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.
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
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 …
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