Palm NFT Studio Announces a Series B Funding of $27 Million

Palm NFT studios
Source: Free Bitcoin Earning Sites

Palm NFT Studio announced the completion of their Series B funding round. The round led by Microsoft’s M12 venture fund ended with Palm raising a funding of $27 million.

Additionally, the funding round also included participation from Warner Bros, the LAO, Griffin Gaming Partners, Third Kind Venture Capital, RRE, Sfermion, and SK Inc. A Palm NFT Studio spokesman confirmed that this funding round comes after a Series A funding round. However, the firm did not formally announce this funding round that was led by HENI Group.

The startup will use the money from the Series B funding round to expand Palm Studio’s technology and research. Consequently, this will enable the firm to have large NFT drops and more creators. Palm NFT Studio’s CEO Dan Heyman shared these plans while speaking to Reuters in an interview.

Dan Heyman also noted that the firm has heavily invested in compliance with the rules it anticipates will be in the crypto industry’s future. He shared that one of the main challenges with these regulations is the ambiguity surrounding them.

About Palm NFT Studio

Palm NFT studio is a crypto startup launched eight months ago after Joseph Lubin helped co-found it. Joseph Lubin was also the co-founder of the world’s second-largest crypto coin, Ethereum (ETH). Alongside Lubin, there were other co-founders. These are David Heyman, owner of Heyday Films, Joe Hage, HENI Group founder, and Daniel Heyman.

The crypto startup is known for some of its high-profile drops that have ranged from contemporary art to collectibles. One of these drops includes its previous project with DC Comics. The collaboration resulted in a drop of more than 800,000 free NFTs for DC FanDome 2021.

On top of that, the firm is also known for its project with Damien Hirst. This collaboration with the British contemporary artist resulted in the minting of 10,000 NFTs based on the original artworks of the PALM token.

Apart from having drops with large companies, the NFT studio also plans to collaborate with individual creators as well as other startups. The firm is seeking ideas that can push NFT’s potential from all perspectives, whether on the basis of experience or technological experience.

About the PALM Token

The PALM token is the native token on the Palm blockchain. The Palm blockchain users use the token to pay for gas, also called transaction fees, just like tokens on other blockchain networks. As a result, the token helps support critical network infrastructure and prevent network spam.

On top of that, the token helps carry governance rights. This means that PALM holders can participate in the network’s growth and evolution. However, the governance rights are not active as the network is yet to roll them out,

How can I get the PALM token? It’s important to note that the token cannot be purchased. However, the blockchain will freely distribute the token to creators, users, and partners who bring value and activity to the network. Read more on how to get the PALM token here.