NFT startup Dust Labs secured $7 million in seed round funding to build up the $DUST token ecosystem. Investors include Chapter One, Magic Eden, FTX Ventures, and much more. Y00ts NFT mint finally went go on September 5th after fixing a “blocker bug” issue. The much-awaited collection has topped the charts with over 200k SOL in trading volume on OpenSea before a day.
What you ought to find out about Dust Labs’ latest fundraise
Dust Labs, the Web3 startup linked with y00ts and DeGods NFTs, has raised $7 million in seed round funding. The announcement came soon after the buzzy y00ts NFT mint went go on Monday night.
Several prominent investors participated inside the round. Included in these are Chapter One, Foundation Capital, Magic Eden, Metaplex, Jump, FTX Ventures, and Solana Ventures. In a written report by CoinDesk, the funding was a 50/50 split between your company’s equity and its own $DUST token, the native token of this DeGods NFT project.
Though few details yet, the firm revealed in a very tweet that it might be using these fresh funds to create out the $DUST ecosystem. Concerning how they are able to make this happen, Dust Labs’ CEO Kevin and DeGods’ creator Frank will disclose more within an upcoming AMA (ask me anything) on September 8th.
“Hearing the DUST vision from Frank and Kevin was truly an insane moment along with the conversations will undoubtedly be remembered forever,” said Jack Lipstone, Venture Partner of Chapter One in a tweet. “Super excited to work closely with Dust Labs & [its] community!”
Sharing exactly the same excitement, founder and managing partner of Chapter One Jeff Morris Jr. said: “We’ve never seen a residential area that can compare with DeGods NFT and y00ts NFT – both built by Dust Labs. The creativity of Frank is unlike anything in crypto [space] and Kevin is really a world-class engineer who’ll get this to crazy vision happen.”
We wish to announce that people have raised a strategic round of $7M to create 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
Dust Labs’ regards to y00ts and DeGods NFT
To those that don’t know, Dust Labs can be an NFT startup established by the founders of DeGods NFT. But unlike how Yuga Labs would be to BAYC, it isn’t a parent company for the y00ts or DeGods NFT projects.
Instead, the firm is really a separate Web3 firm that aims to provide software and tooling for NFT projects running on Solana and Ethereum. Its first product is a scholarship whitelisting tool “y00tlist”, available on the project’s minting webpage.
About y00ts – the most hyped NFT project on Solana
Being one of the hottest NFT projects on Solana, y00ts is a collection of 15,000 yeti-like PFP avatars created by the DeGods founding team. The project, which has a transparent whitelisting system, saw applications from several big names like NFT influencers and soccer legend Wayne Rooney.
Accepted applicants and DeadGod holders can mint “t00bs”, which can be burned to get “y00ts”. Each of them costs 375 $DUST to mint, with the price going up to 500 $DUST on September 9th. After that, it will increase by 0.8325 $DUST daily until the token emission ends.
As of writing, y00ts has exceeded 200k SOL in trading volume (about $6.1 million) on OpenSea! The collection is now topping from the charts having a floor price of 155 SOL (around $4,800).
$DUST, on the other hand, is not doing so well. The token price at one time plunged more than 30% in a classic “sell the news” fashion after the y00ts NFT mint began on Monday.
Even so, $DUST is expected to introduce more use cases in the future. Magic Eden, one of the top Solana NFT marketplaces, is planning to support the native token on its platform soon. For now, holders can only use the token to mint new collectibles under the DeDAO treasury.
It remains to be seen how Dust Labs will develop its utility token in the future. Those who want to learn more will have to stay tuned for your AMA on Thursday.