NFT shop Doodles will acquire animation studio Golden Wolf in the latest example of consolidation in the web3 market.
Once complete, the team at Golden Wolf, which worked on smash hit cartoon series Rick and Morty and with heavyweights such as Disney, will join Doodles, according to a report in Billboard.
The tie-up also will mean the launch of a new joint venture called Active Ingredient. Through Golden Wolf's pre-existing partnership with creative studio Psyop, it will aim to "reinvent storytelling and the tools used to make them a reality" via blockchain and AI technology, according to the Billboard report. The joint venture will aim to create tools and techniques for brands, filmmakers and producers. As part of the deal, Psyop is investing in Doodles.
Doodles didn't immediately respond to a request for comment on the size of the deal.
Doodles, which put out its debut NFT collection in October 2021, raised $54 million in September last year in a round led by Reddit co-founder and NFT enthusiast Alexis Ohanian’s venture capital firm 776. At the time it said it would use the funding to expand its team to 30 people from 11.
The news comes ahead of the long-anticipated Doodles 2 collection, which there is so far scant detail on.
Last week, web3 infrastructure provider MoonPay bought creative studio nightshift in its first deal, the terms of which were undisclosed.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.