The non-fungible token (NFT) space has been massively adopted since the start of the year. The space has attracted many celebrities, athletes and media companies over the past few months.
Microsoft and Warner Bros. invest in NFT startup
NFT Palm startup NFT Studio raised $ 27 million in a Series B funding round. The latest funding round was led by Microsoft’s M12 venture capital fund. According to the team, Warner Bros. is another major participant in the round.
Other participants in the funding cycle include Griffin Gaming Partners, Third Kind Venture Capital, SK Inc., RRE, Sfermion, and The LAO, an investment-driven decentralized autonomous organization (DAO).
The funds will be used to develop other projects on the Palm Protocol, an energy-efficient Ethereum side chain that has so far been used for NFT art, entertainment and sports projects. Palm NFT Studio CEO Dan Heyman said that “When we went to raise this money, it was important for us to find strategic partners who were philosophically and ideologically aligned with what we’re trying to do here. I couldn’t imagine a better band than the one we have created.
According to Heyman, Microsoft is starting to look beyond the implementation of a private and authorized blockchain and to broader use cases. He added that “Now they’re trying to push the boundaries and figure out how this experimentation and innovation from the private channel can translate into other initiatives. We are very happy that they have chosen Palm NFT Studios as their first partner in the NFT public space.
The NFT space continues to grow
The NFT space has experienced massive growth since the start of 2021. In the third quarter of the year, NFT transaction volume broke the $ 10 billion mark for the first time. The entry of large companies into the NFT space is expected to increase the volume of transactions in the months and years to come.
Cryptocurrency exchanges such as Coinbase, FTX, and Binance are already expanding their presence in the NFT space. Earlier this month, FTX.US ‘NFT platform announced that it is now accepting Ethereum-based NFTs as it previously focused on Solana-based NFTs.