Low gas costs, fast transaction completion, and 99% energy efficiency are all possible in the NFT market, thanks to the new Palm digital ecosystem, introduced by ConsenSys.
The software technology company blockchain based Ethereum, ConsenSys, announced the launch of its new ecosystem for NFT, LLAMADA Palm, which will provide all the necessary tools and instruments to further boost the adoption of this new class of tokens in the markets.
ConsenSys explained that Palm is a new token-driven digital ecosystem for NFTs, which is connected to the Ethereum blockchain. This ecosystem is designed to serve as an NFT creation studio, featuring all the functionalities needed to drive this current trend. On Palm, creators will be able to enjoy low gas costs, fast transaction completion, and 99% greater energy efficiency than proof-of-work systems. (Proof of Work, PoW).
Behind the development of this ecosystem are several of the brightest minds in the blockchain industry, such as Joseph Lubin, founder of ConsenSys and co-founder of Ethereum; david hayman, film producer and owner of Heyday Films; and Joe Hage, founder of the art house HENI Group. Also participating as partners in the project are the creators of Uniswap, $MEME, Nifty's, Protocol Labs, MetaMask and Infura. According to the statement shared by ConsenSys, the idea of all these is to offer a space where artists, markets and copyright holders can collaborate with each other to carry out NFT blockchain projects and develop innovative platforms within the Palm ecosystem.
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Damien Hirst, the first art superstar at Palm
As noted by ConsenSys, the renowned English artist, entrepreneur and collector, Damian Hirst, will be the first to launch an NFT crypto art project consisting of 10.000 real works of art represented as non-fungible tokens on the blockchain.
Hirst has been developing his project “The Currency Project”, which according to his statements, challenges the concept of value through money and art. The Currency Project is the first launch that takes place within the Palm ecosystem. The artist noted that he will launch his tokens on Palm because it is the best platform that has been developed to explore the universe of NFTs; in addition, it guarantees a much more ecological operation than other platforms, respecting and caring for the environment.
“Palm is by far the best platform for me. It’s new and art-focused, it’s the most eco-friendly, and it’s faster and cheaper to use. With Palm, artists can invent the future.”, the artist declared.
Palm on Uniswap V3 and more
In addition to Hirst's collection of NFTs, Palm is also preparing to roll out a version of Uniswap V3’s most emblematic landmarks, the DEX de DeFi the industry’s most widely used platform to support the trading of art assets within the Palm ecosystem.
Palm developers explain that those interested in participating in this new blockchain network and ecosystem will be able to access and participate through MetaMask, the most popular digital wallet on the Ethereum network, which currently has more than 3 million active users (MAU).
Green NFTs
Palm, which is based on Ethereum, promises to be up to 99% more efficient than common proof-of-work-based networks. To do this, Palm uses layer 2 to exist as a sidechain, or sidechain, fully interoperable with the main ETH blockchain; which intends to be much more energy efficient than other networks, to allow artists and creators to focus only on creativity.
Until recently, non-fungible tokens or NFTs went unnoticed in the crypto industry, but now the reality is different. NFTs have sparked a level of interest in society that is difficult to compare. However, just as a crazy frenzy for these tokens was born, there are also several detractors who point to blockchain technology, considering that its use causes serious damage to the environment.
Several artists and companies have been accused of being anti-environmental by their fans and users, when announcing their plans to launch NFTs tokens. Recent examples of these cases are Gorillaz y ArtStationThe latter, a platform for the exhibition of digital art, was forced to halt its launch of NFTs due to strong accusations from its community; and to consider other blockchains other than Ethereum to launch its NFT art collection in the future.
However, Palm promises to break with this perspective and become a strong competitor to Flow, the blockchain for NFTs designed by Dapper Labs, which uses proof of stake. (Proof of Stake, PoS) to ensure scalability, performance, speed and greater energy efficiency.
HENI Group's Joe Hage noted that he was proud to partner with Palm to create a “great stack of new technology for these and other creative projects”, able to take advantage of all the benefits offered by the Ethereum blockchain, while minimizing gas fees and environmental impact.
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