As NFTs grow in popularity, more creators and users want to mint them, which can be costly if using Ethereum. Creating ERC-20 fungibles or ERC-721 non-fungibles uses gas, and as everyone is painfully aware, gas is expensive at the moment.
Addressing this, ConsenSys has announced Palm, which promises 99% efficiency over current proof-of-work networks.
We’ve only just begun scratching the surface of what NFTs mean for creators.
— ConsenSys (@Consensys) March 30, 2021
Palming into The NFT Scene
According to the March 30 announcement, the Ethereum solutions provider has teamed up with the HENI Group and Heyday Films to introduce the Palm NFT Studio. The concept involves an innovation lab set up to collaborate with artists, marketplaces, and rights holders to bring projects and platforms into the new NFT ecosystem.
When launched in May, a version of the Uniswap v3 protocol will be deployed to support the trading of digital art assets within the Palm ecosystem, it added. There was no mention of a launch date for Palm.
Palm will exist as an Ethereum sidechain that is fully interoperable with the main Ethereum network, but the project intends to transition to Layer 2 solutions for even faster transactions. It will also be available as a network selection in the popular MetaMask crypto wallet.
Palm NFT Studio has also joined up with MEME, Nifty’s, Protocol Labs, and Infura, and its list of partners is expected to grow when it launches.
Founder of ConsenSys, Joseph Lubin, stated:
“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.”
The first collection to feature on Palm will be “The Currency Project” from British artist Damien Hirst which is made up of 10,000 works on paper tied to corresponding NFTs.
NFT Platforms Exploding
ConsenSys is not the only company to launch a fully scalable NFT platform, however. Immutable X has also just released one promising carbon-neutral NFTs by using zk-rollups to scale them.
The rival Flow blockchain has also been one of the driving forces behind NFT momentum recently, largely due to the massive success of the National Basketball Association-licensed NBA Top Shot collection.
In other NFT news, the maker of NBA Top Shot, Dapper Labs, has closed an investment from the NBA and a number of entertainment stars worth $305 million.