ConsenSys announces environment-friendly NFT platform, Palm
ConsenSys Announces Environment-Friendly NFT Platform, Palm
March 31, 2021
ConsenSys announces environment-friendly NFT platform, Palm
ConsenSys Announces Environment-Friendly NFT Platform, Palm
March 31, 2021

It seems NFTs are far from a passing fad now. It is accelerating exponentially, in almost all of its areas, be it demand, its bidding, its innovation mechanism. Institutions are working on NFT’s energy-intensive mechanisms, reducing its gas fees, fostering fast transactions in order to make NFTs sustain for a longer period of time.

As ConsenSys announced in its press release:

Palm is a new token-powered ecosystem for NFTs, which is connected to Ethereum, and features low gas costs, fast transaction finality, and 99% more energy efficiency than proof of work systems.

ConsenSys has introduced a new ‘ecosystem for NFTs’, a one-of-a-kind studio for creators in the digital platform through Palm. Palm’s first artist is Damien Hirst. Introducing his work, The Currency Project that took five years in the making, it “challenges the concept of value through money and art,” according to Hirst.

Damien Hirst says:

Palm is by far the best platform for me. It’s new and art focused, it’s the most environmentally friendly, and it is quicker and cheaper to use. With Palm, artists can invent the future.

The Currency Project will be supported by launch partners namely Uniswap, $MEME, Treum, EulerBeats, Protocol Labs, and others. They will be supporting future projects of Palm as well. The partners will work on several areas of the NFT platform for it to work efficiently.

ALSO READ :  Chinese Internet Platform Tencent Plans To Create A Digital Currency Research Group

As per the press release, ‘The Palm ecosystem is designed from the ground up to provide artists and creators an optimized experience today, including low gas costs, fast transaction finality, and 99% more energy efficiency.’

The announcement further details on Palm adopting a sustainable solution as it details,’ At launch, Palm will exist as an Ethereum sidechain that is fully interoperable with the main Ethereum network. The project intends to transition to Layer 2 solutions while making the transition as seamless as possible so that artists can stay focused on creativity.’

Speaking on transforming the content platform, Joseph Lubin, Founder of ConsenSys said:

It is exciting to see disruptive technology like NFTs transform our relationship to content and empower content creators like never before. NFTs and DeFi can cross the chasm hand in hand with Palm, activating the worlds of finance and art and pop culture to embrace Ethereum and blockchain technology. I couldn’t be more pleased to partner with David, Joe and Dan on this much-needed solution for creators.

On the undiscovered potential of NFTs, Dan Heyman, CEO of Palm NFT studio said:

We’ve only just begun scratching the surface of what NFTs mean for creators. It’s incredible to partner with Damien Hirst on The Currency Project, which really demonstrates what NFTs can do. Our hope is that by developing marquee projects such as this with iconic artists, creatives and catalogs, while onboarding platforms, curators and fans to Palm, we can empower everyone in the business of creativity to bring their most imaginative works to life, access audiences directly, and transform the creative industries in a way that is scalable, equitable and efficient.

Source: Cointelegraph

ALSO READ :  Turkish Residents Loses Faith In Their Local Fiat Currency, Lira Falls 20% This Year


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Coinbase Active Users Increase By 120%

Coinbase Active Users Increase By 120%

The active users of Coinbase, the major cryptocurrency exchange, have increased by 120%, while trade volumes tripled. It has been reported according to documents filed with the US Securities and Exchange...

Rashmi Singha

Rashmi Singha is a content writer at Crypto News Point. A learner, an observer who loves to communicate with people. Having a tad bit of experience in content writing, she aspires to learn the other disciplines in the respective field.