IT giant Microsoft is expanding its foray into the NFT business after leading the $27 million Series B funding round of NFT-focused scaling solution project Palm NFT Studio.
The round was led by Microsoft’s venture fund M12 and saw participation from top industrialists including Warner Bros., Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO (Investment DAO), and SK Inc.
“Everything done well is art."
— PalmNFT (@PalmNft) November 27, 2021
Cofounded by ConsenSys founder and Ethereum co-founder Joseph Lubin, Palm NFT Studio is a project that supports NFT creators and artists. The studio operates a side chain “Palm Network” dedicated to Ethereum-based NFTs. This allows artists to create NFTs on the network without dealing with Ethereum’s slow transaction fees, high gas charges, and heavy environmental impact.
Palm NFT studio has already implemented several NFT drops, including the “Space Jam 2″ NFT collection. In September 2021, the studio collaborated with DC Comics to distribute 800,000 NFTs free of charge at the comic event “DC FanDome 2021”.
“This latest funding round will enable the company to scale its technology and launch more NFT projects on the Palm Network with leading creators across entertainment, fine art, and gaming,” M12’s Managing Director Matthew Goldstein and Sr. Strategist Lee Feldman said in a blog post.
Palm NFT Studio plans to use the new funds to expand the adoption of Palm Network to third-party artists and brands, and to form more strategic alliances.
Dan Heyman, Co-Founder & CEO of Palm NFT Studio, said in the press release:
“Within three years, most NFTs will be given away for free. 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.”