From the advent of cryptocurrencies until now, the cryptocurrency industry has advanced tremendously. With the passage of time, the crypto industry has continued expanding, adding more spaces and segments.
Still, people think that the cryptocurrency industry is only based on cryptocurrencies.
Yes, the ultimate product of the crypto industry is cryptocurrency but it can be acquired through multiple mediums within the crypto-verse.
Among all the segments that have proven to be very profitable are the non-fungible tokens (NFTs).
They started to gain market traction in early 2021 and to this today, they have become one of the most profiting segments in the crypto industry.
Doodles Become a Major Traction
Doodles had recently held a funding round that turned out to be a huge success for the platform.
The company officials confirmed that they had a very successful round that helped them bring in $54 million.
Following the announcement, the sales for Doodles skyrocketed and the protocol’s sales volume surged more than 1,000%.
The most surprising part about the strong rally was that the sales volume surged over the level in a matter of a few hours.
The most astonishing part of Doodles’ sales is that it has continued recording a huge rally in the past 24 hours despite the overall NFT market being down.
Like the rest of the crypto market, the NFT market is down but it has failed to do the same to Doodles. The protocol’s sales have pumped tremendously.
Data from DappRadar
An analytical firm, DappRadar has shared a report collected from Doodles protocol. The firm has revealed that in a matter of 24-hours, Doodle’s sales surged by 1028.34%.
The sales volume for Doodles rose all the way up to $2.48 million. The report goes to show that the floor price for the NFTs being sold on Doodles rose to a high of 8 ETH.
However, the figure was not maintained because the sales volume started to weaken. At the time of writing, the floor price for the NFTs has settled at around 7.54.
Funding Round Success for Doodles
The recent funding round Doodles held helped the protocol bring in $54 million. As a result, the overall valuation of the Doodles platform has surged to $704 million.
The major contributor to the funding round was a major venture capital firm known as Seven Seven Six, which has been co-founded by Alexis Ohanian.
Other honorable mentions in the funding round were FTX Ventures, Acrew Capital, and 10T Holdings.
With the funds, Doodles plans on growing its fleet of NFTs and focus on the growth of its business. They want to bring in monetization on their platform so more users can interact with their platform.
They plan on targeting the entertainment, culture, and the music industries.