Investment startup Palm NFT Studio’s $27M series B round includes Microsoft and Warner Bros
A Series B investment round of $27 million has been announced by Palm
NFT Studio, which includes Microsoft's M12 venture fund and Warner Bros.
The company that is behind projects based on the Ethereum sidechain pulls in major new investors as it aims to bring NFTs to a mass audience. The protocol Palm is an Ethereum sidechain for use in art, entertainment, and sports.
According to a press release, the startup intends to use the funding to expand its services across entertainment, fine art, gaming, and other industries.
It highlighted the ongoing development of Palm non-fungible token NFT Studio's technology platform. Using this, it is possible to easily develop and deploy large-scale NFT drops with the technology platform.
Dan Heyman, CEO of Palm NFT Studio, spoke to Decrypt, "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're trying to do here."
He adds, "I couldn't imagine a better group than we've come up with.”
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Palm NFT Studio has built a network on top of Ethereum that allows users to establish non-fungible tokens (NFTs). Any NFT created either on the Palm Network or Ethereum mainnet can be bridged between the two networks, according to the company.
Palm's NFT Studio is leading the evolution toward NFTs as mass community engagement tools, and most will be distributed for free within three years, says Heyman.
Sfermion, Third Kind Venture Capital, the LAO, Warner Bros., Griffin Gaming Partners, RRE, and SK Inc. are among the other major investors.
CBW - External Analyst