Microsoft Leads Early-Stage Funding Round of Crypto Startup Palm NFT Studio

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by Sanaa Sharma · 3 min read
Microsoft Leads Early-Stage Funding Round of Crypto Startup Palm NFT Studio
Photo: Palm NFT Studio

Palm NFT Studio has been engaged in many projects like the “Space Jam 2” NFT collection. It has also collaborated with the popular DC Fandome 2021 event.

Crypto startup Palm NFT Studio has raised $27 million in the initial round of funding led by American tech giant Microsoft Corporation‘s venture capital M12. Others who participated in the funding round included venture firm Griffin Gaming Partners.

According to the company’s spokesperson, the funds collected will be essentially used to expand Palm’s operations involving the recruitment of new employees.

Microsoft and Others Invested in Palm

While Microsoft led the round, companies like Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, global group of Ethereum builders THE LAO, and Warner Brothers were among the major investor supporting the Palm initiative. As a matter of fact, the rising market of NFTs has brought together people from various leagues and specialties, and that is reflected in the above group of investors.

In a conversation with Matt Goldstein, the M12 managing director stated that the fund is targeted at the early-stage B2B. Goldstein goes on to say that the company’s pipeline, along with its relationship with media and content brands has enabled M12 to select and sponsor the budding firm.

Palm NFT Studio is a company that engages with other firms and brands to design Non-Fungible Token (NFT) projects. While it utilizes Ethereum on the backend, it has proven to be one of the few Blockchain services that Microsoft and M12 Venture Fund support and believe in, at the initial stages.

The startup Palm has been engaged in many projects with big names involved, for example, the “Space Jam 2” NFT collection. It has also collaborated with the popular DC Fandome 2021 event to launch the first large-scale virtual event with registration powered by NFTs.

NFT Market on a Roll

The essence of the Non-Fungible Token (NFT) environment in the world thrives on scarcity and uniqueness. According to Palm’s Chief Executive Officer Dan Heyman, the significance of NFTs arises from their ability to engage in the creation of a community between the brands and the audiences. In addition to that, Heyman suggested that the rise of NFTs in the subsequent years will result in them selling for free. The consumer will see the market of digit collectibles move from a place of rarity and exclusiveness to a place of community building. The CEO believes that his company, the Palm NFT Studio, resides at the helm of this movement.

The NFT market has proven to be a strong, rising market, with a report stating that the Venture Capital firms have invested around $21.4 billion in crypto and blockchain companies as of October this year. In the previous month, Sandbox, a futuristic gaming experience created by Hong Kong-based platform has raised $93 Million from investors in a round that was led by Softbank’s Vision Fund 2.

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Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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