NFT News: Doodles Raise $54M, Teases Upcoming Music NFT
This article originally appeared on Lucky Trader: Doodles Raise $54 Million, Upcoming Music NFT Teases
After a quiet couple of months, Doodles announced Tuesday morning that it has raised $54 million in a capital round led by Reddit co-founder Alexis Ohanian, according to a Forbes report. With this investment, Doodles is now valued at $704 million, despite the project’s floor price falling from an all-time high of 25.5 ETH in May to 7.1 ETH before the announcement.
The project was criticized of late after going a month and a half without tweeting before Tuesday’s news. The latest Doodles announcement came in June, when singer Pharrell Williams was introduced as the team’s chief brand officer.
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Doodle’s CEO Julian Holguin had this to say about some of the initiatives the project is pursuing: “We’re very interested in actually developing opportunities for other people to use their characters in their own commercial efforts. It just needs to be checked.”
Holguin added that Doodles is positioned to introduce people to Web3 through music NFTs moving forward.
“We want to create products for our core collector base,” he said, “but at the same time use these great forms of marketing like music to introduce new people to Web3 and onboard them into the Doodles ecosystem.”
The Forbes article notes that the Doodles will release an NFT project in collaboration with Columbia Records in the next six months, though the team declined to provide further information beyond noting that there will be a song involved “that would get radio play and streaming exposure, but which has an underlying customization experience for NFT holders.”
A Twitter thread from @doodles Tuesday morning added: “We are using the funding to quickly acquire a world-class team of engineers, creatives, marketers and business leaders. As well as funding product development, acquisitions, proprietary technology, media and collector experiences.”
The team will be looking to fill 18 new full-time positions across all areas from finance to marketing to engineering, and they introduced Brandon Rosenblatt as the team’s new Head of Brand Partnerships.
Disclaimer: The author or members of the Lucky Trader staff may own NFTs featured in this post. Furthermore, the information on this website or the Lucky Trader mobile application is not intended as, and should not be understood or interpreted as, financial advice.
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