On Tuesday, the holiday logos will collect non-fungible tokens (NFTs). he announced that it raised $54 million at a $704 million valuation in a funding round led by Seven Seven Six with participation from 10T Holdings, Acrew Capital and FTX Ventures. Doodles said the investment will allow it to expand its growth strategy and monetize its intellectual property globally through ventures in the music, culture and entertainment industries.
Doodles is a collection of 10,000 NFTs co-founded by digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castro. Artistically, it is known for its colorful world and joyful portraits of cartoon characters of skeletons, cats, aliens, apes and mascots stamped on the Ethereum blockchain. The NFTs in the collection are generated from hundreds of properties and hand drawn. Blockchain development software firm Dapper Labs founded the company in 2021.
Earlier in March, Doodles invited its NFT holders to an exclusive experience at the South by Southwest festival in Texas. Users could visit doodle-themed locations where they could buy a drink, get doodles painted on their nails, order snacks, and display their NFTs throughout the exhibit.
Regarding the new collection, Katelin Holloway, Founding Partner at Seven Seven Six, said:
“We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking real value behind NFTs. Doodles is changing the way the world connects and interacts by reimagining storytelling through blockchain.”
Since its launch in October 2021, the Doodles collection has surpassed 148,500 ethers (ETH) traded on OpenSea with a minimum price of 8.4 ETH. Notable collectors include Justin Bieber, Future, Gary Vee, Snoop Dog, Fat Joe, Kygo, Diplo, Steve Aoki and Pranksy.