After the announcement of a $54 million funding round, Doodles’ sales volume spiked by over 1,000% in a matter of just a few hours earlier this week. Doodles’ record-breaking traction comes despite a slowdown in the NFT market.
According to data from DappRadar, the project’s volume was recorded to be $2.48 million, with an uptick of 1028.34% on a 24-hour scale mid-week.
Its floor price, on the other hand, jumped above 8 ETH before falling back and settling near 7.54 ETH at the time of writing. Doodles recently clocked $54 million at a $704 million valuation. The funding round was led by Reddit co-founder Alexis Ohanian’s Seven Seven Six venture capital firm, in addition to other participating firms such as 10T Holdings, Acrew Capital, and FTX Ventures. With the latest capital infusion, Doodles revealed plans to ramp up its growth strategy and monetize its intellectual property globally, with the help of ventures in the music, culture, and entertainment industries. The fresh capital will also be deployed into product development, acquisitions, proprietary technology, media, and collector experiences. The company also plans to use its proceeds to onboard a team of engineers, marketers, business executives, and creatives. Founded in 2021, Doodles is essentially a group of 10,000 NFTs demonstrating colorful world and cartoon character portraits of skeletons, cats, aliens, monkeys, and mascots minted over the Ethereum blockchain. In less than a year after minting its pastel NFTs, Doodles has managed to create one of the largest profile picture collections on the internet. As per data from NFTPriceFloor, its 10,000 image collection is valued collectively at $121 million. Moving forward, Doodles also plans to collaborate with Columbia Records to release its music NFT project.