The NFT platform Palm has just announced a $27 million Series B raise – led by Microsoft’s M12. This investment will certainly assist Palm to scale its technology. What’s more – it will also enable Palm to launch more NFT projects in the entertainment, fine art and creative industries.
RRE, The LAO, SK Inc, Warner Bros, Griffin Gaming Partners, Third Kind Venture Capital, and Sfermion are the other main backers.
All about the NFT platform Palm
The NFT platform Palm is a collective of technology, entertainment, crypto art and art industry leaders. It is the result of a partnership between ConsenSys founder and Ethereum co-founder Joseph Lubin; David Heyman (film producer and Heyday owner); Joe Hage (HENI co-founder) and Daniel Heyman (co-founder of PegSys).
Palm has already supported big projects such as Damien Hirst’s The Currency, DC Comic’s DC FanDome 2021, Space Jam 2 and Pace Verso. An equally important initiative is the NFT platform’s Palm Network – an NFT-optimized Ethereum sidechain specialising in culture and creativity.
The Palm Network is unique in that it offers low gas costs, fast transactions and a reduction in energy consumption. While it exists as a sidechain, all NFTs made on the Ethereum mainnet can be bridged to the Palm Network and back.
Microsoft’s interest in Palm
M12 managing director Matthew Goldstein explained Microsoft’s interest in this NFT platform: “Palm NFT Studio has positioned itself as the partner of choice for brands entering the space with a streamlined experience for IP holders and consumers alike, prioritization of a sustainable approach, and world-class technical and creative leadership.”
This statement confirms Microsoft’s interest in NFTs and platforms like Palm. Microsoft was the first big cloud company to offer hosting for public Ethereum nodes. Therefore, it comes as no surprise that it’s using the M12 fund to strengthen its position as a leader in the NFT space.
A golden opportunity for this innovative platform
How will Microsoft’s M12 investment help this NFT platform? Palm will be using this investment to develop its technology platform. It will also empower the studio to partner with leading creators and brands to manage and deploy NFT projects. Additionally, Palm will also start offering its platform to any third party that wants to release a large-scale NFT project.
All in all, this partnership seems to be a wise move for both Palm and Microsoft, especially as Microsoft is preparing to become a major player in the metaverse.