- ConsenSys is planning to launch an NFT platform dubbed Palm.
- Palm is being developed to be more scalable and optimized for creators and artists.
In recent months, many crypto companies had branched off to the non-fungible token (NFT) market amid the growing interest and participation in the market. A number of artists, including musicians, are digitizing contents on the blockchain, some of which have sold for millions of dollars. Beeple is a typical example of a digital artist who bagged over $60 million from the sale of his 5,000-day artworks as NFT.
Creation/issuing of NFTs on a blockchain, especially Ethereum, can be expensive. However, ConsenSys is planning to launch a more efficient NFT platform to address the issue, among other things.
ConsenSys collabs to launch Palm
In partnership with HENI Group and Heyday Films, the Ethereum software solutions provider, ConsenSys plans to launch its NFT platform dubbed “Palm.” The platform will debut as an Ethereum sidechain and will provide an optimized experience for artists and creators. According to the report, Palm is being developed to be more scalable to support faster transactions, low gas fees, and 99 percent more energy efficiency.
Damien Hirst will become the first artist to launch an NFT content on Palm, which will consist of 10,000 works on paper tied to corresponding NFTs. The artworks from Hirst, dubbed “The Currency Project,” is a five-year project. Uniswap, MetaMask, MEME, Ethereal Ventures, Nifty’s, Treum, and EulerBeats, were named as the launch partner of Palm. As part of the partnership, a version of the soon-to-launch Uniswap V3 will be deployed on Palm to support the trading of NFT arts.
Crypto firms are launching NFT marketplaces
It’s obvious that the NFT market is growing in valuation and popularity. To serve the growing number of people in the market, many crypto companies are launching and investing in NFT marketplaces. Recently, Crypto.com, a cryptocurrency payment company, announced its plan to launch an NFT marketplace that mostly targets celebrities. OpenSea, an NFT marketplace, also secured capital from prominent investors to scale its operation.