- Doodles have raised $54 million at a value of $704 million.
- NFTs serves as a representation of real-world or digital asset ownership.
- Proskauer guided the company through its initial round of funding and corporate formation.
Reddit co-founder Alexis Ohanian’s venture capital firm, Seven Seven Six, took the lead in the funding round. Doodles, a collection of non-fungible tokens (NFTs), has raised $54 million at a value of $704 million, according to the company’s Twitter account.
The ownership of real or virtual assets is represented by NFTs, which are digital assets.
“We are leveraging the capital to swiftly hire a world-class team of engineers, creatives, marketers, and business leaders. The Doodles team stated that the money will also be used to support product development, acquisitions, proprietary technology, media, and collector experiences.
The financing round takes place during a bad market in cryptocurrencies that has placed pressure on prices for NFTs, digital assets like photographs, and music that have smart contracts to demonstrate their exclusivity.
According to the latest NonFungible.com data, the quantity of money transacted in the NFT market decreased by 25% between the first and second quarters of this year.
Doodles’ principal adviser, Proskauer, guided the company through its initial round of funding and corporate formation.
Proskauer’s experience in investment transactions was crucial in helping the Doodles team through the acquisition process and establishing strong relationships between Doodles and its investors in a very particular sector and period.
Julian Holguin, the previous President of Billboard, was recently named Chief Executive Officer, and famed singer and producer Pharrell Williams was named Chief Brand Officer by the corporation.
