Palm NFT Studio, a cryptocurrency startup, has announced raising $27 million in a Series B funding led by Microsoft’s (NASDAQ: MSFT) venture fund M12.
In a press release, the startup indicated that the funding would be channeled towards scaling its team as it expands its services across entertainment, fine art, gaming and creative culture.
The company singled out the ongoing development of Palm NFT Studio’s technology platform, which allows convenient development and rollout of large-scale NFT drops on the Palm Network.
According to Dan Heyman, Co-Founder and CEO of Palm NFT Studio, the focus on establishing the company’s structure is in line with the projected growth of the NFT space.
“Within three years, most NFTs will be given away for free. We will see a shift away from NFTs as exclusive collectables toward mass community engagement, and Palm NFT Studio is leading that evolution. We envision programs that mint millions of NFTs with utility; social objects that connect communities, drive engagement and reward true fans,” said Heyman.
Since hitting the market, Palm NFT Studio has also focused on establishing its compliance desks as agencies put focus on the regulatory aspect of the cryptocurrency space.
Other investors in the round include investment firms RRE, Third Kind Venture Capital, NFT investor Sfermion, and The LAO.
Growing investments in crypto firms
The latest funding in Palm NFT Studio adds to the growing investment in cryptocurrency companies as the sector continues to grow. Notably, venture capital firms have invested $21.4 billion in cryptocurrency-related business as of Oct 1st, according to data from PitchBook.
Since launching eight months ago, Palm NFT Studio has released several projects, including Palm Network, an Ethereum sidechain for NFTs, Candy Digital’s MLB NFT platform, Nifty’s The Matrix Resurrections program with Warner Bros., and NFTPro.
Furthermore, as per our previous report, 129 startups in the blockchain space raised about $2.6 billion in Q1 alone, which was higher than the $2.3 billion raised by 341 startups in the whole of 2020.