Yesterday Palm NFT Studio announced a $27 million Series B funding led by Microsoft’s M12 venture fund. Other investors include Warner Brothers, SK Inc, Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO, and others. Microsoft’s interest in Palm is analyzed later, but first, let’s explore the startup.
Palm has had several high profile clients. Its first partner was Damien Hirst’s The Currency Project. Another client is Candy Digital, majority-owned by Fanatics and owner of NFT rights for MLB. Recently Palm ran a mass Batman NFT reward drop for DC Comics, a Warner Brothers subsidiary.
Palm NFT Studio is a technology suite to enable large scale NFT drops. It co-founded the Palm network, which operates as a sidechain on Ethereum to ensure lower transaction fees for minting NFTs. Because the Palm network is a permissioned blockchain, it’s also more energy efficient than the main Ethereum network.
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