Dust Labs has recently raised $7 million in a funding round attended by FTX Ventures, Solana Ventures, NFT marketplace Magic Eden, Foundation Capital and others.
The startup was born out of the success of DeGods and is focused on “creating software that helps NFT communities deliver more value to token holders.”
According to the project founder Frank, Dust Labs is a technology company. It is not the parent structure of DeGods, as is the case with Yuga Labs and the Bored Ape Yacht Club collection.
The company will reportedly use the funds to create an ecosystem for the DUST utility token. It was originally launched as a reward for DeGods holders and is actually the only coin that can be used to mint y00ts.