Nonfungible token (NFT) software company Dust Labs recently disclosed that it has raised a $7 million funding round in the midst of a frenzy over its Solana-based y00ts NFT minting.
We would like to announce that we have raised a strategic round of $7M to build out the $DUST ecosystem.
AMA with @frankdegods & our CEO @kevindegods on Thursday, September 8th. pic.twitter.com/VxzdZeu3P0
— Dust Labs (@dust_labs) September 6, 2022
Solana Ventures, Foundation Capital, Jump, Metaplex, Chapter One, and FTX Ventures were among the investors in the funding round. A spokesperson of Dust Labs stated that the investment was a split 50/50 between company ownership and its DUST token.
The utility token, DUST, is considered to be the official currency of the Solana-based DeGods ecosystem. DeGods is well-known for its sought-after eponymous PFP, the most expensive collection in the Solana NFT market.
The company, founded by the DeGods NFT collective’s founders, focuses on offering NFT tooling on Solana and Ethereum projects. Its initial product is a whitelisting tool for “scholarships” that it has shown during the minting of y00ts.
It has been a hectic week for the DeGods team. They ended up delaying the release of its popular y00ts project due to an unexpected “blocker bug” moment before the release. To provide further details, Dust Labs said that it will hold an AMA (ask me anything) session on Thursday.
