\n<\/p>\n
Doodles<\/span><\/a> are in demand, and sales are surging following this morning\u2019s announcement of a <\/span>$54 million funding round<\/span><\/a>: the <\/span>Ethereum<\/span><\/a> NFT collection has recorded a more than 1,200% sales surge over the past 24 hours.<\/span><\/p>\n That\u2019s according to data from <\/span>CryptoSlam<\/span><\/a>, which reports $2.1 million worth of Doodles <\/span>NFT<\/span><\/a> sales over the past 24 hours. That\u2019s an 1,224% uptick over the previous 24-hour span, according to the platform\u2019s rankings, which covers sales across all marketplaces. It\u2019s the top-ranked project over that span, nearly doubling the volume of the Ethereum project <\/span>Renga<\/span><\/a> at $1.07 million.<\/span><\/p>\n As the NFTs are flying off of marketplaces\u2014with 141 of the assets sold over the past 24 hours\u2014the floor price, or price of the cheapest available listed NFT, is also rising. As of this writing, the <\/span>Doodles floor price<\/span><\/a> has jumped 19% over the past day to a current price of 8.23 ETH, or about $13,100.<\/span><\/p>\n Doodles is an NFT profile picture project spanning 10,000 total Ethereum tokens, each with artwork featuring randomized character traits. An NFT is a blockchain token<\/span><\/a> that represents ownership in an item\u2014in this case, a unique avatar. The collection launched last fall, and according to CryptoSlam, it has yielded $528 million worth of secondary sales to date.<\/span><\/p>\n Doodles today announced a $54 million funding round led by Reddit co-founder Alexis Ohanian\u2019s Seven Seven Six venture capital firm. The round included participation from FTX Ventures, Acrew Capital, and 10T Holdings, and values the project at $704 million.<\/span><\/p>\n <\/p>\n Doodles, which features artwork by artist Scott \u201cBurnt Toast\u201d Martin, announced plans in June to launch a broader-scale Doodles 2 collection, which will spam millions of customizable avatars. It\u2019s expected to mint on a blockchain network that allows for cheaper and faster transactions than Ethereum\u2019s own mainnet, but that network has yet to be officially named.<\/span><\/p>\n At an NFT NYC event in June, the Doodles team first announced the funding round from Seven Seven Six, but did not disclose the amount or other backers. It also revealed that musician and producer Pharrell Williams <\/span>had joined as Chief Brand Officer<\/span><\/a>, with plans to serve as executive producer for an album of music inspired by the project.<\/span><\/p>\n Prior to today\u2019s funding announcement, some Doodles NFT holders had expressed frustration with a lack of communication, as the project went <\/span>over a month and a half<\/span><\/a> without tweeting. Doodles appeared to acknowledge the pushback in <\/span>a tweet thread today<\/span><\/a>, writing, \u201cTo our community, we hear you, we appreciate you, and we will continue to build with you.\u201d<\/span><\/p>\n