With the growing popularity of NFT tokens, more creators and users want to mint them, which can be costly if the Ethereum blockchain is used.

As creating digital tokens according to the famous Ethereum standards “ERC-20” or “ERC-721” uses gas, and as everyone knows, gas is currently expensive.

To address this, ConsenSys has announced the Palm platform, which promises 99% efficiency on existing PoW networks.

Palm platform and NFT scene:

According to an announcement on Tuesday, March 30th, Ethereum solutions provider ConsenSys has teamed up with HENI Group and Heyday Films to offer the Palm NFT Studio platform.

We’re just beginning to reveal what NFT means to creators.

We are proud to partner with HENIGroup And the Tweet embed on me Tweet embednew #NFT An ecosystem and studio for creators and artists.

Read:After two years of development…Facebook finally announces the readiness of its digital wallet

– ConsenSys (Consensys) March 30, 2021

The platform incorporates and introduces a concept for innovation that is created to collaborate with artists, marketplaces and rights holders to bring projects and platforms into the new NFT ecosystem.

The announcement also stated that upon the platform’s launch in May, a version of the Uniswap v3 protocol will be deployed to support the trading of digital art assets within the Palm ecosystem.

There was no mention of the exact date of the launch of the platform.

The “Palm” platform will operate as a side chain to the Ethereum blockchain, meaning it will fully support interoperability with the Ethereum mainnet, but the project intends to move to Layer 2 solutions to achieve faster transactions and lower fees.

The platform will also support the popular “MetaMask” wallet.

Palm NFT Studio has also joined MEME, Nifty’s, Protocol Labs, and Infura, and its list of partners is expected to grow upon launch.

Joseph Lubin, founder of ConsenSys, said:

NFT is a revolutionary technology that is expected to transform our relationship with content and enable content creators to deliver their production like never before.

Read:4 years after launch…How much is the trading volume on Uniswap?

NFT and DeFi can cross the chasm along with the Palm platform, to revitalize the worlds of finance, art and culture to embrace blockchain technology.

The first collection to be shown on Palm will be British artist Damien Hirst’s “The Currency Project” which consists of 10,000 works on paper linked to NFT.

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