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Microsoft M12 announced yesterday that it led a Series B raise of $27M by crypto startup Palm NFT Studio. Palm NFT Studio will use this funding to scale its team as it continues to be a force across entertainment, fine art, gaming, and creative culture. Palm NFT Studio’s technology platform enables leading creators and brands to power their NFT projects.
Palm NFT Studio assisted in launching the Palm Network, a fully EVM-compatible sidechain that allows users to establish NFTs on the network and improves transaction speeds without sacrificing interoperability. Any NFT assets created on the Palm Network or Ethereum mainnet are in the same form, language, and specification, and can be moved across the bridge from the Ethereum mainnet to the Palm Network sidechain or vice versa.
“Within three years, most NFTs will be given away for free,” offered Dan Heyman, Co-Founder & CEO of Palm NFT Studio. “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.”
“Technological and societal paradigm shifts are ushering in Web3, which will fundamentally change existing technologies and business models. Palm NFT Studio is one of the critical building blocks for this next wave of the web,” said M12 managing director Matthew Goldstein. “Palm NFT Studio has positioned itself as the partner of choice for brands entering the space with a streamlined experience for IP holders and consumers alike, prioritization of a sustainable approach, and world-class technical and creative leadership.”