DOVER, Dela .– (COMMERCIAL THREAD) –Palm NFT Studio announced today a $ 27 million Series B fundraiser led by Microsoft’s venture capital fund M12, and including Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, LAO, Warner Bros., SK Inc. and more. The increase will support the scale-up of the Palm NFT Studio team as it continues to be a transformative force in entertainment, fine arts, games and creative culture.
A key focus will be the continued development of Palm’s NFT Studio technology platform that enables the easy development and deployment of large-scale NFT drops on the Palm network. Today, this technological platform allows Palm NFT Studio to partner with leading creators and brands to fuel their NFT projects. The funding will allow Palm NFT Studio to offer this platform to any third party who wants to deploy a large-scale NFT project, with a focus on easy onboarding for new users, regulatory compliance and environmental sustainability.
“Within three years, most NFTs will be free,” said Dan Heyman, co-founder and CEO of Palm NFT Studio. “We will see an evolution of NFTs from exclusive collectibles to mass community engagement, and Palm NFT Studio is leading that evolution. We imagine programs that fabricate millions of useful NFTs; social objects that connect communities, stimulate engagement and reward true fans. We are grateful that incredible partners like U12 share this vision. ”
“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 building blocks of this next wave of the Web, ”said Matthew Goldstein, CEO of M12. “Palm NFT Studio has positioned itself as the partner of choice for brands entering the space with a streamlined experience for IP owners and consumers, a focus on a sustainable approach, and world-class technical and creative leadership. . ”
Palm NFT Studio was brought together by the founder of ConsenSys and co-founder of Ethereum, Joseph Lubin; film producer and owner of Heyday Films, David Heyman; Founder of world-class arts services company HENI Group, Joe Hage and Daniel Heyman, former co-founder of PegaSys, the protocol engineering group of ConsenSys. It is a collective of leaders in technology, entertainment, crypto-art and the art industry. The studio provides bespoke strategic, creative and technical services in addition to a proprietary platform for brands, intellectual property owners and creators looking to integrate NFT layers into existing and future IP addresses for movies, games, music and art.
In the eight months since Palm NFT Studio launched, they’ve assembled a high-caliber team and introduced groundbreaking NFT Drops ranging from concept art projects like Damien Hirst’s Currency which generated a market cap of over $ 600 million in two months, to explore how NFTs can open up new channels for fan engagement and digital storytelling with successful IPs such as Jam space 2 and DC FanDome 2021 from DC Comics, giving away hundreds of thousands of NFTs for free as a reward for fan engagement – some of NFT’s largest distributions to date. Palm NFT Studio continued to work with Pace Gallery to launch Rhythm Back, an art gallery for Web3 that connects the worlds of fine art and crypto, as well as with Portion to connect crypto artists with collectors.
Palm NFT Studio also helped launch Palm Network, an NFT-focused Ethereum side chain. 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.
The Palm Network is an NFT-optimized side chain for culture and creativity, designed for the open Ethereum ecosystem. The Palm network offers low gas costs, fast transactions, and over 99.99% reduction in power consumption compared to proof of work systems. The Palm Network currently exists as a fully interoperable Ethereum side chain with the Ethereum mainnet.