ConsenSys Launches NFT Ecosystem With 99% More Energy Efficiency Than PoW
The new Palm ecosystem is the latest NFT trading platform to emerge from the NFT boom, launching as an Ethereum sidechain to reduce energy costs.
- Palm is a joint venture by ConsenSys, HENIGroup, and Heyday Films.
- ConsenSys claim the NFT ecosystem is 99% more energy efficient than competitors due to launching as an Ethereum sidechain.
- Famous UK artist Damien Hirst, whose sales have made hundreds of millions in the art work, will launch an NFT collection on the platform.
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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.
We’ve only just begun scratching the surface of what NFTs mean for creators.
— 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.
Damien Hirst Collection Launches on Platform
The first project to launch on the ecosystem is by UK contemporary artist Damien Hirst, most known for his work displaying animals in formaldehyde and his huge roadside installations of babies in utero. Hirst broke records by raising $198 million at his one-artist auction at Sotheby’s auction house in 2016.
At the Damien Hirst show in Riwaq. This is a shark suspended in formaldehyde solution called The Kingdom pic.twitter.com/MsGxoTzUc6
— سلطان سعود القاسمي (@SultanAlQassemi) December 1, 2013
Hirst’s NFT project is called The Currency Project, comprised of 10,000 different pieces of art created over the course of five years. The collection aims to challenge the “concept of value through money and art.”
“Palm is by far the best platform for me. It’s new and art focused, it’s the most environmentally friendly, and it is quicker and cheaper to use. With Palm, artists can invent the future,” said Hirst.
Details of the auction for The Currency Project have yet to be announced.
I've made eight cherry blossom prints called The Virtues with @HENIGroup. For the first time I'm accepting Cryptocurrency for payment! You can buy them via the link below. Available until 23:59 PST Wednesday 3rd March. https://t.co/Jcn6z78Y54
— Damien Hirst (@hirst_official) February 26, 2021
Hirst previously sold art for NFTs via the HENI platform, now partnered with Palm.
Disclosure: The author held bitcoin at the time of writing