Palm NFT Studio, a cryptocurrency business, has announced a Series B fundraising round funded by Microsoft's (NASDAQ: MSFT) venture fund M12. The business stated in a news statement that the funds will be used to grow its team as it develops its services into entertainment, fine art, gaming, and creative culture.
The business highlighted the continuous development of the Palm NFT Studio technology platform, which enables the creation and deployment of large-scale NFT drops on the Palm Network. The focus on developing the company's structure, according to Dan Heyman, Co-Founder and CEO of Palm NFT Studio, is in accordance with the NFT space's predicted expansion.
"Within three years, the majority of NFTs will be free." Palm NFT Studio is paving the path for a change away from NFTs as unique collectibles and toward widespread community interaction. "We envisage programs that mint millions of NFTs with usefulness," said Heyman, "social objects that link communities, encourage participation, and reward real fans."
Palm NFT Studio has also concentrated on developing its compliance bureaus since entering the market, as regulatory organizations have increased their interest on the cryptocurrency field. RRE, Third Kind Venture Capital, NFT investor Sfermion, and The LAO are among the other investors in the round.
Investments in crypto companies are increasing.
Palm NFT Studio's recent funding adds to the rising investment in bitcoin firms as the industry matures. According to statistics from PitchBook, venture capital companies had invested $21.4 billion in cryptocurrency-related businesses as of October 1st. Palm NFT Studio has published numerous projects since its start eight months ago, including Palm Network, an Ethereum sidechain for NFTs, Candy Digital's MLB NFT platform, Nifty's The Matrix Resurrected program with Warner Bros., and NFTPro.
Furthermore, according to our earlier analysis, 129 blockchain companies raised $2.6 billion in the first quarter of 2020, which was larger than the $2.3 billion raised by 341 startups in the whole year.
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