Crypto startup Palm NFT Studio confirmed a Series B raise of $27 million on December 9 led by Microsoft’s venture fund M12. Cofounded by Ethereum co-founder Joseph Lubin and ConsenSys founder, Palm NFT offers strategic and technical services for the creators to build nonfungible token (NFT) marketplaces.
M12 added early-stage Palm NFT Studio to its portfolio with participation from venture company Griffin Gaming Partners. Other notable backers include Sfermion, the LAO, RRE, Third Kind Venture Capital, Warner Bros., and SK Inc.
Based on the official statement published on their company blog, the funds from the raise will enable the developers to scale the Palm NFT Studio’s technology platform. The company will then offer the platform to third parties looking to deploy NFT projects across various genres like movies, games, music, and art with regulatory compliance coupled with environmental sustainability.
The co-founder and CEO of Palm NFT Studio, Dan Heyman, thinks that:
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“Within three years, most NFTs will be given away for free. 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.”
Palm NFT Studio Looking To Expand Operations
Palm NFT Studio co-created the Palm Network, which is an Ethereum sidechain that enables users to establish NFTs. Any of the NFTs that are made on the Palm Network or Ethereum Mainnet can be bridged between the two platforms easily, according to the company.
Being new board members, M12 also posted an official statement to welcome Palm NFT to their portfolio. M12 also pointed out the startup’s focus on 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.”
Since its launch earlier this year, Palm NFT Studio has partnered with DC Comics to unveil an NFT collection of tokenized comic book covers. It has also collaborated with Damien Hirst to drop The Currency collection.
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