Dust Labs Raised $7M of Funding against the Background of y00ts Minting

The renowned NFT software company Dust Labs has recently raised a whopping $7 million of funding in the round, announced during the craze caused by the y00ts Solana-based NFT drop on September 5th.

Thus, Dust Labs created by the DeGods NFT collective founders attracted investments from big ventures and capital firms like Foundation Capital, Solana Ventures, Metaplex, Jump, FTX Ventures, and Chapter One. DeGods ecosystem is well-known for its blue-chip Solana and Ethereum NFT-centered tools, as well as in-project DUST crypto token. The hefty $7-million investment from venture funds was split between the Dust Labs capitalization and DUST token in equal parts.

DUST is a Solana-driven utility token used as the official currency of the DeGods ecosystem. The latter is widely known as SOL's most valuable collection of PFPs. The DeGods-owned Dust Labs and their y00ts NFT project have been much spoken about, so far. Due to a blocker bug right before the mint, Dust Labs had to postpone the y00ts collection launch.

Against the backdrop of the minting delay, on September 6th, at 11:30 pm New York time, DUST has lost about 30% from its $3 price. But it's not surprising, as it always happens so when tokens are used to qualify the NFT drop, and then lose in value when the hype vanishes. Thus, Dust Labs is about to host an AMA on September 8th to answer all questions from the community as well as speak on further actions.

Are you intrigued to know more about the y00ts and DUST, eh? If the answer is yes, you can always go to our socials for a vivid chat.