Amid generally somber conditions in the non-fungible token (NFT) market, colorful-profile-picture maker Doodles raised $54 million of equity funding today, backed by Reddit co-founder Alexis Ohanian’s Seven Seven Six.
a staggering 77%. A combination of the bear market and a shift away from risk investments has led to the decline in NFT transactions.
“As we scale and we scale rapidly,” adds Hoguin, “having her as a sounding board and as a true partner is going to be invaluable because we want to be built on culture, we want to elicit joy and creativity.”Doodles has demonstrated a strong history of community integration since its initial mint in October. Management made thedecision to close the collection’s Discord channel at 1,000 participants when it was first launching, a move that might have been expected to alienate potential collectors.
“We're very keen on actually developing other people's opportunities to utilize their characters in their own commercial efforts,” says Hoguin. “It just needs to be controlled.” “We want to create products for our core collector base, but at the same time utilize these great forms of marketing like music, to introduce new people to Web3 and onboard them into the Doodles ecosystem,” he adds.
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