2.4 C
New York
January 17, 2022
Block Chain

Palm NFT Studio Receives $27M in Series B Financing Led by Microsoft M12

Palm NFT Studio, co-founded by ConsenSys founder and Ethereum co-founder Joseph Lubin, acquired a complete of US$27 million in Series B financing led by Microsoft-led enterprise fund M12.

The funds obtained this time will assist the continual improvement and growth of Palm NFT Studio’s know-how platform; and launch extra NFT tasks with main creators in the fields of leisure, artwork, video games, and inventive tradition.

The focus shall be on third events who deploy NFT tasks on a big scale to supply this platform in order that new customers can simply get began whereas complying with regulatory compliance and environmental sustainability.

Other buyers embody Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, LAO, Warner Bros., SK Inc., and so on.

The Co-Founder & CEO of Palm NFT Studio Dan Heyman said that inside three years, most NFTs shall be given away totally free. Following this, the general public can even see the transformation of NFT from being an unique assortment to public group participation.

He added that:

“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.”

M12 welcomes Palm NFT to hitch their portfolio and factors out that Palm NFT Studio has an skilled administration workforce and among the greatest abilities in the Web3 world.

Sustainability issues: M12 issued a press release stating that Palm NFT Studio is among the key constructing blocks of the following wave of networking-connecting manufacturers, corporations, creators, and shoppers to Web3.

Palm NFT Studio launched an Ethereum sidechain known as Palm Network-focusing on NFT and accomplished the interoperability of the primary community. This implies that any NFT made on the Palm Network or Ethereum mainnet may be bridged from the Ethereum mainnet to the Palm Network sidechain, and vice versa.

Palm Network offers low fuel prices, quick transactions, and a greater than 99.99% discount in power consumption.

M12 responded in an official assertion that:

“The company and third parties have run tests that show the Palm Network requires magnitudes less computation and subsequent energy to execute transactions than proof-of-work chains. The Palm Network also has a carbon tax built into its bridge configuration, enforcing payment when mainnet resources are used.”

Image supply: Palm NFT Studio

Related posts

Top 5 Technology Trends that Might Shape in 2022 and Beyond

Crypto Advisor

Financial Way of Future, Building Wealth Are Key Drivers of Owning Crypto: Study Shows

Crypto Advisor

ETH Could Crack the US$5,000 Mark by the End of This Year – Blockchain News, Opinion, TV and Jobs

Crypto Advisor

Leave a Comment