- NFT company Dust Labs raised $7 million in a recent investment round.
- The round was led by major names like FTX ventures and Solana Ventures.
- y00ts minting project has been postponed due a blocker bug.
Dust Labs, an NFT software company, recently revealed that it has secured a $7 million investment round amid the hype surrounding the launch of its y00ts NFT collection.
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
Dust Labs is the firm behind popular NFT projects DeGods and the recent hot project y00ts.
Reports state that Foundation Capital, Solana Ventures, Metaplex, Jump, FTX Ventures, and Chapter One all participated in the round. Furthermore, reports indicate that the investment was split evenly between company equity and DUST tokens.
DeGods is a deflationary 10k PFP (Profile Picture NFTs) collection of gods dressed in an original visual combination of modern streetwear and old deity vibes.
At the time of writing 9,465 DeGods NFTs have been minted, with the remaining 535 being burned by the team. The attributes of these items vary widely from Common to Uncommon to Rare to Super Rare to Mythic. The Medusa Head is the most valuable piece in the collection, and there are only 25 of them.
The DeGods community token, or DUST, was developed to increase the project’s usefulness. As the native token of the DeGods ecosystem, $DUST can be earned via staking a DeGods NFT, which is currently the most valuable collection within the Solana ecosystem.
In a hectic week, the DeGods team discovered a “blocker bug” that forced them to postpone the release of their recently-hyped y00ts project. Dust Labs has announced that it will hold an AMA (ask me anything) session this coming Thursday. At press time, DUST was trading at $2.08, down 26% over the past 24 hours.