Microsoft leads Palm NFT Studio's $ 27 million Series B

Getting started with Palm NFT Studio cryptography announcement a $ 27 million Series B fundraiser on Thursday led by Microsoft’s venture...



Getting started with Palm NFT Studio cryptography announcement a $ 27 million Series B fundraiser on Thursday led by Microsoft’s venture capital fund M12. Palm NFT, co-founded by Joseph Lubin, founder of ConsenSys and co-founder of Ethereum, provides strategic and technical services to creators to create NFT markets.

Other major funders include Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, LAO, Warner Bros. and SK Inc.

According to the statement Posted on their corporate blog, the increase will allow the team to evolve the technology platform of Palm NFT Studio and offer it to third parties looking to deploy NFT projects in movies, games, music and art in compliance with regulations and environmental sustainability.

Dan Heyman, co-founder and CEO of Palm NFT Studio, estimates that “within three years most NFTs will be offered for free”, and added:

“We envision programs that generate millions of NFTs with utility; social objects that connect communities, stimulate engagement and reward true fans. We are grateful that incredible partners like U12 share this vision.

Palm NFT Studio co-created the Palm Network, an Ethereum side chain that allows users to establish NFTs. Any NFTs created on the Palm Network or the Ethereum Mainnet can be linked from the Ethereum Mainnet to the Palm Network side chain or vice versa, depending on the company.

As new members of the board of directors, M12 also published a statement welcoming Palm NFT to their portfolio and underscoring its focus on sustainability:

“The company and third parties have performed tests that show the Palm network requires significantly less computation and energy to complete transactions than proof-of-work chains. The Palm network also has a carbon tax built into its bridge configuration, requiring payment when main network resources are used. “

Since launching earlier this year, Palm NFT Studio collaborated with DC Comics to publish an NFT collection of symbolized comic book covers and worked with Damien Hirst to drop Currency collection.