Palm NFT Studio, a Dover, Del.-based new NFT ecosystem for Culture & Creativity, built with Ethereum, raised $27M in Series B funding.
The round was led by M12, with participation from Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO, Warner Bros., SK Inc. and more.
The company intends to use the funds to scale the team and to develop its technology platform.
Co-founded by ConsenSys founder and Ethereum co-founder Joseph Lubin; film producer and owner of Heyday Films, David Heyman; founder of world class art services business HENI Group, Joe Hage and Daniel Heyman, formerly co-founder of PegaSys, the protocol engineering group at ConsenSys, Palm NFT Studio provides a technology platform which enables the development and rollout of large-scale NFT drops on the Palm Network. Today, this platform enables Palm NFT Studio to partner with creators and brands to power their NFT projects. The studio provides bespoke strategic, creative and technical services on top of a proprietary platform for brands, IP holders, and creators seeking to build NFT layers into existing and future IPs across movies, games, music and art. It aims to offer the platform to any third party who wants to deploy an NFT project at scale, with a focus on easy onboarding for new users, regulatory compliance and environmental sustainability.
In the eight months since the launch, the company introduced NFT drops ranging from high concept art projects like Damien Hirst’s The Currency which generated a market cap over $600MM inside of two months, to exploring how NFTs can open new channels for fan engagement and digital storytelling with blockbuster IPs such as Space Jam 2 and DC Comics’ DC FanDome 2021, distributing hundreds of thousands of NFTs for free as rewards for fan engagement – some of the broadest distributions of NFTs to date. Palm NFT Studio further worked with Pace Gallery to launch Pace Verso, an art gallery for Web3 that bridges the fine art and crypto worlds, as well as with Portion to connect crypto artists with collectors.
Palm NFT Studio also assisted in launching the Palm Network, an ethereum sidechain focused on NFTs. Among other projects, Candy Digital’s MLB NFT platform, Nifty’s The Matrix Resurrections program with Warner Bros., and NFTPro are all built on the Palm Network.