Solana-based, non-tradable token (NFT) collections y00ts and DeGods, startup Dust Labs, made a $7 million strategic investment.

We would like to announce that we have raised a $7 million strategic round to create $DUST ecosystem.

with the AMA @frankdegods & our CEO @kevindegods Thursday, September 8th. pic.twitter.com/VxzdZeu3P0

— Powder Labs (@dust_labs) 6 September 2022

Joining the round is FTX Ventures, Solana Ventures, NFT marketplace Magic Eden, Foundation Capital and others.

The startup was born from the success of DeGods and focused on “creating software that helps NFT communities deliver more value to their owners.” [токенов]”.

Project founder Frank explained in a conversation with Decrypt that Dust Labs is a technology company. It is not the main structure of DeGods, as in the Yuga Labs and Bored Ape Yacht Club collection.

The funds raised will be used to build an ecosystem for the DUST utility token. It was originally released as a reward for DeGods owners. Y00ts is the only coin that can be used for minting.

AI-powered NFT authentication startup Optic has previously raised $11 million from Kleiner Perkins and Pantera Capital.

Recall that in August, the trading volume of non-tradable tokens continued to decline globally. Dynamics has been confirmed by OpenSea, the leading NFT marketplace, whose figure has dropped to $500 million, according to a ForkLog report.

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