The palm NFT studio is a new startup in the crypto space which is going to work closely with multiple areas of life such as fine art, entertainment, gaming, and creative culture to develop non-fungible tokens and make them available for sale. So in a way, it is going to act as a non-fungible token exchange where people can get NFTs of their choice or develop NFTs and make them available for purchase. In series B of its funding, the Palm NFT studio has acquired $27 million from Microsoft venture fund M12.
It is not only Microsoft that is going to invest in the crypto space, but there is almost every technological conglomerate out there that is doing the same. It is only a matter of opportunity, where it springs up and in whose lap it lands. At the moment, the studio is going to complete the purchase of any technological systems and resources that it requires and set up a proper development and programming team.
After this is done, only then the company would seek to approach the development of non-fungible tokens and make them available on the Palm network. According to the co-founder and CEO of the studio, Dan Heyman says that the company will consider extending and establishing its structure according to the overall growth taking place in the NFT space. This means that after getting the resources and technological systems along with the team that is going to oversee these elements, the company will finally start looking into minting new non-fungible tokens and making them available on its own network for the sake of others to purchase these.
NFT space is seeing consistent adoption, and not so long ago, it was considered completely out of fashion and all, but once again, it has found the energy which transpires into keeping the crypto space alive and relevant among people who share an interest in the NFT technology. If Palm NFT studio does a good job at developing unique and streamlined NFT tokens, only then it would be able to tackle the competition that is developing out there in the NFT space.