The Doodles NFT project just raised $54M, but their roadmap is vague.
The Doodles NFT project is in high demand.
Its sales surged 1200%, after the team announced a $54 million funding round.
If you're thinking 'damn dog, these folks are operating more like a startup than an NFT project' - you're not alone.
And you might be on to something...
They're operating like a start up - because they kind of are.
As told by Doodles:
"The investment will allow it to scale its growth strategy and monetize its intellectual property globally through ventures in the music, culture and entertainment industries."
...which is a bit vague for our liking, but no doubt further details will be announced in the future. Patience is a virtue, and all that.
So, why raise venture capital, when they could just sell more NFTs?
Well, they're planning to release more NFTs - millions, in fact.
'Doodles 2' NFTs will be low priced, customizable avatars, separate to the original series and designed to give wider access to the project.
The VC money has most likely been raised to give them a guaranteed runway, years into the future - so they won't have to create any more 'premium' Doodles NFTs.
Which is great for NFT holders. The Doodles team gave up a chunk of ownership in their own company, instead of flooding the market with more premium Doodle NFTs and diluting their value.
Not bad. Let's see how this one plays out!
