In the midst of the biggest upheaval the Ethereum network has ever seen, the multicoloured side of the industry has continued to innovate. As a result, mind bending psychedelic NFT collection, Doodles, has raised a whopping $54 million in funding, taking its overall company valuation up to an eye-popping $704 million.

Doodles raised the bulk of the funds through forward thinking venture capital firm, Seven Seven Six, with additional support provided by the likes of 10T Holdings, Acrew Capital and FTX Ventures. All the while, demonstrating the sheer investment potential that pervades the NFT industry.

We’re thrilled to announce that Doodles has raised $54M at a $704M valuation.https://t.co/XCTphrxpR9@sevensevensix @10TFund @AcrewCapital @FTX_Official

— doodles (@doodles) September 13, 2022

Going forward, the mighty Doodles will use the funds to expand its operations in all directions, achieving this by exploring potential opportunities in the music, culture and entertainment sectors. Additionally, it will employ an extra 19 members of staff to push the dream forwards. Therefore, those with love for all things pastel can keep eyes on the Doodles website for its forthcoming ‘job opportunities’ section.

Following the announcement, sales activity within the Doodles collection soared by 700%, with the floor price following suit and currently residing at a healthy 7.15 ETH. All in all, marking a key tipping point in the development of Doodles, one of the top collections in the NFT space.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

The post Doodles Defy the Market with $54 Million Funding Round appeared first on NFT Plazas.