Palm NFT Studio, a cryptocurrency startup, announced on Thursday that it has raised $27 million in an early-stage fundraising round headed by Microsoft Corp’s venture fund M12, with participation from Griffin Gaming Partners.
Palm NFT, a company co-founded by Joseph Lubin, assists artists in establishing NFT marketplaces. Lubin was also a co-founder of ethereum, the second most popular cryptocurrency in the world behind bitcoin.
Palm NFT Studio founder and CEO Dan Heyman believes that, “within three years, most NFTs will be given away for free.”
He further said, “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.”
The Palm Network, an Ethereum sidechain that allows users to generate NFTs, was co-created by Palm NFT Studio.