$54M raised by the NFT Collection Doodles, at a valuation of $704M.

The fundraising round was headed by the venture capital company of Reddit co-founder Alexis Ohanian. According to the company’s Twitter account, Doodles, a non-fungible token (NFT) collection, has raised $54 million at a $704 million value.

Reddit co-founder Alexis Ohanian’s venture capital firm, Seven Seven Six, took the lead in the funding round. Doodles is an expert in profile photos.

The ownership of real or virtual assets is represented by NFTs, which are digital assets.

“We’re utilizing the cash to hire a top-notch team of engineers, designers, marketers, and business executives as soon as possible. The Doodles team stated that the money will also be used to support product development, acquisitions, proprietary technology, media, and collector experiences.

The financing round takes place during an advantageous period market in cryptocurrencies that has placed pressure on prices for NFTs, digital assets like photographs and music that have smart contracts to demonstrate their exclusivity.

The fundraising round also included Acrew Capital, FTX Ventures, the venture capital division of FTX, and 10T Holdings.

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