Huge sales and massive demands flock to Doodles NFT, causing a massive 1200% rise within 24 hours of its release. It followed up after discovering that $54 million were invested in the seed round.
CryptoSlam records show that $2.1 million worth of Doodles non-fungible tokens (NFT) were sold the previous day. With almost twice the volume of Renga (another Ethereum project), which raised $1.07 million, it is the most popular project during this period.
Millions Invested in the NFT Project
The lowest listed NFT, or the floor price, has increased with 141 NFTs sold in the last 24 hours. The floor price of Doodles was at 8.23 ETH ($13,100) and increased to 19%.
Today, the members behind the Doodles project unveiled that Seven Seven Six (established by Alexis Ohanian, Reddit co-founder) led the $54-million investment. The investment valued the project at $704 million and included FTX Ventures, 10T Holdings, and Acrew Capital.
Additional Players Joining the Party
During the June event in New York City, the Doodles team first showed the rankings of the investors based on how much money they put into the project. It was also revealed that hip-hop singer, rapper, and producer Pharrell Williams joined as the initiative’s chief brand officer and would serve as the album’s executive producer.
Many Doodles NFT holders were dissatisfied with the lack of information before the seed round announcement because the project did not tweet anything for 30 days. In a series of tweets, Doodles acknowledged the criticism, saying,
Each of the 10,000 Ethereum tokens in the non-fungible token (NFT) profile image project Doodles features artwork with unique character traits.
Doodles NFT Quickly Turning Into the Next Big Collection
The collection made its debut in the fall of 2017 and has already produced $528 million in secondary sales, according to CryptoSlam.
The artwork of Scott “Burnt Toast” Martin is displayed in the Doodles collection. Intentions to produce a more giant Doodles 2 collection, including millions of customizable avatars, were first made public in June.
Although the name of the blockchain network has not yet been disclosed, it is expected to mint on a network that permits faster and less expensive transactions than Ethereum’s mainnet.
NFTs are Still Hot Despite the Crypto Winter
While the trend of non-fungible tokens died out right after the bear market, companies and investors are all-in on making digital assets a new reason for consumers to be excited about. Top brands such as Nike, Dolce & Gabbana, McLaren, and the NBA have released new NFTs since the beginning of 2022, even though many on social media are against the concept.
Trading volumes in OpenSea – an NFT marketplace – have gone down to as low as 99%, causing panic for several collector communities. A series of NFT scams also happened in the past five months, stealing millions of dollars by fooling customers into claiming fake tokens and clicking on suspicious links that the hackers generate after seizing official social media accounts, especially the Bored Ape Yacht Club.
To NFT skeptics, this may all look like proof that NFTs are nothing but a fad. For big-time companies and investors, the bottom zone of NFTs provides the perfect opportunity to build digital assets that may grow in value over time. Hell may not freeze over just yet in the crypto market, but more business people are becoming interested in the actual use case of such hot tokens.