Palm’s NFT Studio Has Big Names, Low Transaction Costs and A Green Tint

April 1, 2021

Palm is a new ecosystem for NFTs from Joe Lubin, the founder of Consensys.  He is capitalizing on his standing in the Ethereum community by partnering with superstar artist Damien Hirst. 

Palm is also squarely trying to be on the green side of NFTs which have been under fire for flaunting environmental concerns related to their high energy usage in minting NFTs.  Lubin indicated that Palm will be 99% more energy efficient than Ethereum mainnet by reducing the computing power requirements of minting NFTs.

Another recent complaint about NFTs is the high “gas fees” which it costs to put an item onto the blockchain and create a unique token – Palm promises low transaction fees on their network which is tied to Ethereum.

10,000 NFTs
Damien Hirst is featuring his platform “The Currency Project.” which consists of 10,000 works on paper tied to the corresponding NFTs.  Hirst said in a statement his new project "challenges the concept of value through money and art."

There are other big name collaborators in the Palm project such as David Heyman, owner of Heyday Films, and Joe Hage, founder of leading art house HENI Group.

Hirst’s claim to fame
Hirst became famous for putting a shark in formaldehyde and encrusting a skull with diamonds.  He was for a short time the world’s most expensive living artist in 2007 when he sold Lullaby Spring, a medicine cabinet containing 6,000 painted pills, for $19m.

  • Hirst said: "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."

Hirst is not new to Crypto having sold more than 7,000 prints of Japanese blossom paintings in a sale ending in March.

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