Palm NFT Studio Acquisition, Valuation, Funding & Investors

Palm NFT Studio was acquired by Candy Digital for $610M in June 2023.

Palm NFT Studio acquisition price

$610M

Acquired by Candy Digital · Jun 2023

Cumulative funding Palm NFT Studio raised

$27M

across 1 funding round

Key investors in Palm NFT Studio

  • RRE Ventures
  • M12
  • Third Kind Venture Capital
  • Griffin Gaming Partners
  • SK Holdings
  • The LAO
  • Warner Bros.

Palm NFT Studio Overview

About Palm NFT Studio

Palm NFT Studio is a Los Angeles-based collective partnering with artists and creators to launch NFT collections on the Palm blockchain. The studio facilitates marketplace development and tokenization of digital art, music rights, and collectibles for entertainment industry clients.


Founded

2021

HQ

United StatesDover, DE

Status

Acquired

Customer focus

B2B

Revenue model

Commission

Valuation

$610M (acquired Jun 2023)

Palm NFT Studio Acquisition

Palm NFT Studio was acquired by Candy Digital for $610M on 29 June 2023.

Before the acquisition Palm NFT Studio had raised $27M across 1 funding round.

Candy Digital, an engagement platform for digital collectibles, merged with Palm NFT Studio, a web3 technology and production company, on June 29, 2023. The merger aimed to unite two leaders in officially licensed digital collectibles for sports, entertainment, art, and music fans. It was described as pioneering a new era of fan experiences through combined expertise in NFTs and fan engagement. Candy Digital had prior partnerships with MLB, Netflix, DC Comics, NASCAR, and WWE, while Palm brought web3 production capabilities. This occurred amid an NFT market downturn, following Candy's $1.5B valuation in 2021 and subsequent challenges including layoffs and Fanatics' divestment. Financial terms were not disclosed.

Palm NFT Studio acquisition details
AcquirerDateTypePrice
29 Jun 2023Strategic M&A$610M

Palm NFT Studio Funding History

Palm NFT Studio has raised a total of $27M across 1 funding round.

Palm NFT Studio funding rounds

Palm NFT Studio funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2021Series BM12 (lead); Griffin Gaming Partners; Third Kind Venture Capital; RRE Ventures; SK Holdings; Warner Bros.; The LAO$27MPalm NFT Studio is a Web3 technology and production company focused on providing a platform for creators and brands to launch NFT projects in movies, games, music, and art. It offers bespoke strategic, creative, and technical services built on the Palm Network, emphasizing sustainability with low-energy transactions compared to proof-of-work chains. Since its 2021 launch, it has executed high-profile NFT drops like Damien Hirst’s The Currency, DC Comics’ DC FanDome 2021 digital fan engagement, and Pace Gallery’s Pace Verso Web3 art gallery. On December 9-10, 2021, Palm NFT Studio raised $27 million in a Series B funding round led by M12 (Microsoft's venture fund), with participation from Griffin Gaming Partners, RRE Ventures, Third Kind Venture Capital, Sfermion, The LAO, Warner Bros., and SK Holdings (SK Telco). The funds are intended to scale the platform through research and development, hiring, and launching more NFT projects with leading creators across entertainment, fine art, and gaming. M12 joined the company board as part of the investment. The company, founded in 2021 and headquartered in Dover, Delaware, prioritizes regulatory compliance amid growing scrutiny of crypto and NFTs. It aims to connect brands, enterprises, creators, and consumers in the Web3 shift. Palm NFT Studio later merged with Candy Digital in June 2023, marking its transition from an independent funding stage to a merged entity. Investors also included SK Inc. in broader listings, aligning with the round participants.

Who has invested in Palm NFT Studio?

7 investors have backed Palm NFT Studio across its funding rounds, including RRE Ventures, M12, Third Kind Venture Capital, Griffin Gaming Partners, SK Holdings and The LAO.

Lead investors include M12.


Palm NFT Studio Investors

Investors in Palm NFT Studio by funding rounds participated
InvestorHQRoundsRoleFirst check
Griffin Gaming PartnersMexicoMexico1ParticipantDec 2021
Third Kind Venture CapitalUnited StatesNew York City, NY1ParticipantDec 2021
RRE VenturesUnited StatesNew York City, NY1ParticipantDec 2021
SK HoldingsSouth KoreaSouth Korea1ParticipantDec 2021
M12United StatesUnited States1LeadDec 2021

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Palm NFT Studio Competitors

Palm NFT Studio competitors include listed companies like Indokripto Koin Semesta and Rhino Bitcoin, and private ones like Rilla, Animoca Brands KK, Musicow and Galaxy.

Public and private companies comparable to Palm NFT Studio
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
RillaUAEAbu DhabiPrivate$40M-$737M18.4x
Animoca Brands KKJapanFukuokaPrivate--$500M-
MusicowSouth KoreaSeoulPrivate--$672M-
GalaxySouth KoreaSeoulPrivate$201M-$680M3.4x
Indokripto Koin SemestaIndonesiaIndonesiaPublicly listed$16M$7M$609M-
Rhino BitcoinUnited StatesUnited StatesPublicly listed$478K($417K)$594M-

Palm NFT Studio Public Comps

Palm NFT Studio is no longer listed, but its public comps include Indokripto Koin Semesta, TV Tokyo Holdings, YG Entertainment, Rhino Bitcoin, Acast, CJ ENM, H & R Century Union, NRJ Group, Tron and Cover.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Indokripto Koin Semesta$16M$7M36.9x-81.1x-
TV Tokyo Holdings$1.1B$104M0.3x0.3x3.2x3.4x
YG Entertainment$397M$73M1.3x1.2x7.1x7.4x
Rhino Bitcoin$478K($417K)1242.8x-(1423.4x)-
Acast$257M($1M)2.3x1.9x(481.8x)25.7x
CJ ENM$3.7B$1.1B0.6x0.7x2.2x2.6x
H & R Century Union$79M($28M)8.0x-(22.6x)-
NRJ Group$390M$74M0.3x0.3x1.6x1.7x

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Common questions about Palm NFT Studio

When was Palm NFT Studio founded?Palm NFT Studio was founded in 2021.
Where is Palm NFT Studio headquartered?Palm NFT Studio is headquartered in Dover, DE, United States.
Is Palm NFT Studio publicly listed?No, Palm NFT Studio was acquired by Candy Digital in June 2023.
Who acquired Palm NFT Studio?Palm NFT Studio was acquired by Candy Digital in June 2023.
How much was Palm NFT Studio acquired for?Palm NFT Studio was acquired for $610M in June 2023.
How much funding has Palm NFT Studio raised?Palm NFT Studio has raised $27M across 1 funding round.
What was Palm NFT Studio's last funding round?Palm NFT Studio's last funding round was a $27M Series B in December 2021, led by M12.
Who are Palm NFT Studio's investors?Palm NFT Studio's investors include Griffin Gaming Partners, Third Kind Venture Capital, RRE Ventures, SK Holdings, M12, Warner Bros. and The LAO.
Which companies are comparable to Palm NFT Studio?Companies comparable to Palm NFT Studio include Rilla, Animoca Brands KK, Musicow, Galaxy, Indokripto Koin Semesta and Rhino Bitcoin.

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