Recently, an NFT firm by the name of Dust Labs raised a round sum of 7 million USD to build their $DUST ecosystem in their seed round. This investment has been carried out among several companies, namely Hyperspace, Hello Moon, Cymbal, Foundation Capital, Metaplex, Jump, FTX Ventures, Solana Ventures, and Chapter One.
The investment is a 50/50 split between Dust Labs’ equity and the $DUST token the company is working on, according to a CoinDesk report.
More details on the $7 million investment drive of Dust Labs
Following the announcement of the $7 million donation, $DUST fell by a solid 30%. The token was down to $2.10 from its daily high of $3. However, this devaluation is completely normal for a token built for NFT purchases following a mint.
In the recent times, $DUST, a token based on the Solana blockchain, has gathered some potential as it has been declared to be the official currency of the DeGods ecosystem. It is worth noting that DeGods is the most valuable NFT collection in Solana.
Dust Labs is a company created around the Solana and Ethereum NFT community. It was initially established by the founders of the DeGods team and is currently working behind a whitelisting tool called “scholarships”.
DeGods is currently recovering from a tumultuous state after a last-minute blocker bug delayed their high-value and anticipated minting process in the y00ts project.
The news of this massive investment came from a highly anticipated minting process in the Solana blockchain. The NFT community based around the blockchain was surprised at the massive investment driven by $DUST.