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HomeNFTDoodles secures $54 million in funding round lead by Reddit co-founder

Doodles secures $54 million in funding round lead by Reddit co-founder

The well-known platform that creates multicolored profile pictures, Doodles, made the announcement that the company has secured a massive $54 million in investment on September 13. The funding was led by the venture capital firm 776, which is owned by Reddit co-founder Alexis Ohanian.

The announcement came at a time when there was rising concern over the unusual lack of engagement the collection has upon Twitter. The fundraising announcement was the first post from the official account of the firm since it retweeted a video on July 29 showing one of the cofounders opening a package containing a doodle toy.

Despite the collapse of the NFT market, there is little reason to doubt that Doodles intends to keep developing must-have collectibles for the cryptocurrency community.

Doodles plans to establish an animated NFT ecosystem

Doodles stated in a thread of tweets that it would use the funding to grow its team from 11 people to 30, adding that its careers page would go live the following week with 18 new full-time positions, including heads of finance, business affairs, and marketing, as well as engineers, designers, and illustrators. In addition, Doodles stated that it would use the funding to grow its team from 11 people to 30 people. It has already brought on Brandon Rosenblatt, a veteran who has worked for Fortune 500 companies, to serve as its head of brand alliances.

The hiring drive goes against the trend that has been witnessed in a significant portion of the cryptocurrency business over the last several months. Because of the decline in the market, a number of significant businesses, including the NFT marketplace OpenSea, Coinbase, and Gemini, have all indicated that they would be cutting jobs. Additional information on the announcement will be released at a Twitter spaces session that will take place at 8 p.m. Eastern Time.

Formerly known as Doodles, the company made headlines in June when it announced that it had hired musician Pharrell Williams in the role of chief brand officer. This move opened the door to a variety of new uses for blockchain technology. According to Holguin, music NFTs are a method for introducing people to Web3, which is an emerging concept for a new form of the internet that is decentralised and based on blockchains.

The firm was established by a number of successful people, including an ex-team lead for CryptoKitties named Jordan Castro, an artist named Scott Martin, and an NFT consultant named Evan Keast. The claim made by Doodles is that they are a collection of 10,000 NFTs (non-fungible tokens) that were developed by Burnt Toast and composed of hundreds of fascinating aesthetic characteristics.

Doodles done by hand often include characters such as skellys, cats, aliens, apes, and mascots. Additionally, hundreds of unique heads, outfits, and hues from the artist’s palette are included in the Doodles collection.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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