NFT Platform Palm NFT Studio Announces $27M Funding Round Led By Microsoft: Here Are The Details

An NFT platform that has worked with large brands and companies announced a Series B funding round Thursday.

What Happened: Palm NFT Studio announced a $27 million Series B raise. The funding round was led by M12, the venture fund of Microsoft Corp MSFT.

Other investors in the funding round included Griffin Gaming Partners, RRE, 3KVC, Sfermion, the LAO, SK Inc and AT&T Inc T Warner Bros.

“Within three years, most NFTs will be given away for free,” said Palm NFT Studio co-founder and CEO Dan Heyman. “We will see a shift away from NFTs as exclusive collectables toward mass community engagement and Palm NFT Studio is leading that evolution.”

Heyman said he could see non-fungible token programs in the future that mint millions of NFTs with utility. The NFTs could connect communities, drive brand engagement and reward fans.

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Why It’s Important: Ethereum ETH/USD co-founder Joseph Lubin is also a co-founder of Palm NFT Studio. The company was built with a group of people in the technology, entertainment, cryptocurrency and art industries to provide a proprietary platform for brands, IP holders and creators to create NFTs.

Palm NFT Studio plans on using the funding to continue scaling its technology. The company also said it will launch more NFT projects with creators in industries like entertainment, fine art and creative culture.

“A key focus will be the ongoing development of Palm NFT Studio’s technology platform which enables the easy development and rollout of large-scale NFT drops on the Palm Network,” the company said.

Palm NFT Studio has been used on projects that include Damien Hirst’s The Currency, NFTs for “Space Jam: A New Legacy,” and DC Comic’s DC FanDome 2021. Candy Digital’s MLB NFT platform, Nifty’s The Matrix Resurrections NFTs and NFTPro are all built on the Palm Network, an Ethereum sidechain focused on NFTs.

The Palm Network offers fast transactions, low gas costs and lower energy consumption compared to Proof of Work systems.

Palm will offer its NFT Studio to third parties seeking to deploy an NFT project at scale. Palm NFT Studio plans on focusing on items like onboarding new users, regulatory compliance and environmental sustainability for third parties.

“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,” said M12 managing director Matthew Goldstein.

M12 has invested in over 100 early-stage companies.

“Our Vanguard Bets are paradigm-shifting technologies that will fundamentally change the ways that we solve problems and conduct business,” the M12 website reads.