Doodles NFT Project Raises $54M to Fund Music & Gaming Experiences

NFT company Doodles received a $54 million cash injection in a funding round backed by Alexis Ohanian’s venture capital firm Seven Seven Six.

The Series A funding round also included the likes of San-Francisco-based Acrew Capital, FTX Ventures, which recently invested in a new blockchain project Aptos, and 10T Holdings, an investor in Animoca Brands, which counts Sandbox as a subsidiary.

The fundraising took the company’s valuation to $704 million. The new funds will expand the NFT company’s reach into music and gaming.

Since Doodles NFTs launched less than a year ago, they have become one of the most prominent NFT profile picture collections. Boasting 10,000 unique pastel images, the collection is valued at $121 million, with prices starting at 6.9 ETH. It counts pop star superstar Justin Bieber and entrepreneur Gary Vaynerchuk among its owners.

Bieber also owns an NFT from Bored Ape Yacht Club, a collection also angling for broader reach through music. Universal Music Group executive Celine Joshua is pioneering a story arc for a four-member BAYC band called Kingship, including albums and metaverse performances. Joshua has tapped a Grammy-award-winning production duo to help craft the sound of the virtual band.

New funds to be used for music and gaming expansion

On the other hand, Doodles has tapped singer and producer Pharrell Williams to be the face of its brand as it brings greater public awareness of music NFTs. According to CEO Julian Hoguin, the goal is to create novel experiences for existing Doodles owners and use music as an onramp for users new to the Doodles ecosystem. Doodles will partner with Columbia Records to launch the music NFT experience in the next six months.

The NFT company is also dipping its toes into NFT gaming with Space Doodles. It will also look to onramp people into its ecosystem by allowing them to buy characters without cryptocurrencies.

To its community, the company tweeted, “we hear you, we appreciate you, and we will continue to build with you.” Doodles will host a Twitter space at 8 p.m. ET to discuss the fundraising announcement.

What about Doodles 2?

In a further bid to expand its user base, the company announced the release of Doodles 2, an expansion of the original Doodles collection, at NFT NYC earlier this year. The company auctioned off Genesis Box NFTs at the conference, which is believed to play a crucial role in the new ecosystem.

While the original Doodles collection had 10,000 NFTs, the Doodles team has suggested that the collection size of Doodles 2 could run into the millions. Doodles 2 will offer basic NFTs that can be adorned with additional traits from Genesis Boxes and be used as profile pictures on social media.

Doodles 2 will not be on Ethereum but more likely on Dapper Labs blockchain Flow since two of Doodle’s founders are former employees of Dapper Labs.

There has been no official launch date announced for Doodles 2.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

The post Doodles NFT Project Raises $54M to Fund Music & Gaming Experiences appeared first on BeInCrypto.

Related Posts

John McAfee is the Creator of Bitcoin: TikTok Influencer Makes Wild Claim. Or is it?

John McAfee is the creator of Bitcoin. This is the remarkable claim of a TikTok influencer who calls himself Harry the Soul Coach. He says, “John McAfee…

Covalent CEO: There’s an ‘unresolved backlog’ of unfilled Web3 data roles

The demand for on-chain analysts is set to further increase with Web3 data outgrowing Web2 data over the next 20-30 years, says Covalent’s Ganesh Swami. Ganesh Swami,…

The Dangerous Implications Of Central Bank Digital Currencies

There are a variety of reasons consumers should be wary of developments surrounding central bank digital currencies. Natalie Smolenski is a senior advisor at the Bitcoin Policy…

The SEC is bullying Kim Kardashian, and it could chill the influencer economy

The feds should have tried to work with Kardashian to establish more transparent norms for influencers rather than slapping her with a $1.26 million fine for promoting…

How Satoshi Nakamoto And Bitcoin Mirror The United States’ Founding Principles

The governance and origins of Bitcoin closely resemble those presented in the founding documents of the United States. This is an opinion editorial by Buck O Perley,…

Moët Hennessy USA files NFT & Metaverse Trademark Applications

One of the top leading beverage companies — Moët Hennessy, submitted not one but five NFT and metaverse trademark applications for the names “Moet,” “Moet & Chandon,”…

Generated by Feedzy