Woofun AI reports that Dragonfly Managing Partner Haseeb Qureshi clarified the nature of the VVV token associated with Venice AI. He stated that Venice operates as a centralized company, meaning VVV does not confer ownership or equity rights. Instead, VVV functions as a utility token for staking to mint DIEM, granting access to inference hash rate and Venice Pro benefits. The company intends to use operational revenue to buy back and destroy VVV, reducing supply. Venice previously secured a $65 million Series A round led by Dragonfly on July 1, with founders retaining equity rather than distributing it to token holders.