Palm NFT Studio Secures $27M in Series B Funding Led by Microsoft’s M12

Creative Non-Fungible Token art studio, Palm NFT Studio has announced the successful raise of $27 million in a Series B funding round from investors led by Microsoft’s venture capital arm, M12. As announced by the company, the funding also enjoined participation from Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO, Warner Bros., and SK Inc amongst others, a subscription base that showcases the uniqueness of the startup’s NFT-driven solutions.

The acquired funding is billed to be used in expanding the Palm NFT team, while also powering the easy development and rollout of large-scale NFT drops on the Palm Network. The financial and technical expertise that this new crop of backers will afford the platform will also allow it to extend its solutions “to any third party who wants to deploy an NFT project at scale, with an emphasis on easy onboarding for new users, regulatory compliance, and environmental sustainability.”

“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.”  

Palm NFT is Positioning for a Metaverse Driven World

With blockchain technology notably being tagged as a force for good and the emergence of innovative trends within the space, Palm NFT is arguably positioned right to help power the subsequent switch to a metaverse-driven world.

“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.”

Just like Microsoft’s deep interests in the metaverse through M12, a number of Venture Capital firms are seeing the potentials in the ongoing Web3.0 trends and many are doing all they can to support the most innovative startups driving these trends.