Introducing Palm: The Energy-Efficient NFT Ecosystem
NFTs have lots of things in their favour, but sustainability hasn’t been one of them. Until now. Palm is introducing an alternative NFT network which loves the planet as much as it loves the blockchain, showing that NFTs can be eco-friendly too.
Palm is the latest venture by Ethereum and ConsenSys co-founder Joe Lubin, and it’s 99% more energy efficient than the existing proof-of-work Ethereum blockchain. That’s pretty impressive in anyone’s language.
With ConsenSys (the crew behind the Qoin Quorum blockchain) working alongside Palm as node operators, the new platform is designed to complement Ethereum rather than compete with it. As an Ethereum sidechain, the goal is increased decentralisation over time.
Art, currency and ownership
Palm is kicking off with a bang. Renowned artist Damien Hirst is launching The Currency Project, a 10,000-strong series of unique oil paintings which has been stashed in a vault.
Created five years ago, with each one tied to a corresponding NFT, the conceptual project plays with the idea of art as cryptocurrency.
As reported by The Art Newspaper, the artworks explore the idea of ownership and the cult of wealth — two favourite topics for the avant-garde artist who created the diamond-studded skull in For the Love of God.
In Hurst’s own words: “Art doesn’t have to just exist in the physical world, it can also exist in the digital world too, and now because of the blockchain so can the ownership of that art.”