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NFT Business Lyrics, Microsoft and Warner Bros Inject $27 Million

NFT Business Lyrics, Microsoft and Warner Bros Inject $27 Million - Microsoft is ultimately interested in the crypto market. Even the giant company, through Microsoft Venture (M12) disbursed and invested in an NFT token (non-fungible token), Palm NFT Studio.

Quoted from a broadcast by legitimate journalists Palm NFT Studio, Thursday (12/9/2021), apart from Microsoft Venture, they received additional investment funds from Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, LAO, Warner Bros. ., SK Inc. and others.

According to the company, the funds will be used to invest in the NFT sector, ranging from art, film, entertainment to advertising.

Microsoft and NFT

“This capital allows Palm NFT Studio to offer this platform to any third party looking to deploy a large number of NFT projects, with an emphasis on easy goals for new users, regulatory compliance and environmental sustainability,” said Dan Heyman, Co-Center. Founder and CEO of Palm NFT Studio.

Heyman explained, the investment of funds ensures the sustainability of their project for a more mainstream commune.

Palm NFT Studio itself is a joint project of ConsenSys, the company behind the Ethereum blockchain upgrade. ConsenSys founder Joseph Lubin was directly involved in this digital asset certification mechanism token project.

Daniel Heyman himself was originally the founder of PegaSys, a dedicated team at ConsenSys.

Palm NFT Studio is still relatively new, only eight months ago, when compared to strong competitors, such as OpenSea. However, the company received a lot of technology and capital assistance from ConsenSys, in addition to new funding from Microsoft Ventures.

Palm NFT Studio does not use the Ethereum blockchain, but rather the Palm Network, which is its own database network as Layer 2 on top of the Ethereum blockchain. The argument behind this is profitability. Initially, Marvel released several NFTs in Palm Studio.

What is NFT?

NFT (non-fungible token) in concept is a certification mechanism for digital files. Files can be images (with JPG format), sound (WAV) or video (MP4).

In this case, for example, in the form of images that are traded on the Internet on the OpenSea website.

The certificate ensures that the art creation comes from the artist or initiator by being permanently placed on a network of computer servers called a blockchain.

When someone buys NFT in an NFT store (for example on OpenSea), the token transfers ownership from the initiator to the consumer. Business transaction data is recorded on the blockchain.

And the image file is still on another server computer, when the image is uploaded for the first time.

Furthermore, NFT consumers can sell it to other parties. Purchase business transaction data is recorded on the blockchain, and so on.

The benefits of this kind of data recording mechanism make it easier for the initiator to find his creation 'business transaction journey' from one faction to another.