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Microsoft invests in start-up Palm NFT Studio



Microsoft is investing a total of US $ 27 million in Palm NFT Studio through risk fund M12. The start-up focuses on non-fungible tokens, which sparked an enormous hype in 2021.

The list of companies investing in cryptocurrencies and crypto-related companies is getting longer. Recently Visa, Ubisoft and Meta provided exciting news in this sector. Now Palm NFT Studio, a start-up in the cryptocurrency industry, has announced that it has received an investment of around $ 27 million from Microsoft's M12 venture fund.

The money is to be invested primarily in expanding the team, according to statements from the company's press release . The Palm NFT Studio platform makes it easy to develop and deploy NFT drops.

Acceptance of NFT is of great importance for the development of the company

It is therefore extremely important for the medium and long-term development of the company that the entire NFT sector continues to develop positively. Microsoft could now also speculate on this. This is how co-founder and CEO of Palm NFT Studio, Dan Heyman, sees it.

His statements in this regard: “Within three years, most of the NFT will be given away for free. We're seeing a shift away from NFT as exclusive collectibles to mass community engagement, and Palm NFT Studio is leading the way. We envision programs that will benefit millions of NFT; social objects that connect communities, encourage engagement and reward real fans. "

In addition to Microsoft, RRE, Third Kind Venture Capital, NFT investor Sfermion and The LAO are also investing in the company. The company is currently also concentrating on compliance with regulatory guidelines. A lot will change here in the coming months and years so that companies in the industry will have to remain vigilant.

More and more investments in crypto companies

The investment in Palm NFT Studio once again confirms the development that the cryptocurrency sector is currently experiencing. As data from PitchBook shows, as of October 1 of this year, venture capital firms had already invested $ 21.4 billion in crypto-related companies.

A few weeks ago, a report from Finbold showed that start-ups in the industry are developing well. 129 start-ups have already earned 2.6 billion US dollars this year, while the income of 341 start-ups in the previous year amounted to just 2.3 billion US dollars.

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