Microsoft leads startup Palm NFT Studio’s
Griffin Gaming Partners joins M12 in adding the early-stage Palm NFT Studio to its portfolio. Palm NFT Studio has announced a 27 million Series B funding round led by Microsoft.
The funding will allow the team to scale the Palm NFT Studio’s technology platform and make it available to third parties interested in deploying NFT projects in movies, games, and environmental sustainability. The Palm Network, an Ethereum sidechain that allows users to create NFTs, was co-created by Palm NFT Studio. Palm NFT Studio has collaborated with DC Comics to release an NFT collection of tokenized comic book covers since its launch earlier this year and with Damien Hirst to release The Currency collection.
Bitcoin
Bitcoin (BTC) has struggled to stay below the $50,000 resistance level.
The cryptocurrency has been down about 4% in the last 24 hours. However, support near the 200-day moving average could help to stabilize the current decline.
Despite several oversold signals on the charts, BTC buying activity remains subdued. Ethereum currently operates on a proof-of-work model, in which miners compete to solve complex puzzles to validate transactions. This model is heavily criticized for its environmental impact, as it necessitates a large amount of computer power.
In 2022, Ethereum intends to switch to a proof of stake model. Users can only validate transactions based on the number of coins they own rather than the energy-intensive mining rigs currently in use. This action is part of Eth2. Eth2 has an essential impact because it will change the Ethereum infrastructure and, in time, will make mining obsolete.
