$27M Funding by Microsoft in Palm NFT Studio
An investment of $27 million by Microsoft’s venture arm is being made in the NFT studio Palm.
Ethereum serves as the backend for many of the NFT initiatives that Palm works with. Microsoft’s M12 Venture Fund sees great promise in this type of enterprise-focused blockchain service.
M12 managing director Matt Goldstein said, “We’re focused on early stage B2B. “When we look at [Palm’s] pipeline, it’s media brands and art brands and content brands. And those are the relationships that we think are in the best position to help and support the relationship with Microsoft.”
This year’s prolonged NFT mania has resulted in some strange bedfellows, with Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion and Warner Brothers all participating in the funding round.
A few notable collaborations include the “Space Jam 2” NFT collection and a DC Fandome 2021 NFT initiative with DC Comics.
For Palm CEO Dan Heyman, the value of a limited-edition product (NFT) lies in its ability to foster a sense of community among its customers.
The majority of NFTs will be free within three years, Heyman stated in a press release. When it comes to the NFT community, Palm NFT Studio is at the forefront of the evolution away from exclusive collectibles.