Doodles NFT Soars 1,200% After $54 Million Funding Announcement

Doodles NFT Soars By 1,200% After $54 Million Funding Announcement!

Doodles New Announcement

Recently, the Doodles team announced some massive news as they revealed that they have raised $54 million at a $704 million valuation in a funding round led by Seven Seven Six. Some notable companies involved in this funding round include Acrew Capital, FTX Ventures and 10T Holdings.

In their thread, the Doodles team explains that they will be using these new funds to grow their team and collection to new heights, hiring 18 new major positions including Head of Finance, Project Managers, Designers, and many more.

All of these hires will be meticulously crafted to accomplish Doodles’ long-term goal of being the most important Web3 native entertainment brand in the world,” the Doodles team explains.

Related: Opensea To Support More Blockchains In The Future, Here Are The Details!

Aside from the funding, excitement has also been building up for the Doodles collection due to a recent teaser of their upcoming music NFT project. 

After pop star Pharell Williams was revealed to have joined the Doodles team earlier this year, the team told Forbes in a recent report that they will be releasing a music NFT project sometime in the next six months in a collaboration with Colombia Records.

Doodles Surge

After these exciting new announcements, Doodles saw its price and trading volume shoot up by a considerable amount. The collection now tops OpenSea’s charts with more than a 990% increase in trading volume within the past 24 hours.

According to data from CryptoSlam, Doodles also saw $2.1 million worth of its NFTs being sold within the past 24 hours, more than a 1,200% increase compared to that of yesterdays.

Break Of Silence

Another reason why these announcements generated so much hype and excitement may also be due to the fact that this was the first announcement that the team has made in over a month. 

For the last month or so, the Doodle’s Twitter account was incredibly silent, with little to no interaction or updates to its holders, which in turn generated a lot of criticism from the NFT community.

Related: ​​BAYC & Doodles Get Criticized For Not Updating Holders

However, it seems that this long silence has paid off as the team returns with big announcements, booming the collection back to become one of the top NFT collections again.

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