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.
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.