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Palm NFT Studio Receives $27M in Series B Financing Led by Microsoft M12

Annie Li   Dec 09, 2021 16:00 2 Min Read


   

Palm NFT Studio, co-founded by ConsenSys founder and Ethereum co-founder Joseph Lubin, received a total of US$27 million in Series B financing led by Microsoft-led venture fund M12.

The funds obtained this time will support the continuous development and expansion of Palm NFT Studio's technology platform; and launch more NFT projects with leading creators in the fields of entertainment, art, games, and creative culture.

The focus will be on third parties who deploy NFT projects on a large scale to provide this platform so that new users can easily get started while complying with regulatory compliance and environmental sustainability.

Other investors include Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, LAO, Warner Bros., SK Inc., etc.

The Co-Founder & CEO of Palm NFT Studio Dan Heyman stated that within three years, most NFTs will be given away for free. Following this, the public will also see the transformation of NFT from being an exclusive collection to public community participation.

He added that:

"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."

M12 welcomes Palm NFT to join their portfolio and points out that Palm NFT Studio has an experienced management team and some of the best talents in the Web3 world.

Sustainability concerns: M12 issued a statement stating that Palm NFT Studio is one of the key building blocks of the next wave of networking-connecting brands, companies, creators, and consumers to Web3.

Palm NFT Studio launched an Ethereum sidechain called Palm Network-focusing on NFT and completed the interoperability of the main network. This means that any NFT made on the Palm Network or Ethereum mainnet can be bridged from the Ethereum mainnet to the Palm Network sidechain, and vice versa.

Palm Network provides low gas costs, fast transactions, and a more than 99.99% reduction in energy consumption.

M12 responded in an official statement that:

"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 mainnet resources are used."


Image source: Palm NFT Studio

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