The sales volume of Doodles NFT jumped over 1,200% in the past day, with the floor price rising 19% over that time.
Earlier today, the creators of Doodles announced a $54 million funding round led by Seven Seven Six, the venture capital firm of Reddit co-founder Alexis Ohanian.
doodles are in demand and sales are exploding following the announcement this morning of a $54 million funding round: the Ethereum The NFT Collection has seen a sales increase of over 1,200% in the past 24 hours.
This is according to data from CryptoSlamwhich brings in $2.1 million from Doodles NFT sales in the last 24 hours. That’s a 1,224% increase from the previous 24-hour period, according to the platform’s ranking, which covers sales across all markets. It is the highest ranked project over this period, almost doubling the volume of the Ethereum project renga at $1.07 million.
As NFTs soar from the markets – with 141 of the assets sold in the past 24 hours – the floor price, or price of the cheapest listed NFT available, is also rising. At the time of this writing, the Floor Price Doodles jumped 19% in the past day to a current price of 8.23 ETH, or roughly $13,100.
Doodles is an NFT profile picture project covering 10,000 Ethereum tokens in total, each with artwork featuring random character traits. An NFT is a blockchain token which represents the property of an item, in this case, a unique avatar. The collection launched last fall and, according to CryptoSlam, 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, and values the project at $704 million.
Doodles, which features artwork by artist Scott “Burnt Toast” Martin, announced plans in June to launch a larger-scale Doodles 2 collection, which will spam millions of customizable avatars. It is expected to hit on a blockchain network that allows cheaper and faster transactions than Ethereum’s own mainnet, but that network has yet to be officially named.
At an NFT NYC event in June, the Doodles team first announced Seven Seven Six’s funding round, but did not disclose the amount or other backers. He also revealed that musician and producer Pharrell Williams had joined as Chief Brand Officerwith the intention of serving as executive producer for a music album inspired by the project.
Prior to today’s funding announcement, some Doodles NFT holders expressed frustration with a lack of communication as the project unfolded. over a month and a half without tweeting. Doodles seemed to recognize the repression in a tweet thread todaywriting, “To our community, we hear you, we appreciate you, and we will continue to build with you.”
Stay up to date with crypto news, get daily updates in your inbox.