Microsoft leads Palm NFT Studio Series B startup valued at $ 27 million

Cryptocurrency startup Palm NFT Studio on Thursday announced $ 27 million Series B funding, led by Microsoft’s M12 venture capital fund. Palm NFT, co-founded by ConsenSys founder and Ethereum co-founder Joseph Lubin, provides developers with strategic and technical services to create an NFT marketplace.

Other major donors include Griffin Gaming Companions, RRE, Third Type Venture Capital, Sfermion, LAO, Warner Bros. and SK Inc.

According to a blog post from their company, the boost will allow the team to expand Palm NFT Studio’s technology platform and make it available to third parties who run NFT projects in film, games, music and art in accordance with government regulations and the environment. want to implement sustainability.

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

“We are introducing programs that are used by millions of NFTs in social media, bringing communities together, increasing engagement and rewarding true fans. We are grateful that great partners like M12 share this vision. ”

Palm NFT Studio co-authored Palm Network, an Ethereum sidechain that allows users to customize NFTs. Any NFT running on the Palm or Ethereum mainnet can be bridged from the Ethereum mainnet to the Palm subnet, or vice versa, the company said.

As a new board member, M12 also released a statement welcoming Palm NFT to its portfolio and highlighting its focus on sustainability:

“The company and third parties have conducted tests that show that the Palm community requires less processing power and less power to execute transactions than the Proof-of-Work chain. Palm Community has also built a carbon tax into its bridge configuration, which enables payments to be made while using the main network resource. ”

Since its launch earlier this year, Palm NFT Studio has partnered with DC Comics to release an encrypted NFT collection of comic book covers and has worked with Damien Hirst to bring the Forex collection to market.

M12 is adding Palm NFT Studio early on to its portfolio through the Griffin Gaming Companions joint venture.

Cryptocurrency startup Palm NFT Studio on Thursday announced $ 27 million Series B funding, led by Microsoft’s M12 venture capital fund. Palm NFT, co-founded by ConsenSys founder and Ethereum co-founder Joseph Lubin, provides developers with strategic and technical services to create an NFT marketplace.

Other major donors include Griffin Gaming Companions, RRE, Third Type Venture Capital, Sfermion, LAO, Warner Bros. and SK Inc.

According to a blog post from their company, the boost will allow the team to expand Palm NFT Studio’s technology platform and make it available to third parties who run NFT projects in film, games, music and art in accordance with government regulations and the environment. want to implement sustainability.

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

“We are introducing programs that are used by millions of NFTs in social media, bringing communities together, increasing engagement and rewarding true fans. We are grateful that great partners like M12 share this vision. ”

Palm NFT Studio co-authored Palm Network, an Ethereum sidechain that allows users to customize NFTs. Any NFT running on the Palm or Ethereum mainnet can be bridged from the Ethereum mainnet to the Palm subnet, or vice versa, the company said.

As a new board member, M12 also released a statement welcoming Palm NFT to its portfolio and highlighting its focus on sustainability:

“The company and third parties have conducted tests that show that the Palm community requires less processing power and less power to execute transactions than the Proof-of-Work chain. Palm Community has also built a carbon tax into its bridge configuration, which enables payments to be made while using the main network resource. ”

Since its launch earlier this year, Palm NFT Studio has partnered with DC Comics to release an encrypted NFT collection of comic book covers and has worked with Damien Hirst to bring the Forex collection to market.