Doodles NFT Sales Volume Skyrockets After Reddit’s Ohanian Gives $54M Capital

Doodles NFT Sales Volume Skyrockets After Reddit’s Ohanian Gives $54M Capital

After announcing a $54 million funding round, Doodles sales volume increased by over 1000% in just a few hours earlier this week. Doodles’ record strength comes despite a slowdown in the NFT market.

According to data from DappRadar, the project’s volume was recorded at $2.48 million, with a 1028.34% increase on the 24-hour scale midweek.

  • Its price floor, on the other hand, jumped above 8 ETH before falling to sit near 7.54 ETH at the time of writing.
  • Doodles recently raised $54 million at a $704 million valuation. The round of financing was led by Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six, with other participating firms including 10T Holdings, Acrew Capital and FTX Ventures.
  • With the latest infusion of capital, Doodles has revealed plans to strengthen its growth strategy and monetize its intellectual property globally, with ventures in the music, culture and entertainment industries.
  • The fresh capital will also be invested in product development, acquisitions, proprietary technology, media and collector experiences.
  • The company also plans to use its proceeds to add a team of engineers, marketing, business executives and creatives.
  • Founded in 2021, Doodles is essentially a group of 10,000 NFTs that demonstrate colorful world and cartoon portraits of skeletons, cats, aliens, monkeys and mascots forged over the Ethereum blockchain.
  • In less than a year after forging his pastel NFTs, Doodles has managed to create one of the largest collections of profile pictures on the internet.
  • According to NFTPriceFloor, his collection of 10,000 images is valued at $121 million.
  • Moving forward, Doodles also plans to collaborate with Columbia Records to release his musical NFT project.
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