NFT Marketplace Doodles Raises $54M at $704M Valuation

Non-fungible token (NFT) marketplace Doodles has raised $54 million at a $704 million valuation, according to the company’s Twitter.

The round was led by Seven Seven Six, the venture capital arm created by Reddit’s Alexis Ohanian. Doodles specializes in profile pictures.

NFTs are digital assets that represent ownership of virtual or physical assets.

“We are using the funding to rapidly acquire a world-class team of engineers, creatives, marketers and business executives. As well as to fund product development, acquisitions, proprietary technology, media, and collector experiences,” tweeted the Doodles team.

The fundraise comes during a crypto bear market that has put price pressure on the market for NFTs, digital assets like images and music with smart contracts to prove their uniqueness. The amount of U.S. dollars traded in the NFT market dropped 25% between the first and second quarters of this year, according to recent data.

Acrew Capital, the venture capital arm of crypto exchange FTX, and 10T Holdings also participated in the funding round.

Read more: What Are NFTs and How Do They Work