Palm Nft Studio, a leading blockchain-based platform for creating and trading Non-Fungible Tokens (NFTs) for digital collectibles, has announced it has received a Series B financing of $27 million, led by Microsoft’s venture arm, Microsoft M12.
The funding round among other investors included Alpha Edison, CMT Digital, Blockchain.com Ventures, Litecoin Foundation, NGC Ventures, Node Capital, QBex Ventures, Rainfall Ventures, Wave Financial Group, and Words VC.
This new funding comes just a few months after the company’s initial seed round, which included investors such as Collab+Currency, Arrington Capital, Iconic Ventures, Flamboyan Foundation, and Dragonfly Capital.
What is Palm Nft Studio?
Palm is a digital asset platform that allows users to create and manage NFTs based on blockchain technology. NFTs are digital tokens that represent a unique digital asset — such as art, music, or digital collectables — and can be used to buy, sell, or trade them on the blockchain.
Using the Palm Studio platform, users can create and manage their own digital collectibles, as well as use their collective efforts and resources to bring their project from concept to reality. This includes the ability to upload cover art, as well as customize and personalize artwork for a variety of uses such as gaming, music, apps, or other digital mediums.
What does the Investment Mean for Palm Nft Studio?
The new round of funding will help Palm continue to develop and advance its blockchain-based platform for creating and trading NFTs and digital collectibles. The new funds will be used to improve the existing platform, build out new products and services, and expand the platform’s reach.
This investment is especially significant because it comes from one of the world’s largest tech companies and is a testament to the growing importance of NFTs as a digital asset.
Final Thoughts
NFTs are becoming an increasingly important asset class, and Palm stands as a leader in this space. With this latest round of funding led by Microsoft, Palm is well positioned to continue its development and advancement of the NFT space.
We expect to see more investment in this space in the future, as investors recognize the potential of NFTs to revolutionize the digital asset market and provide new opportunities for creative projects and expressions.