What you need to know
- Microsoft's venture arm, M12, helped Palm NFT Studio raise $27 million.
- Palm NFT Studio is a self-described "collective of technology, entertainment, cryptoart and art industry leaders" creating an Ethereum-based Palm NFT ecosystem.
M12 took its Microsoft muscle to the blockchain party via funding assistance for Palm NFT Studio, which is pioneering its own Ethereum-based Palm NFT ecosystem.
If you're wondering what Palm means in a deeper sense, here's how the startup describes it: "Palm is a new NFT ecosystem for culture and creativity, built efficiently with Ethereum. The Palm ecosystem features low gas costs, fast transaction finality, and is over 99.9% more energy efficient than Proof of Work systems."
You can read more about the collective at its "about us" page, which should clear up any confusion you may have with its concise description of the studio's operations and missions. "Palm NFT Studio is a collective of technology, entertainment, cryptoart and art industry leaders," the page reads. "The studio provides bespoke creative services for artists and rights holders looking to establish NFT marketplaces and next-generation work on Palm."
All those words are part of the package M12 felt enough promise in to help lead the NFT studio to a $27 million cash injection (via Reuters). M12 has a blog post celebrating the successful funding round, wherein it highlights Palm's potential for non-fungible action across movies, television, games, music, and art in general.
For other examples of NFTs being celebrated in the art world, such as that of video games, check out Ubisoft's latest reveal wherein it announced it would be unleashing Non-Fungible Tokens via its new Ubisoft Quartz platform. The move from Ubisoft is attracting positive attention, so long as you don't look at the associated media coverage, or the comments and dislikes on the official YouTube announcement video.