Microsoft participates in funding of startup Palm NFT
Microsoft participates in funding of startup Palm NFT
NFT

Microsoft participates in funding of startup Palm NFT

By Vincenzo Cacioppoli - 10 Dec 2021

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Microsoft, the global software giant, is stepping into the NFT market by investing in startup Palm NFT. 

Microsoft invests in Palm NFT

According to the announcement on the company blog of Palm NFT, which offers services and support for the NFT market, the company founded by Bill Gates has led a $27 million Series B funding round through its venture fund M12.

Among others, Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, LAO, Warner Bros. and SK Inc. are said to have joined the financing.

Palm NFT, co-founded by ConsenSys founder and Ethereum co-founder Joseph Lubin, provides strategic and technical services to create Non-Fungible Token (NFT) marketplaces

The startup has made giant strides in just eight months, launching highly innovative NFT drops such as Damien Hirst‘s concept art “The Currency”, which generated a market capitalization of over $600 million in two months.

Microsoft and Palm NFT projects

The platform basically supports and helps artists and rights holders to take advantage of this innovative opportunity to interact with their audience with tailored strategic, creative and technical services.

Dan Heyman, co-founder and CEO of Palm NFT Studio, said:

“Within three years, most NFTs will be given away for free. We will see a shift away from NFTs as exclusive collectibles 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. We’re grateful that incredible partners like M12 share that vision”.

NFT-ecosystem
Microsoft also enters NFTs

For its part, Microsoft’s investment fund welcomed the success of the deal in a note: 

“We’re excited to welcome Palm NFT Studio— a one-stop shop for leading creators and brands to power their NFT projects across movies, games, music, and art —to the M12 portfolio as lead of their Series B funding round”.

Palm NFT Studio also helped launch Palm Network, an EVM-compatible sidechain that allows users to operate with NFTs on the network, increasing transaction speeds.

A few months ago Palm Studio also partnered with DC Comics to create its NFTs featuring superheroes 

Microsoft and the blockchain

However, this is not a first-time for the Redmond giant in the world of blockchain. 

In August, the company announced that it would use Ethereum and its network for a new anti-piracy programme called Argus

In the past, Microsoft had also used blockchain technology for its Azure cloud service programme, only to discontinue it after a few months.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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