Doodles NFT holders would be happiest to know this latest development

ambcrypto.com:

NFT creator Doodles hasraised $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 Williamsjoined the company as its Chief Brand Officer.

It alsoannounced Doodles Records: Volume 1, produced by Williams in partnership with Columbia Records.

As perNFT 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 bymarket 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.

Astudy 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 MarketsandMarketsstudy 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.

Areport 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