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

M12 is adding Palm NFT Studio early stage to its portfolio with the participation of joint venture company Griffin Gaming Companions.

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Cryptocurrency startup Palm NFT Studio announced a $ 27 million Series B funding round Thursday, led by Microsoft’s M12 venture fund. Palm NFT, co-founded by ConsenSys founder and Ethereum co-founder Joseph Lubin, provides developers with strategic and technical services for building the NFT marketplace.

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

According to a statement on their company blog, the raise will allow the team to expand Palm NFT Studio’s technology platform and make it available to third parties who do NFT projects in film, games, music and the arts in compliance 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 given away for free,” added:

“We envision programs that use millions of NFTs on social objects, connect communities, increase engagement, and reward real fans. We are grateful that incredible partners like M12 share this vision. ”

Palm NFT Studio co-developed Palm Network, an Ethereum sidechain that allows users to set up NFTs. According to the company, any NFT running on the Palm network or the Ethereum mainnet can be bridged from the Ethereum mainnet to the Palm network subnet or vice versa.

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 have shown 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 that enforces payments when the main network resource is in use. ”

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