Palm NFT Studio raises $27 million in Microsoft-led funding round
Palm NFT Studio announced that it has raised $27 million in an early-stage funding round led by Microsoft.
The protocol is looking to hire new talent
Palm NFT Studio has raised $27 million in an early-stage funding round led by Microsoft Corp.'s venture fund M12, with venture capital firm Griffin Gaming Partners' participation. Other investors in the Series B round included investment firms RRE, Third Kind Venture Capital, NFT investor Sfermion and The LAO, an investment-focused decentralized autonomous organization. The company intends to use the capital to scale its platform by investing in research and development and hiring new talent."When we went to raise this money, it was important for us to find strategic partners who were philosophically and ideologically aligned with what we trying to do here," Dan Heyman, CEO of Palm NFT Studio, said in an interview. "I couldn't imagine a better group than we've come up with."
What is Palm NFT Studio?
Palm NFT, co-founded by Joseph Lubin, offers NFT marketplace creation services to artists. Palm's eco-conscious design resulted in its transactions using an estimated 99% less energy than Ethereum's mainnet. This could be one reason why Microsoft decided to invest in the project. Palm NFT Studio has also collaborated with Damien Hirst for its NFT drops. Other studios have also used the decentralized protocol, such as Candy Digital for its Major League Baseball NFTs.Warner Bros. is an existing Palm NFT Studio partner and teamed up for the free NFT drop in October for its DC FanDome streaming event. Palm ended up giving away several hundred thousand free NFTs to DC comics fans who registered for the event.
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