In Brief:
- Palm NFT Studio has raised $27 million in a Series B funding round.
- The round was funded by Microsoft’s M12 venture.
- The funds will help the team to enhance Palm NFT Studio’s technology platform.
Palm NFT Studio, a crypto firm, raised $27 million in a Series B funding round led by Microsoft’s venture fund M12. Palm NFT, cofounded by ConsenSys founder and Ethereum cofounder Joseph Lubin, offers entrepreneurs strategic and technical assistance in building NFT marketplaces.
Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO, Warner Bros., and SK Inc. are among the other prominent investors.
The funds will allow the team to scale the Palm NFT Studio’s technology platform and offer it to third parties looking to deploy NFT projects across movies, games, music, and art while maintaining regulatory compliance and environmental sustainability, according to a statement posted on their company blog.
Palm NFT Studio founder and CEO Dan Heyman believes that, “within three years, most NFTs will be given away for free.”
He further said, “we envision programs that mint millions of NFTs with utility; social objects that connect communities, drive engagement and reward true fans. We’re grateful that incredible partners like M12 share that vision.”
The Palm Network, an Ethereum sidechain that allows users to generate NFTs, was co-created by Palm NFT Studio.
According to the company, any NFTs created on the Palm Network or Ethereum mainnet can be bridged from the Ethereum mainnet to the Palm Network sidechain or vice versa.
M12, as new board members, issued a statement welcoming Palm NFT to their portfolio and emphasising the company’s commitment to sustainability: “The company and third parties have run tests that show the Palm Network requires magnitudes less computation and subsequent energy to execute transactions than proof-of-work chains. The Palm Network also has a carbon tax built into its bridge configuration, enforcing payment when mainnet resources are used.”
It wasn’t the first time for the funding company Microsoft to show interest in Crypto, prior to this the firm made inroads into the metaverse with updates to its Teams and Xbox gaming console services, as well as launched a new product called “Dynamics 365 Connected Spaces.”
Palm NFT Studio has cooperated with DC Comics to offer an NFT collection of tokenized comic book covers and with Damien Hirst to release The Currency collection since its introduction earlier this year.
