Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
NFT collective Doodles recently dropped two major announcements at a show hosted alongside the 4th annual NFT NYC Conference.
Pharrell Joins Doodles NFT
The team has brought popular musician and producer Pharrell Williams onboard as Chief Brand Officer. Additionally, the project has completed its first funding round, led by venture capital firm Seven Seven Six.
The “Happy” singer’s position will see him bring a fresh perspective to Doodles’ music, artwork, consumer products, animation, and events. Most importantly, Williams will also take on the role of executive producer for an album connected to the project. Doodles is collaborating with Columbia Records to release “Doodles Records: Volume 1.” According to a representative from the Ethereum Collective, the album will feature well-known recording artists. In-house artist Scott “Burnt Toast” Martin will provide artwork for the upcoming album.
— doodles (@doodles) June 22, 2022
Fans will be able to access the album on various streaming platforms; however, it will only be sold via NFTs. Additionally, free digital collectibles will accompany each Doodles album NFT purchase.
VC Firm Seven Seven Six Leads Doodles’ First Funding Round
Doodles’ other major announcement centered around its recent attempt to raise capital. Seven Seven Six, a VC firm founded by Reddit co-creator Alexis Ohanian, led the project’s first round of funding. Ohanian is an avid supporter of NFTs and owns tokens from projects such as Cryptopunks and BAYC.
Doodles did not disclose how much it has raised. The team instead shared a pre-recorded video of Ohanian discussing Seven Seven Six’ joint plans with Doodles. The firm intends to take its existing efforts to the next phase and “scale it even further.”
The Doodles team shared news of the oncoming launch of another collection, Doodles 2. The new project will comprise millions of avatars and a wider range of traits and wearables. Unlike Doodles 1, the team will not release this on Ethereum and declined to disclose which blockchain will host the new collection.
NFT Marketplace Volumes Take a Downturn
Pharrell Williams is a firm believer in the potential of NFTs and Web3 and their joint ability to revolutionize the creative industry. The singer took his first steps in the virtual space with the late May launch of his project Gallery of Digital Assets (GODA). Ahead of the release, Williams noted various aspects of the NFT space at the VeeCON NFT conference.
The musician also pointed out the recent crypto market slump and its effect on NFT marketplaces. According to reports, a decline in investor interest resulted in the loss of over $3B in NFT sales within a month. While the NFT industry recorded a monthly volume of $7.20 billion in April, May’s was barely above $4 billion.
Nevertheless, Williams is confident the dip is only temporary. NFT and crypto prices should recover because they have a solid foundation, he says.
In a similar fashion, William appears to be optimistic about his new Doodles position. The team shared a pre-recorded video of the singer at the event saying he was a “big fan of the brand.” His strategy involves starting at the project’s base,
We’re going to build from the core community outward and bring Doodles to new heights, new levels.”