Dust Labs made the announcement during the highly publicized and eagerly awaited minting that has taken the Solana NFT Community by storm.
Dust Labs, a non-fungible token (NFT), software company, has raised $7 million in funding. This was announced on Monday during the pandemonium surrounding its Solana-based y00ts NFT mining.
Foundation Capital, Metaplex Ventures, Metaplex Ventures, Jump, FTX Ventures, Chapter One and Chapter One participated in the round. A representative explained to CoinDesk that the investment consisted of 50/50 shares between company equity, DUST token and company equity.
DUST Token on Solana
DUST, a utility token that can be found on Solana and is the official currency for the DeGods ecosystem. DeGods is well-known for its popular PFP (the most valuable collection in the Solana NFT universe).
DUST fell 30% to $3 at 11:30pm New York Time as traders digested the news. It is not unusual for tokens that were purchased in order to be eligible for NFT releases to lose value after their mint.
The founders of DeGods NFT collective created the company. It specializes in NFT tooling for projects on Solana or Ethereum. Its first product was a whitelisting tool for “scholarships”, which it presented during the y00ts min.
After a last-minute ” blocker bug”, the DeGods team had a hectic week. This delayed the mint for its buzzy project y00ts. Dust Labs stated that it will host an AMA (ask anything) on Thursday in order to provide more information.