NFT creator Doodles has raised $54 in a funding round led by Seven Seven Six, with a valuation of $704. The fund will be used to fund product development and build a team.
Founded in 2021, Doodles is an NFT venture that aims to become a leading Web 3.0 entertainment project.
Created by artistic entrepreneurs, Doodles today counts some of the leading global artists among its members. In late June 2022, Pharrell Williams joined the company as its Chief Brand Officer.
It also announced Doodles Records: Volume 1, produced by Williams in partnership with Columbia Records.
As per NFT Price Floor, the 10,000-image rich Doodles collectible is currently valued at a market capitalization of 74,900 ETH ($120.8 million). Today, it is the 11st largest NFT collectible by market cap.
Reddit co-founder Alexis Ohanian established the VC firm, Seven Seven Six. FTX Ventures, Acrew Capital, and 10T Holdings also participated in the fundraising round.
Future growth of NFT industry
A study from the UK-based market research firm Juniper Research has analyzed the trajectory of the NFT market over the next five years, predicting that the number of global NFT transactions will reach around 40 million by 2027.
A major reason for this growth will be the increasing adoption of metaverse by brands for boosting their digital presence.
A MarketsandMarkets study predicted that the global NFT market is expected to grow from $3 billion in 2022 to $13.6 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 35.0% from 2022 to 2027.
The Asia-Pacific region will grow at the highest CAGR during the forecast period, it added.
A report by Verified Market Research (VMR) is even more hopeful about the future of the NFT industry. It predicted that the non-fungible tokens (NFTs) are going to occupy a significant position in the market, with their value swelling to $231 billion by 2030, growing at a CAGR of 33.7% from 2022 to 2030.
The report valued the NFT market in 2021 to be $11.3 billion. Again, North America is most likely to emerge as the dominant market in the segment.
The rising demand for NFTs is related to a number of factors, including their uniqueness, individuality, and transparency. The fact that NFTs have broadened their scope beyond music, movies, and sports to include other streams like metaverse and, in particular, gaming, is one of the primary reasons behind the exponential surge in the global demand for NFTs.
The gaming business, especially the play-to-earn blockchain gaming model, has established itself as a significant growth opportunity for NFT.