Doodles Ethereum NFT Sales Rise 1200% After Major Value Add Project to $704 Million

Doodles is in demand, and sales are increasing after this morning’s announcement of a $54 million funding round: the Ethereum The NFT collection has recorded a sales increase of more than 1200% in the last 24 hours.

That is according to data from CryptoSlamwhich reports $2.1 million worth of Doodles NFT sales in the last 24 hours. That’s a 1,224% increase over the previous 24-hour span, according to the platform’s rankings, which cover sales across all marketplaces. It is the top-ranked project over that time period, and nearly doubles the volume of the Ethereum project The clean to 1.07 million dollars.

As NFTs fly from marketplaces – with 141 of the assets sold in the last 24 hours – the floor price, or the price of the cheapest available listed NFT, is also rising. As of this writing, Doodle’s floor price has jumped 19% in the last 24 hours to a current price of 8.23 ​​ETH, or around $13,100.

Doodles is an NFT profile picture project that spans 10,000 total Ethereum tokens, each featuring artwork with randomized character traits. An NFT is a blockchain token which represents ownership of an item—in this case, a unique avatar. The collection launched last fall, and according to CryptoSlam, it has generated $528 million in secondary sales to date.

Doodles today announced a $54 million funding round led by Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six. The round included participation from FTX Ventures, Acrew Capital and 10T Holdings, valuing the project at $704 million.

Doodles, which features artwork by artist Scott “Burnt Toast” Martin, announced plans in June to launch a broader Doodles 2 collection, which will spam millions of customizable avatars. It is expected to come up with a blockchain network that enables cheaper and faster transactions than Ethereum’s own main network, but that network has yet to be given an official name.

At an NFT NYC event in June, the Doodles team first announced the funding round from Seven Seven Six, but did not disclose the amount or other backers. It also revealed that musician and producer Pharrell Williams had taken over as Chief Brand Officerwith plans to serve as executive producer for an album of music inspired by the project.

Prior to today’s funding announcement, some Doodles NFT holders had expressed frustration at a lack of communication as the project progressed over a month and a half without tweeting. Doodles seemed to acknowledge the pushback a tweet thread todayand writes: “To our community, we hear you, we appreciate you, and we will continue to build with you.”