Doodles Raises $54m, Teases Upcoming Music NFT

Doodles Raises $54m, Teases Upcoming Music NFT

After a quiet couple of months, Doodles announced this morning that it has raised $54 million in a capital round led by Reddit co-founder Alexis Ohanian, according to a Forbes report. With this investment, Doodles is now valued at $704 million, despite the project's floor price falling from an all-time high of 25.5 ETH in May to 7.1 ETH prior to the announcement.

The project had been criticized of late after going a month and a half without tweeting prior to today's news.  The last Doodles announcement came in June, when singer Pharrell Williams was introduced as the team's chief brand officer. 

Doodles CEO Julian Hoquin had this to say about some of the initiatives the project is pursuing: "We're very keen on actually developing other people's opportunities to utilize their characters in their own commercial efforts. It just needs to be controlled." Hoquin added that Doodles is positioned to introduce people to Web3 through music NFTs moving forward: "We want to create products for our core collector base, but at the same time utilize these great forms of marketing like music to introduce new people to Web3 and onboard them into the Doodles ecosystem."

The Forbes article notes Doodles will soon release an NFT project in collaboration with Columbia Records within the next six months, though the team declined to provide further information beyond noting there will be a song involved "that would get radio play and streaming exposure, but have an underlying adaptation experience for NFT holders."

A Twitter thread from @doodles this morning added: "We are using the funding to rapidly acquire a world-class team of engineers, creatives, marketers and business executives. As well as to fund product development, acquisitions, proprietary technology, media, and collector experiences." The team will look to fill 18 new full-time positions across all areas from finance to marketing to engineering and introduced Brandon Rosenblatt as the team's new Head of Brand Partnerships.

In the first ~20 minutes following the announcement, the Doodles floor price has already risen from 7.1 ETH to 8.19 ETH. 

More about Doodles

Doodles come in a joyful range of pastel colors, traits and sizes with a collection size of 10,000. Each Doodle allows its owner to vote for experiences and activations paid for by the Doodles Community Treasury. Burnt Toast is the working alias for Scott Martin, a Canadian–based illustrator, designer, animator, and muralist. The Doodles team includes @EvanKeast, @ByBurntToast, and @Poopie_Cat. 

At the time of publish, the Doodles floor price sits at 7 ETH, and has stayed relatively flat over the past 24 hours on 57 ETH volume of transactions. Over that same timeframe, 1 sharp wallets have bought 1 NFTs and no sharp wallets have sold NFTS in the the Doodles collection. Catch up on other recent Doodles news here.

Recent Doodles Sales

#7238sold at 12/01 6:12am for
6.81
#9767sold at 12/01 12:12am for
6.88
#7600sold at 12/01 12:12am for
6.84
#7600sold at 11/30 11:11pm for
6.73
#2155sold at 11/30 10:11pm for
7.69

Recent Doodles Listings

#1984listed at 12/01 7:12am for
10.7
#8992listed at 12/01 6:12am for
9.00
#8992listed at 12/01 6:12am for
9.00
#7339listed at 12/01 6:12am for
14.8
#7339listed at 12/01 6:12am for
14.8
Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
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