The Palm ecosystem is a joint venture launched to provide lower-cost NFT trading for artists while Ethereum transitions away from Proof of Work mining.
The Palm NFT Ecosystem
ConsenSys described the new project as an ecosystem for NFTs, adding that a version of Uniswap V3 will launch on Palm to support asset trading.
“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.”
Palm launched as an Ethereum sidechain, greatly reducing its power consumption, and will move to Layer 2 solutions over time.
Along with Uniswap, partnered projects include $MEME, Nifty’s, Protocol Labs, MetaMask, and Infura.
We’ve only just begun scratching the surface of what NFTs mean for creators.
We are proud to parter with @HENIGroup and @Heydayfilms on @PalmNft, a new #NFT ecosystem and studio for creators and artists. https://t.co/Wv5KBgs39S https://t.co/tX2R6s8YbN
— ConsenSys (@Consensys) March 30, 2021
ConsenSys founder and Ethereum co-founder Joe Lubin launched Palm jointly with HENIGroup and Heyday Films, stating that the aim is to optimize the sale of NFTs for “low gas costs, fast transaction finality, and 99% more energy efficiency.”
Lubin addressed Ethereum’s current scaling problems, saying artists can use a new sidechain built with Hyperledger Besu while they’re waiting for the ETH2 network update.
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