Dust Labs, Creater Of Degods NFT, raised $7 million during y00ts release.

NFT Software Company Dust Labs raised $7 million during y00ts release.

The Solana NFT community got swept up in the frenzy of the long-awaited minting, which took place during a high-profile event.

During the frenzy around Solana-based y00ts NFT minting software Dust Labs raised $7 million, non-fungible token (NFT) software company Dust Labs has raised a $7 million funding round.

Foundations Capital, Solana Ventures, Metaplex, Jump, FTX Ventures and Chapter One are among the investors in the round. Company equity and its DUST token were split 50/50.

Solana’s DeGods ecosystem uses DUST tokens as the official currency. DeGods is renowned for its enormously popular eponymous PFP, which is the most valuable collection in the Solana NFT world.

Traders were digesting the news at 11:30 p.m. ET, when DUST token prices dropped 30% from their daily high of $3. Tokens purchased to qualify for an NFT release frequently lose value after being minted.

DeGods has created an NFT toolkit for Solana and Ethereum projects, in collaboration with the founders of the DeGods NFT collective. Its first product is a “scholarships” whitelisting tool, which it demonstrated during the y00ts mint.

A last-minute blocker bug halted the DeGods team’s buzzy y00ts project last week, delaying its mint. Dust Labs said it will host an AMA (ask me anything) on Thursday to provide further information.