Palm NFT Studio Announces $27M Series B Funding
Palm NFT Studio announced a Series B raise of $27MM led by Microsoft’s venture fund M12, and including Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO, Warner Bros., SK Inc., and more. The raise will support the scaling of the Palm NFT Studio team as it continues to be a transformative force across entertainment, fine art, gaming, 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. Today, this technology platform enables Palm NFT Studio to partner with leading creators and brands to power their NFT projects. The funding will enable Palm NFT Studio to offer this platform 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. 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.” — Dan Heyman, Co-Founder & CEO of Palm NFT Studio
Palm NFT Studio was brought together by ConsenSys founder and Ethereum co-founder Joseph Lubin; film producer and owner of Heyday Films, David Heyman; founder of world-class art services business HENI Group, Joe Hage and Daniel Heyman, formerly co-founder of PegaSys, the protocol engineering group at ConsenSys. It is a collective of technology, entertainment, crypto art, and art industry leaders. The studio provides bespoke strategic, creative, and technical services on top of a proprietary platform for brands, IP holders, and creators seeking to build NFT layers into existing and future IPs across movies, games, music, and art.
Palm NFT Studio also assisted in launching the Palm Network, an Ethereum sidechain focused on NFTs. Among other projects, Candy Digital’s MLB NFT platform, Nifty’s The Matrix Resurrections program with Warner Bros., and NFTPro are all built on the Palm Network.
ABOUT Palm Network
The Palm Network is an NFT-optimized sidechain for culture and creativity, built for the open Ethereum ecosystem. The Palm Network offers low gas costs, fast transactions, and a 99.99%+ reduction in energy consumption when compared to Proof of Work systems. The Palm Network currently exists as an Ethereum sidechain that is fully interoperable with the main Ethereum network.
RESOURCES
Palm Studio Blog
