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”.
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.