NFT Marketplace Doodles Raises $54M has raised $54M at a $704M Valuation
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NFT Marketplace Doodles Raises $54M has raised $54M at a $704M valuation.

Led by Alexis Ohanian, the co-founder of Reddit, a venture-capital firm called Seven Seven Six participated in this fundraising round, the company specializes in profile pictures.

NFTs are cryptographic assets that represent ownership of virtual or physical assets.

Doodles team in a tweet said, “We are using the funding to rapidly acquire a world-class team of engineers, creatives, marketers and business executives. As well as to fund product development, acquisitions, proprietary technology, media and collector experiences.” 

The NFT market has decreased  nearly 25% in the US dollar volume, part of this is due to reduced fundraising this year according to recent NonFungible.com data.

Others participating in the funding round included Acrew Capital, FTX Ventures, the venture-capital arm of crypto exchange FTX, and 10T Holdings.

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