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Dust Labs, a non-fungible token (NFT) software business, disclosed a $7 million investment round on Monday during the chaos surrounding the launch of its Solana-based y00ts NFT.
We would like to announce that we have raised a strategic round of $7M to build out the $DUST ecosystem.— Dust Labs (@dust_labs) September 6, 2022
AMA with @frankdegods & our CEO @kevindegods on Thursday, September 8th. pic.twitter.com/VxzdZeu3P0
Foundation Capital, Solana Ventures, Metaplex, Jump, FTX Ventures, and Chapter One are among the investors in the round. According to a spokesman, the investment was split 50/50 between firm equity and the DUST cryptocurrency.
DUST is a utility token on Solana that has been called the DeGods ecosystem's official money. DeGods is well-known for its well-known eponymous PFP, which is the most valuable collection in the Solana NFT world.
DUST was down 30% from its daily high of $3 at 11:30 p.m. New York time as traders processed the news. It is fairly uncommon for tokens purchased to qualify for an NFT release to lose value after the release.
The firm, founded by the DeGods NFT collective, specializes in supplying NFT tooling to Solana and Ethereum projects. Its initial product is a whitelisting tool for "scholarships," which it demonstrated during the y00ts mint.
The DeGods team has had a frantic week, delaying the release for its buzzy y00ts project due to a last-minute "blocking bug." Dust Labs has announced that it will do an AMA (ask me anything) on Thursday to provide further details.