According to a press release released this week, Microsoft’s M12 Ventures is spearheading a new B-Series investment for Palm NFT Studio.
Palm NFT Studio applies for Series B funding led by Microsoft M12 Fund Palm NFT Studio applies for Series B funding led by Microsoft M12 Fund
Palm NFT Studio has announced several major projects it has sponsored, including the Damien Hirst Show and Candy Digital with Major League Baseball.
Microsoft M12 Ventures is investing Series B in its 8-month-old NFT platform.
Palm uses Ethereum Layer-2 and has Ethereum co-founder and ConsenSys founder Joseph Lubin on its leadership team.
Palm is intended to be used as a direct Layer 2 solution that is likely to be whitelisted for some of the largest NFT projects. For example, over the past few weeks, the platform announced that Nifty and Warner Bros. will partner with 100,000 “matrix” NFTs built on the Palm network. Other older versions of IP, including Space Jam 2, were supported by Palm, with the platform name largely unknown.
In recent months, the network also announced the Contributor Engagement Program, whereby artists can register with all relevant media and apply for their work using a variety of media tools.
I plan to use capital in Palm NFT Studio
One of the main directions of the plan is the further development of the Palm NFT Studio technology platform, which makes it easy to develop and deploy large NFT components on the Palm network. Today, this technology platform enables Palm NFT Studio to partner with leading developers and brands to promote their NFT projects. The funding will allow Palm NFT Studio to make the platform available to any third party wishing to launch a large-scale NFT project, with a focus on ease of new user connectivity, regulatory compliance and environmental sustainability.
Dan Heyman, co-founder and CEO of Palm NFT Studio, said: “Most NFTs are given away free of charge for three years. “We will see a move away from NFT as exclusive collections are geared towards active community participation and Palm NFT Studio is leading this development. We envision programs that are leveraging millions of NFTs; Social assets bring communities together, increase engagement and reward true fans. We are grateful that great partners like M12 share this vision. ”
This Series B funding is expected to be used to expand new operations, including recruiting new employees. Other investment firms following Microsoft in this funding round include Griffin Gaming Partners, RRE, Third Kind Venture Capital, etc.
Via Palm NFT Studio
Palm NFT Studio brings together ConsenSys founder and Ethereum co-founder Joseph Lubin; Heyday Films film producer and owner David Hayman; Joe Hage and Daniel Hayman, founders of the world-class art services company HENI Group, former co-founders of PegaSys, the ConsenSys protocol development group.
It is a gathering of industry leaders in technology, entertainment, crypto arts, and the arts. The studio offers its own strategic, creative and technical services on a proprietary platform for brands, intellectual property owners, and developers looking to incorporate NFT layers into current and future IPs, hybrid for movies, games, music and art.
In the eight months since Palm NFT Studio launched, they have assembled a highly skilled team and showcased groundbreaking NFT releases that range from intricate concept art projects such as Damien’s Hirst’s Currency, which had a market cap of over $ 600 million in two months … how NFT can open up new channels of fan engagement and digital storytelling through IP blockbusters like DC Comics’ Space Jam 2 and DC FanDome 2021 by giving away hundreds of thousands of free NFTs as rewards for fan engagement – which is one of the biggest NFT spreads. Palm NFT Studio continued to partner with Pace Gallery to launch Pace Verso, an art gallery for Web3 that brings together the worlds of fine art and cryptocurrencies, and Portion to connect crypto artists with collectors.
Palm NFT Studio also helped launch the Palm Network, an NFT-focused Ethereum sidechain. Among others, Candy Digital’s MLB-NFT platform, Nifty’s Matrix Resurrections show with Warner Bros. and NFTPro are based on the Palm Network.