- Microsoft Ventures Fund M12 is the venture arm of the technology giant.
- The fund led a $27 million funding round for tokenized art platform, Palm.
- Palm said the investment will enable Palm NFT Studio to scale its technology and launch more NFT projects.
Microsoft Venture Fund M12, the investment arm of the technology conglomerate led a $27 million funding round for Palm on Thursday. Palm NFT Studio said the funds will enable it to scale its technology and launch more non-fungible token projects.
Palm is a tokenized art platform based on the Ethereum ecosystem. The platform focuses on helping developers to create NFT projects, and Microsoft thinks its enterprise-level model fits well with its focus on early-stage B2B bets.
In an interview with CoinDesk, M12 managing director Matt Goldstein said, “when we look at [Palm’s] pipeline, it’s media brands and art brands and content brands. And those are the relationships that we think are in the best position to help and support the relationship with Microsoft.”
Other venture firms participating in the funding round include “Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO, Warner Bros., SK Inc.,” Palm said in a blog published on its website.
Palm wants to scale its NFT offering across gaming, fine art, entertainment and creative culture. Palm NFt Studio is developing a technology platform that will allow companies to drop large-scale NFT projects on the Palm Network.
The platform will allow Palm to partner with leading brands and creators to launch their NFT projects. The company said the platform will be accessible to any third party looking to roll out large NFT projects. It will also focus on easy integration, regulatory compliance, and environmental sustainability.
Dan Heyman, Co-Founder & CEO of Palm NFT Studio thinks most NFTs will be given away for free within the next three years.
Commenting after announcing the Series B funding round, he said, “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 Studio launched eight months ago, and during that time, it has overseen some of the largest project launches, some amassing a market cap of more than $500 million.
Damien Hirst’s The Currency exceeded a market cap of $600 million within 2 months of launching on the Palm network. Other notable projects include SpaceJam2 and DC Comics’ FanDom 2021.
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