Microsoft's M12 leads Series B funding round of $27M for startup Palm NFT Studio
M12, Microsoft‘s venture fund, has led an early-stage funding round for Palm NFT Studio. $27 million (~£20 million) was raised for scaling the company’s operations with a number of new experts.
“A new NFT ecosystem for culture and creativity”
The studio is currently working on presenting its own Ethereum-based non-fungible token (NFT) ecosystem, as well as helping other companies create NFT projects.
According to an official statement by M12, Palm has an enormous potential for “non-fungible action” across movies, television, games, music, and art in general. The studio is supposed to connect brands, enterprises, creators, and consumers as the internet transitions into its Web3 form.
“We’re focused on early stage B2B,” M12 managing director Matt Goldstein said. “When we look at [Palm’s] pipeline, it’s media brands and art brands and content brands. And those are the relationships that we think are in the best position to help and support the relationship with Microsoft.”
Any NFT assets created on the Palm Network or Ethereum mainnet are in the same form, language, and specification, and can be moved across the bridge from the Ethereum mainnet to the Palm Network sidechain or vice versa.
The Series B round included investment firms RRE, Third Kind Venture Capital, NFT investor Sfermion, The LAO and more.
“Within three years, most NFTs will be given away for free,” Dan Heyman, Co-Founder and CEO of Palm NFT Studio said. “We will see a shift away from NFTs as exclusive collectibles toward mass community engagement, and Palm NFT Studio is leading that evolution. 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 has assembled a high-caliber team and introduced several game-changing NFT drops from high concept art projects in the eight months since its launch. These include Damien Hirst’s The Currency, with a market cap over $600 million (~£454 million), blockbuster IPs such as Space Jam 2 and DC Comics’ DC FanDome 2021, Pace Verso, an art gallery for Web3 for connecting the fine art and crypto worlds.
Palm NFT Studio has announced a Series B raise of $27 million (~£20 million) led by Microsoft‘s venture fund M12, and including Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO and other companies.
Recevez un condensé de l’actualité dans le monde des cryptomonnaies en vous abonnant à notre nouveau service dequotidienne et hebdomadaire pour ne rien manquer de l’essentiel Cointribune !
I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.