Palm NFT Studio is promoting Series B funding led by Microsoft’s M12 Fund
Microsoft’s M12 Ventures has spearheaded a new Series B investment for Palm NFT Studio, according to a press release released this week.
Palm NFT Studio is applying for Series B funding led by Microsoft’s M12 Fund
Palm NFT Studio has announced a number of major projects it has sponsored, including Damien Hirst’s rolling currency show and Candy Digital with Major League Baseball.
Microsoft’s M12 Ventures leads a Series B investment in an 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 serve as a direct Layer 2 solution that is likely to be whitelisted on some of the largest projects in the NFT space. For example, in the last few weeks the platform announced that Nifty and Warner Bros. would be partnering with 100,000 “matrix-inspired” NFTs built on the Palm network. Other older IP releases, including Space Jam 2, were supported by Palm, with the platform’s name largely unknown.
The network has also announced a Creator Engagement Program in recent months, where artists can register in all relevant media and apply for their work using a variety of media tools.
Plan to use the capital in Palm NFT Studio
One of the main focuses of the plan is the further development of the Palm NFT Studio technology platform, which enables the easy development and deployment of large NFT drops in the Palm network. Today, this technology platform enables Palm NFT Studio to partner with leading developers and brands to advance their NFT projects. The funding will allow Palm NFT Studio to make the platform available to any third party looking to launch a large-scale NFT project, with an emphasis on easy onboarding for new users, regulatory compliance and environmental sustainability.
Dan Heyman, Co-Founder and CEO of Palm NFT Studio, said: “Most NFTs are given away for free within three years. “We will see a move away from NFT as exclusive collections are geared towards high community engagement and Palm NFT Studio is leading this development. We envision programs that use millions of NFTs with benefit; Social objects connect communities, increase engagement and reward real fans. We are grateful that incredible partners like M12 share this vision. “
This Series B funding is expected to be used to expand new operations, including a host of new employees. Other investment firms following Microsoft’s lead in this funding round include Griffin Gaming Partners, RRE, Third Kind Venture Capital, etc.
Via Palm NFT Studio
Palm NFT Studio is brought together by ConsenSys founder and Ethereum co-founder Joseph Lubin; Film producer and owner of Heyday Films, David Heyman; Founders of world-class art services company HENI Group, Joe Hage and Daniel Heyman, former co-founders of PegaSys, ConsenSys’s protocol development team.
It’s a collection of technology, entertainment, crypto-arts, and arts industry leaders. The studio offers its own strategic, creative, and technical services on a proprietary platform for brands, IP owners, and developers looking to incorporate NFT layers into current and future IPs, hybrid across movies, games, music, and the arts.
In the eight months since Palm NFT Studio launched, they have assembled a highly skilled team and showcased groundbreaking NFT drops that range from sophisticated conceptual art projects like Damien’s The Currency Hirst that generated a market cap of over $ 600 million in two months. how NFT can open new channels of fan engagement and digital storytelling with blockbuster IPs like Space Jam 2 and DC Comics’ DC FanDome 2021, giving out hundreds of thousands of free NFTs as fan engagement rewards – some of the largest spreads of yet NFT. Palm NFT Studio continued to work with Pace Gallery to launch Pace Verso, an art gallery for Web3 that connects the worlds of fine arts and cryptocurrencies, as well as Portion to connect crypto artists with collectors.
Palm NFT Studio also helped launch Palm Network, an Ethereum sidechain focused on NFT. Among other things, Candy Digital’s MLB-NFT platform, Nifty’s Matrix Resurrections show with Warner Bros., and NFTPro are both built on Palm Network.
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