Solana Startup Dust Tops NFT Charts with Y00ts Collection

Quick Summary:

  • Dust Labs, behind Solana-based NFTs Buzzy Y00ts and DeGods, has raised $7 million in funding for a web 3 startup.
  • Buzzy Y00ts have topped the NFT chart as the secondary sales volume up to $6 million.

Related: Magic Eden and Rarible propose to make an NFT marketplace for ApeCoin Community

Dust Labs Secure $7 million in funding

Solana-based Y00ts NFT collection has been ruling the chart as NFTs show a significant gain above the mint price in secondary sales. The collection of 15,000 NFTs is owned by 7.1k owners with an average of 2 NFTs per wallet, as per Opensea data. More than 1600 NFTs are owned by the creator itself. The collection has a floor price of 143 SOL (~ $5000). The NFTs are also listed on Solana’s main NFT marketplace, Magic Eden. Another project by Dust Labs is DeGod which reached the highest ever floor price recorded on Solana.

The Dust Labs is a “tech company spun off” which is “building software that helps NFT communities bring more value to their holders.” The web 3 tech company is now seeking millions in investments from investors. The $7 million worth of funding was secured in a seed round from VC firms, Solana NFT marketplace Magic Eden, Solana NFT protocol maker Metaplex, and other key investors. The investors’ trust was based on the performance of the NFT projects on Solana.

DeGod secretly following the BAYC pattern?

Dust Labs also have their utility token which is given as a reward to all DeGod NFT holders. To add more value to this token, Dust Lab allows the primary minting of Y00ts NFTs only through the Dust token. Since the token is based on the Solana chain, it is also accepted by Magic Eden.

DeGod’s NFT collection didn’t stop there. It dropped a child collection called Y00ts which were awarded to the DeGod holders. In addition, to own Y00ts NFTs, the buyers must first mint a ‘toob’ and then burn it permanently. DeGod NFT collection is following BAYC in many aspects: it launched a parent collection, then launched a utility token, and then dropped a child collection for the parent NFT holders – quite similar. The only difference is that BAYC rules the Ethereum blockchain while DeGod rules the Solana.

Conclusion:

It is easier for successful projects to secure huge funding as the investors trust the team. Also, the retail buyers jump in blindly knowing the project will explode like the parent projects. However, nothing should be taken for guarantee particularly when it’s about highly illiquid assets like NFTs.

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author: mnmansha

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.