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Microsoft led the US$27 million Series B financing of startup Palm NFT Studio

Microsoft led the US$27 million Series B financing of startup Palm NFT Studio

Cryptocurrency startup Palm NFT Studio announced on Thursday that it has completed a $27 million Series B financing. The investment was led by Microsoft’s venture fund M12. Palm NFT was co-founded by Joseph Lubin, the founder of ConsenSys and the co-founder of Ethereum. Provide creators with strategic and technical services to help build a non-fungible token (NFT) market.

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

According to their statement on the company blog, this financing will enable the team to expand Palm NFT Studio’s technology platform. It also provides services that comply with regulations and environmental sustainability to third parties who wish to deploy NFT projects in the fields of film, games, music and art.

Dan Heyman thinks NFT will be given away for free

Dan Heyman, co-founder and CEO of Palm NFT Studio, believes that “in three years, most NFTs will be given away for free.” He also said:

“Our envisioned project is to make millions of NFTs practical. Social objects connect the community, promote participation and reward true fans. We are grateful that incredible partners like M12 are willing to share this vision with us. .”

Palm NFT studio co-founded Palm Network. This is an Ethereum sidechain that allows users to build NFTs. According to the company, any NFT established on the Palm Network or Ethereum mainnet can be bridged from the Ethereum mainnet to the Palm Network sidechain, and vice versa.

As a new board member, M12 also issued a statement. Welcome Palm NFT to their portfolio and point out its focus on sustainability.

“The company and a third party have conducted tests, showing that Palm Network requires much less calculation and subsequent energy to execute transactions than the PoW chain. Palm Network also has built-in carbon taxes in its bridge configuration, when the main network resources are used Will be forced to pay.”

Since its launch earlier this year, Palm NFT Studio has partnered with DC Comics. Released the cover of the tokenized comics of the NFT series. And cooperated with Damien Hirst to launch the “The Currency” series.

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