The trending y00ts NFT launch delivered on the hype with $6 million in secondary sales, while its creators, Dust Labs, raised $7 million in seed funding on the same day.
Dust Labs, the NFT startup linked to the y00ts NFT project, announced that it had raised $7 million in seed funding on the same day y00ts yielded over $6 million in secondary sales. It proves that all the hype thrown y00ts’ way was not for naught.
The Solana-based y00ts NFT topped secondary markets as the NFTs in the collection sold for a significant premium over the mint price. The NFT project and the Web3 tech company tied to the project were on a roll, as the latter raised a hefty seed round from some notable venture capital firms.
Y00ts NFT and Dust Labs Buzzing Through
Dust Labs, the NFT software company linked to y00ts NFT and DeGods (another popular NFT project), raised $7 million in funding from high-profile investors. Some participants in the round included Solana Ventures and FTX Ventures, top Solana NFT marketplace Magic Eden, Solana NFT protocol maker Metaplex, Foundation Capital, and Jump.
The $7 million funding will be split 50/50 between Dust Labs’ equity and its DUST token. Incidentally, DUST is a Solana-based utility token dubbed the DeGods NFT ecosystem’s official currency. It was initially launched as a reward for DeGods NFT holders. DUST is also the only token that may be used to purchase y00ts NFTs. The DeGods NFT project became known for its famous eponymous profile picture (PFP) NFTs. It is touted as the highest valued collection in the Solana NFT world.
Dust Labs is a spawn of DeGods, founded by the NFT project’s creator, who simply goes by Frank. Still, the startup does have its CEO, Kevin, and a vision. According to its website, the company is focused on “building software that helps NFT communities bring more value to their holders.”
In a recent interview, Frank said Dust Labs is a “tech company spun off” from the DeGods NFT project. Hence, it should not be taken in the same context as Yuga Labs, the parent company of the Bored Ape Yacht Club NFT collection. For instance, Dust Labs is responsible for creating the minting website for the y00ts NFT.
Solana-Based y00ts NFT Debut
The y00ts NFTs launched on Sunday, consisting of 15,000 Solana-based collectibles. The NFTs were exclusively available to DeGods holders and those in the exclusive whitelist, including celebrities like comedian Howie Mandel and soccer legend Wayne Rooney.
On the mint day, minters could mint a “t00b”—what each available NFT was called. Everyone who minted a t00b will need to burn it (permanently destroy it) in exchange for the actual y00ts NFT (a profile picture). However, this process will not begin until September 9, and it could still be subject to changes since there were delays to the initial NFT mint.
Minting a t00b will cost you 375 DUST, which was about $875 when the mint started on Sunday and is probably worth over $900 now. Those on the y00tlist have until 5 PM ET, September 7, to mint. Still, the window may be extended, as per the creators, due to some unavoidable technical issues. DeGods NFT holders can mint a y00ts NFT any time, but they would have to pay more since the mint price is expected to increase gradually over time.
Data from NFT marketplace aggregator Hyperspace shows that y00ts NFTs have generated over $6 million worth of secondary sales. Ninety-six percent of the secondary sales took place on Magic Eden. The floor price is currently 139 SOL, or roughly $4,400.
On launch day, y00ts NFT usurped the throne from ENS domains as the top-selling NFT project across secondary markets based on data from OpenSea. Also, according to OpenSea’s rankings, y00ts NFTs are not only the top-selling NFT project of the last 24 hours but also over the last week.
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