NFT Software Company Dust Labs Raises $7M During y00ts Release

The announcement came during the high-profile and long-anticipated minting that’s taken the Solana NFT community by storm.

AccessTimeIconSep 6, 2022 at 3:19 a.m. UTC
Updated Sep 19, 2022 at 9:04 p.m. UTC
Daniel Alegre
CEO
Yuga Labs
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.
Daniel Alegre
CEO
Yuga Labs
Consensus 2023 Logo
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

Daniel Alegre
CEO
Yuga Labs
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.
Daniel Alegre
CEO
Yuga Labs
Consensus 2023 Logo
Hear from Yuga Labs new CEO in his first public appearance since assuming the position.

Non-fungible token (NFT) software company Dust Labs has raised a $7 million funding round, announced during the pandemonium for its Solana-based y00ts NFT minting on Monday.

Participants in the round include Foundation Capital, Solana Ventures, Metaplex, Jump, FTX Ventures and Chapter One. The investment was a 50/50 split between company equity and its DUST token, a representative told CoinDesk.

DUST is a utility token on Solana dubbed as the official currency of the DeGods ecosystem. DeGods is known for its popular eponymous PFP, which is the highest valued collection in the Solana NFT world.

At 11:30 p.m. ET, DUST was down 30% from its daily high of $3 as traders digested the news. It’s not uncommon for tokens purchased to qualify for an NFT release to lose valuing following its mint.

The company, created by the founders of the DeGods NFT collective, specializes in providing NFT tooling to projects on Solana and Ethereum. Its first product is a “scholarships” whitelisting tool that it displayed during the y00ts mint.

The DeGods team has had a whirlwind of a week, delaying the mint for its buzzy y00ts project after a “blocker bug” last minute. Dust Labs said it will be hosting an AMA (ask me anything) on Thursday to provide further information.

(Disclosure: The author was among the Monday minters of y00ts NFTs.)

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


Read more about