# Palm NFT Studio

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/palm-nft-studio

- Industry: Software
- Headquarters: Dover, US
- Website: www.palm.io
- Total disclosed funding: $27M
- Latest round: Series B (Dec 9, 2021)
- Investors on record: 8

## About

Palm NFT Studio Inc. is a blockchain technology company that specializes in enhancing NFT experiences by facilitating cross-chain transactions and supporting creators and brands in various sectors.Palm NFT Studio Inc., founded in 2021 and headquartered in Dover, US, operates as a platform focused on improving NFT accessibility and integration. The company has undergone a strategic pivot towards merging with Candy Digital, Inc. as of June 29, 2023, which allows for an expanded digital experience for users. The company was formed by a group of industry professionals but specific founder details are not available. The company has raised a total of USD 27.00 mn, with its latest funding round being a Series B led by M12 and featuring investors such as Griffin Gaming Partners and Warner Bros.Palm Network operates as a Layer 2 network designed to enhance transaction speed and throughput while ensuring the security inherent to Ethereum. Their core offerings include a range of services that facilitate cross-chain transactions between Ethereum and the Palm Network through an automated bridge relay service. This solution aims to solve challenges associated with asset movement and integration by providing streamlined access for brands and creators in sectors such as fine art, sports, and entertainment. The platform supports over one million users and communities, emphasizing its broad appeal and usage among both individual creators and corporate entities. Geographically, Palm Network’s services extend globally, catering to clients in diverse markets who are seeking innovative ways to integrate blockchain technology into their operations.Revenue generation for Palm Network is facilitated through a transactional model that emphasizes cross-chain asset movement and integration services. Clients, including creators and brands, engage with the Palm Network by utilizing its bridge services to transfer assets, which may involve transaction fees based on the volume or value of the assets being moved. The company's offerings include partnerships with brands and creators, establishing strategic relationships that bolster their market presence. While specific pricing structures for services are not detailed, the platform attracts a variety of revenue streams through both direct-to-consumer interactions and B2B partnerships, enhancing its overall financial sustainability in the blockchain ecosystem.Palm NFT Studio Inc. is set to leverage its recent merger with Candy Digital, Inc. to enhance its product offerings and digital experiences. This merger aims to facilitate the development of bespoke digital collectibles, marketplaces, and loyalty programs. The expansion strategy involves targeting new markets for enhanced NFT integration by the end of 2024, focusing on sectors such as sports and entertainment. The USD 27.00 mn raised in the Series B funding round will be allocated towards supporting product development and market entry strategies as outlined in the rationale for the merger.

## Funding rounds

- Series B, Dec 9, 2021, $27M — RRE Ventures, Warner Bros., M12, Third Kind Venture Capital, Griffin Gaming Partners, The LAO, Sfermion, SK Group

## Investors

- RRE Ventures (https://capitalatlas.ai/funds/rre-ventures) — Series B
- Warner Bros. — Series B
- M12 (https://capitalatlas.ai/funds/m12) — Series B
- Third Kind Venture Capital (https://capitalatlas.ai/funds/third-kind-venture-capital) — Series B
- Griffin Gaming Partners (https://capitalatlas.ai/funds/griffin-gaming-partners) — Series B
- The LAO (https://capitalatlas.ai/funds/the-lao) — Series B
- Sfermion (https://capitalatlas.ai/funds/sfermion) — Series B
- SK Group — Series B