Crypto startup Palm NFT Studio announced a Serial B heighten of $27 million on Thursday led by Microsoft's venture fund M12. Palm NFT, cofounded past ConsenSys founder and Ethereum co-founder Joseph Lubin, provides strategic and technical services for creators to build nonfungible token (NFT) marketplaces.

Other major backers include Griffin Gaming Partners, RRE, Third Kind Venture Uppercase, Sfermion, the LAO, Warner Bros. and SK Inc.

Co-ordinate to the statement issued on their company web log, the raise will enable the squad to calibration the Palm NFT Studio's engineering science platform and offer it to third parties looking to deploy NFT projects across movies, games, music and fine art with regulatory compliance and environmental sustainability.

Dan Heyman, cofounder and CEO of Palm NFT Studio, believes that "within 3 years, well-nigh NFTs volition be given abroad for free," and added:

"We envision programs that mint millions of NFTs with utility; social objects that connect communities, bulldoze appointment and advantage truthful fans. We're grateful that incredible partners like M12 share that vision."

Palm NFT Studio co-created the Palm Network, an Ethereum sidechain that allows users to institute NFTs. Any NFTs made on the Palm Network or Ethereum mainnet can be bridged from the Ethereum mainnet to the Palm Network sidechain or vice versa, according to the visitor.

Equally new board members, M12 also published a statement to welcome Palm NFT to their portfolio and signal out its focus on sustainability:

"The company and third parties take run tests that prove the Palm Network requires magnitudes less ciphering and subsequent energy to execute transactions than proof-of-work chains. The Palm Network also has a carbon tax built into its bridge configuration, enforcing payment when mainnet resources are used."

Since its launch before this year, Palm NFT Studio has collaborated with DC Comics to release an NFT collection of tokenized comic volume covers and worked with Damien Hirst to driblet The Currency collection.