On Thursday, crypto startup Palm NFT Studio informed the public of a Series B funding of $27M. Microsoft's venture fund M12 leads the raise. Palm NFT Studio is a crypto startup co-founded by Joseph Lubin, Etheruem co-founder, and ConsenSys founder. The company provides technical and strategic services for creators interested in building Non-Fungible Token (NFT) marketplaces.
Other principal backers of the Series B raise include RRE, The LAO, SK Inc, Warner Bros, Griffin Gaming Partners, and Third Kind Venture Capital, and Sfermion.
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A statement issued on the company's website explained that the raise would help the team in its quest to raise the Studio's technology platform and even offer it to third parties interested in deploying NFT projects like movies, games, music, and art alongside the necessary environmental sustainability and regulatory compliance. Dan Heyman, CEO, and co-founder of Palms NFT Studio, believes that in three years' time, most NFTs will be not be sold but given away for free. Explaining further, he 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 NFT Studio also collaborated to create the Palm Network, an Etheruem based sidechain that gives users the power to create NFTs. According to the company, all NFTs made on the Ethereum mainnet or Palm Network can be bridged across both sides—from the Ethereum mainnet to Palm Network sidechain and back.
As major partners in the project, M12 also published a statement. Explaining their reason for the collaboration, a part of the statement read, "NFTs (non-fungible tokens) represents a unique opportunity for crypto and distributed ledger technology to operationalize and monetize an existing offline behavior: collecting—whether it's digital fashion, audio, and music, video, sports moments, game assets, or fine art. These are just some of the early and obvious uses, but the potential of NFTs extends far beyond the conversion of physical assets to the digital world. Any scenario where a smart contract could streamline efficiency and safety—including real estate transactions, for example—could see NFT applicability."