Palm NFT Studio, a crypto startup, raised $27 million in a Series B round led by Microsoft's venture fund M12. Palm NFT, co-founded by ConsenSys founder and Ethereum cofounder Joseph Lubin, offers creators strategic and technical help in building nonfungible token (NFT) marketplaces.
Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO, Warner Bros., and SK Inc. are among the other major backers.
The funds will allow the team to scale the Palm NFT Studio's technology platform and offer it to third parties looking to deploy NFT projects across movies, games, music, and art while maintaining regulatory compliance and environmental sustainability, according to a statement posted on their company blog.
"Within three years, they will give most NFTs away for free," says Dan Heyman, cofounder and CEO of Palm NFT Studio.
"We envision programs that produce millions of useful NFTs; social objects that connect communities, drive engagement, and reward loyal fans." We're grateful for amazing partners like M12 who share our vision."
The Palm Network, an Ethereum side chain that allows users to create NFTs, was co-created by Palm NFT Studio. According to the company, any NFTs created on the Palm Network or Ethereum main net can be bridged from the Ethereum main net to the Palm Network side chain, or vice versa.
M12, as new board members, issued a statement welcoming Palm NFT to their portfolio and emphasizing the company's commitment to sustainability:
“The company and third parties have run tests that show the Palm Network requires magnitudes less computation and subsequent energy to execute transactions than proof-of-work chains. The Palm Network also has a carbon tax built into its bridge configuration, enforcing payment when main net resources are used.”
Palm NFT Studio has collaborated with DC Comics to release an NFT collection of tokenized comic book covers and with Damien Hirst to release The Currency collection since its launch earlier this year.
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