Non-fungible token (NFT) collection Doodles has raised $54 million at a $704 million valuation, according to the company’s Twitter feed.
The round was led by Seven Seven Six, the venture-capital firm created by Reddit co-founder Alexis Ohanian. Doodles specializes in profile pictures.
NFTs are digital assets that represent ownership of virtual or physical assets.
“We are using the funding to rapidly acquire a world-class team of engineers, creatives, marketers and business executives. As well as to fund product development, acquisitions, proprietary technology, media and collector experiences,” the Doodles team tweeted.
The fundraising round comes during a crypto bear market that has put price pressure on the market for NFTs, digital assets like images and music with smart contracts to prove their uniqueness. The amount of U.S. dollars traded in the NFT market dropped 25% between the first and second quarters of this year, according to recent NonFungible.com data.
Acrew Capital, FTX Ventures, the venture-capital arm of crypto exchange FTX, and 10T Holdings also participated in the funding round.
Read more: What Are NFTs and How Do They Work
UPDATE (Sept. 13, 13:55 UTC): Corrects headline and text to say Doodles is an "NFT collection" not "NFT marketplace."
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