Crypto startup Palm NFT Studio reportedly revealed details regarding a Series B fundraising of $27 million, led by Microsoft’s venture fund M12, on December 9th. 

Specifically, Palm NFT, which was collaboratively established by ConsenSys founder and Ethereum co-founder Joseph Lubin, reportedly offers strategic and technical services for creators to design non-fungible token (NFT) marketplaces. 

Additional names backing the development reportedly also include Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, the LAO, Warner Bros., and SK Inc.

Per the statement available on their company blog, the capital injection will equip the team with the ability to carry out the scaling of the Palm NFT Studio’s technology platform, as well as provide it to third party entities, aiming at rolling out NFT initiatives across movies, games, music, and art with regulatory compliance and environmental sustainability.

“We envision programs that mint millions of NFTs with utility; social objects that connect communities, drive engagement, and reward true fans. We’re grateful that incredible partners like M12 share that vision.” Dan Heyman, co-founder, and Head of Palm NFT Studio, reportedly shared his belief that NFTs will be distributed free of charge in a matter of three years. 

Palm NFT Studio co-created the Palm Network, an Ethereum sidechain offering facilitating features for users to develop 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 company.

“The company and third parties have run tests that show the Palm Network requires magnitudes less computation 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.” Freshly added to the board, M12 also issued a statement welcoming Palm NFT to their portfolio and mentioned its concentration on sustainability.