Net 3-Savvy Media Outlet Dust Raises $1.2M in Seed Spherical

Leisure and tradition publication Dust said Monday it raised $1.2 million in seed funding to construct out its Net 3 infrastructure.

The spherical was led by crypto funding fund Collab + Forex, with contributions from Offline Adventures, Flamingo DAO, Spice Capital, Unicorn DAO and Matt Hackett.

Dust sustains its media ecosystem by way of non-fungible token (NFT) gross sales, however its community of freelancers would not solely cowl crypto matters. Even so, Dust goals to construct a Net 3 group by way of NFTs, its DIRT governance token and DirtDAO, which is able to oversee entry to unique content material for token holders.

“Web3 creates extra pathways to fandom past simply buying a subscription or a tote bag – it additionally turns media right into a two-way road, the place subscribers could make applicable selections concerning the path of the publication,” stated Dust contributors in a blog post.

Journalists Kyle Chayka and Daisy Alioto co-founded Dust final yr, and in partnership with NFT platform Mirror, started promoting content material as NFTs. Dust made $20,000 in NFT gross sales in its first full day, in response to Axios author Sara Fischer.

Dust’s NFTs have generated 4 ETH in buying and selling quantity on OpenSea since September.

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