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Dust Labs raises $7 million in seed funding round

Solana
Solana

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Popular non-fungible token (NFT) software firm, Dust Labs, has completed a new seed funding round, the firm announced on Monday. The company raised $7 million in the round.

DUST runs a utility token on the Solana network. The token remains a legally recognized currency of the DeGods ecosystem. DeGods is prominent due to its eponymous PFP in the Solana NFT world. It is also the most priced collection in the Solana NFT world.

Other participants in the round include Foundation Capital, Solana Ventures, Metaplex, Jump, FTX Ventures, and Chapter One. According to a representative at the company, the investment was divided equally between the company equity and its DUST token.

The firm encountered several difficulties within the last week. Dust Labs had to postpone the mint of its buzzy y00ts project due to a “blocker bug” at the last minute.

DUST Labs manifested through the efforts of DeGods NFT collective founders. DUST focuses primarily on availing NFT tools to projects on Solana and Ethereum. The company’s first project is a “scholarships” whitelisting tool. The firm exhibited the tool during the Y00ts mint.

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Dust Labs also announced its intention to initiate an AMA program on Thursday. The company claimed that the program will go a long way in availing detailed information on the project.

As of press time, DUST has declined by 30% from its daily high of $3. However, it is common for tokens acquired to qualify for an NFT release to lose prizing after its mint.

NFT sphere witnessing more investments

DUST Labs’ latest funding round indicates an increase in investment rate and entries in the NFT space. Recently, Kryptomon, a blockchain game, invested in the trend after unveiling its exclusive physical NFT collection on the Binance NFT marketplace.

The NFT project manifested as a combination of both physical and digital assets. The physical assets of the collection include different varieties of limited-edition exclusive collectibles. Each of them, as designed, possesses a unique serial number to prove and reveal their authenticity.

On the other hand, the digital assets in the NFT project include different kinds of badges (silver, gold, platinum, and diamond). These assets will reportedly help users to obtain Mystery Boxes in Kryptomon’s monthly Treasure Hunt event.

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