Microsoft M12 Venture Fund Invested in Palm NFT Studio
Microsoft has become the largest investor in the next round of fundraising by the creators of Palm NFT Studio.
Round B brought the crypto business developers an investment of $ 27 million. In addition to the Microsoft venture fund, which invested the most, the fundraising took place with the participation of the venture capital firm Griffin Gaming Partners.
The interest in the project is due to the fact that there are many famous people in the startup team. For example, the co-founder of the project is Joseph Lubin, who previously managed to take part in two important and popular crypto projects. At Ethereum, he was one of the co-founders, and at ConsenSys, he was the founder of the company.
Lubin's new project, Palm NFT Studio, provides developers with assistance in NFT trading. The company will direct the funds received from investors to scaling its own technology, as well as promoting a platform that will help creators of films, music, art objects to organize the sale of their goods in compliance with legal regulations and other requirements.
The marketplace will be created on an Ethereum sidechain called Palm Network. All NFTs minted in it can be moved to the main net and back via a special bridge. Network tests have shown that this requires significantly less costs than in the Ethereum chain with a PoW mining algorithm.
Note that in addition to Microsoft and Griffin Gaming Partners, the startup was also supported by other large companies. Among them are RRE, Sfermion, LAO, Warner Bros. and SK Inc.