past 24 hours. The lowest price for a Doodle NFT stands at 7.47 ETH, although it reached a peak of 8.23 ETH recently. Doodles proudly ranks as the ninth most successful NFT collection to date, with a valuation of $704 million that places it among the highest in the NFT marketplace. To put this in perspective, the Bored Ape Yacht Club, another prominent NFT collection, commands a market valuation of $1.27 billion.

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