{"id":214654,"date":"2021-03-30T15:59:44","date_gmt":"2021-03-30T12:59:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/consensys-announces-layer-two-nft-platform-palm-to-compete-with-flow\/"},"modified":"2021-03-30T15:59:44","modified_gmt":"2021-03-30T12:59:44","slug":"consensys-announces-layer-two-nft-platform-palm-to-compete-with-flow","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/consensys-announces-layer-two-nft-platform-palm-to-compete-with-flow\/","title":{"rendered":"# ConsenSys announces layer-two NFT platform, Palm, to compete with Flow"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a278152bcefd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a278152bcefd\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/consensys-announces-layer-two-nft-platform-palm-to-compete-with-flow\/#All_about_the_IP\" >All about the IP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/consensys-announces-layer-two-nft-platform-palm-to-compete-with-flow\/#%E2%80%9CThe_Currency%E2%80%9D_brings_the_currency\" >&#8220;The Currency&#8221; brings the currency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/consensys-announces-layer-two-nft-platform-palm-to-compete-with-flow\/#A_license_to_license\" >A license to license<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># ConsenSys announces layer-two NFT platform, Palm, to compete with Flow <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>With a possible billion-dollar nonfungible token drop and a high-powered, multiproject collaboration in the works, the Ethereum ecosystem may finally be ready to compete with NFT-centric blockchain Flow.\u00a0<\/p>\n<p>In a press release today, Ethereum software developer ConsenSys announced Palm, an environmentally friendly NFT scaling solution. Palm will be a sidechain designed to be \u201cfully connected\u201d to Ethereum, sporting faster settlement times, lower fees and an especially light carbon footprint \u2014 a noted bugaboo for artists as of late.<\/p>\n<p>Ethereum\u2019s community \u2014 one of the chain&#8217;s advantages over the faster, more efficient rival NFT chain Flow \u2014 is also on full display in the release. ConsenSys announced a lineup of ecosystem-building partner powerhouses for Palm, such as NFT <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> platform Nifty\u2019s and experimental NFT mining project Meme. <\/p>\n<p>Likewise, Palm will come out of the gate with significant infrastructure in place from partners Infura, NFT metadata storage via Protocol Labs, and a partnership with decentralized exchange Uniswap, which may soon be announced as the home of the forthcoming PALM token initial exchange offering. <\/p>\n<p>The question is: Will this be enough to overcome Flow and its wildly popular, industry-altering NBA Top Shot collectibles?<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"> New Top Shot record <\/p>\n<p>A Zion Williamson Holo MMXX <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nbatopshot?ref_src=twsrc%5Etfw\">@NBATopShot<\/a> just sold for $115,000. <\/p>\n<p>That&#8217;s the largest all-time Top Shot sale for any player not named LeBron James. \u2705<\/p>\n<p>Serial: #28\/50<br \/>Buyer: MCEnterprise<br \/>Seller: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Block_J_?ref_src=twsrc%5Etfw\">@Block_J_<\/a><br \/>Last purchase: $7,000 on Jan. 18<br \/>ROI: 1,461%  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/kfucfVkpeo\">pic.twitter.com\/kfucfVkpeo<\/a><\/p>\n<p>\u2014 MomentRanks (@MomentRanks) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MomentRanks\/status\/1374190912226660360?ref_src=twsrc%5Etfw\">March 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"All_about_the_IP\"><\/span>All about the IP<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Technical and ecosystem differences aside, the battle between the NFT platforms will ultimately be fought over the quality of the intellectual property and the licensing they can attract.\u00a0<\/p>\n<p>So far, the Ethereum community has been fed a thin diet on that front. Ethereum-native platforms have been fighting for NFTs from C-list celebrities, sports has-beens or never-weres, and niche \u2014 if highly devoted \u2014 fandoms. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We sold out 100\/100 editions of my recent NFT on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rariblecom?ref_src=twsrc%5Etfw\">@rariblecom<\/a> for a total of 45.4 ETH! I have donated part of it to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SavetheChildren?ref_src=twsrc%5Etfw\">@SaveTheChildren<\/a> and gave away $10k to one of the bidders  Thanks to all stay tuned for next one.. I put my \u2764\ufe0f into it!   <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/AeE5CwLSlc\">https:\/\/t.co\/AeE5CwLSlc<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/94pidkfcpB\">pic.twitter.com\/94pidkfcpB<\/a><\/p>\n<p>\u2014 Lindsay Lohan (@lindsaylohan) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/lindsaylohan\/status\/1368603518190424069?ref_src=twsrc%5Etfw\">March 7, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Flow, meanwhile, has been one of the driving forces behind NFTs entering mainstream consciousness, primarily due to the massive success of National Basketball Association-licensed NBA Top Shot.<\/p>\n<p>The project seems to break its own records weekly, is being discussed regularly on ESPN and sells out like clockwork the moment it releases new packs. If you\u2019ve been seeing NFTs on the nightly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>, Top Shot is to thank. <\/p>\n<p>Flow\u2019s lead isn\u2019t unsurpassable, however, as Palm\u2019s opening salvo in the platform wars could be every bit as lucrative as Top Shot: a meatspace-meets-blockchain physical-and-NFT art mashup called &#8220;The Currency Project&#8221; from legendary British artist Damien Hirst. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%80%9CThe_Currency%E2%80%9D_brings_the_currency\"><\/span>&#8220;The Currency&#8221; brings the currency<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>First reported by Cointelegraph, The Currency Project consists of 10,000 physical \u201cbills\u201d painted by Hirst five years ago and currently in storage. Each bill will have slightly different features \u2014 and therefore, rarities \u2014 and will be tied to an NFT, meaning it\u2019s conceptually similar to algorithmically generated NFT art projects, from a collector\u2019s perspective.\u00a0<\/p>\n<p>Calculating the possible value of The Currency Project is ultimately educated guesswork. One method might be to look at similar projects: Using investment funds designed to track a basket of NFTs, one back-envelope estimate <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CL207\/status\/1373542819999014913\">puts<\/a> the current aggregate market value of all 10,000 CryptoPunks \u2014 one of the earliest and most popular algorithmically generated NFT projects \u2014 at $500 million. Likewise, a more recent algorithmically generated project, Hashmasks, managed to raise over $10 million for just over 16,000 NFTs over the course of four days in January. <\/p>\n<p>Meanwhile, Hirst himself is a famously remunerative brand to bring to market \u2014 if not always through cut-and-dry means. One Hirst piece, &#8220;For the Love of God&#8221; \u2014 a human skull encrusted with some number of diamonds \u2014 was put up for sale in 2007 for 50 million pounds. It eventually sold, but for an undisclosed sum to an ownership group that included Hirst himself.<\/p>\n<p>Hirst has also held the record for the most expensive single piece of art sold by a living artist at various points in his life (a record that digital artist and mutual fanboy Beeple challenged earlier this month), and Hirst\u2019s personal record to beat for a collection like The Currency Project is $198 million \u2014 the sum his &#8220;Beautiful Inside My Head Forever&#8221; show fetched at auction at Sotheby&#8217;s in 2008, though a more recent sale might have <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/news.artnet.com\/art-world\/kenny-schachter-on-damien-in-venice-934115\">brought in<\/a> as much as a full billion.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">For The Love of God, 2007, by Damien Hirst. Platinum, Diamonds. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/EdsIFEis7H\">pic.twitter.com\/EdsIFEis7H<\/a><\/p>\n<p>\u2014 Diane Doniol-Valcroze (@ddoniolvalcroze) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ddoniolvalcroze\/status\/1313475408512327681?ref_src=twsrc%5Etfw\">October 6, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Investors shouldn\u2019t simply assume wild success for The Currency Project, however. A similar physical-art-and-NFT mashup sale of a painting from avant-garde master Wladimir Baranoff-Rossine is currently on auction at Mintable, and bids <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to have stalled out at $35,000 with just a day to go \u2014 a paltry sum given the historic nature of the sale. Some art outlets reported that Baranoff-Rossine had fallen out of collectors\u2019 favor leading up the auction, and it now appears that simply adding an NFT element to a sale is not sufficient to realign wider market trends. <\/p>\n<p>So, The Currency Project will be worth some figure between $35,000 and a billion? Properly triangulating the nature and quality of the various projects, the competing profligacy of the art and crypto communities, and how Hirst\u2019s opaque sales history might translate to the cryptoland would, in aggregate, require a supercomputer or a prophet, or both. <\/p>\n<p>In a statement to Cointelegraph, Hirst implied this uncertainty is part of the conceptual power of the project.<\/p>\n<blockquote><p>\u201cEach NFT is an artwork and each physical artwork is a work of art, but I can\u2019t help seeing the whole project as a single and powerful work of art. Anyone who buys, sells or holds the NFTs and\/or the physical artworks will be participating in this work of art themselves. I have no idea what is going to happen, where the value or the belief lies, I can\u2019t predict what is going to be more valuable, less valuable and how the whole project will be received, but I love the limitlessness and the thrill of the project and that every participant will contribute to the overall complexity of this artwork in some way through their behaviour.\u201d<\/p><\/blockquote>\n<p>By this standard, The Currency Project will be an experiment indeed.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"A_license_to_license\"><\/span>A license to license<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Whatever its (likely mammoth) market capitalization, Palm will need more than one headline-grabbing Hirst project to properly compete with Flow. To that end, ConsenSys has assembled a pair of high-powered partners: Joe Hage and David Heyman.<\/p>\n<p>Hage, once <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.artnews.com\/art-news\/market\/former-sothebys-top-lawyers-open-firm-form-alliance-with-elusive-london-attorney-joe-hage-1202677822\/\">described<\/a> by ARTnews as a \u201csignificant but rarely discussed force behind the scenes\u201d of the art world, brings more than his friendship and business relationship with Hirst to Palm. Hage was quoted in the press release as saying that he also has collaborations with multiple \u201cartists and art institutions\u201d in the works. Hage is a noted powerbroker of Gerhard Richter, the most successful artist ever at auction, and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.artnews.com\/art-news\/market\/former-sothebys-top-lawyers-open-firm-form-alliance-with-elusive-london-attorney-joe-hage-1202677822\/\">runs<\/a> an exclusive art law firm with two former top Sotheby\u2019s attorneys. <\/p>\n<p>Hage\u2019s first venture into crypto was also an unmitigated success: He was the driving force behind Hirst accepting Ether (ETH) and Bitcoin (BTC) for a print run of cherry blossom paintings sold through Hage\u2019s print shop, Heni \u2014 a run that earned over $22 million in total, well exceeding expectations. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/7f9c657e-6c18-414f-931c-0cd5cf1b8293.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\">Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">Science<\/a> Ltd<\/figcaption><\/figure>\n<p>Heyman, meanwhile, is another prime instance of a &#8220;significant but rarely discussed&#8221; individual, though his expertise is in film. His company produced <em>Gravity <\/em>and <em>Once Upon a Time in Hollywood\u00a0<\/em>as well as the <em>Harry Potter<\/em> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a>. <\/p>\n<p>A handful of projects have managed to leverage licensing of fondly remembered brands for successful drops, including WAX\u2019s Garbage Pail Kids run and Terra Virtua\u2019s recent Godzilla vs. King Kong drop. Except for Flow and the NBA, no platform has even sniffed the kind of IP acquisition that <em>Harry Potter<\/em>, one of the most widely loved (and profitable) franchises ever, would represent. <\/p>\n<p>The press release did not estimate a date for either Palm\u2019s launch or Hirst\u2019s NFT drop and provided few specifics on future planned acquisitions and drops. <\/p>\n<p>If Palm wants to cut into Flow\u2019s significant lead, however, we can expect it will be moving sooner rather than later. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/consensys-announces-layer-two-nft-platform-palm-to-compete-with-flow\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# ConsenSys announces layer-two NFT platform, Palm, to compete with Flow &#8221; With a possible billion-dollar nonfungible token drop and a high-powered, multiproject collaboration in the works, the Ethereum ecosystem may finally be ready to compete with NFT-centric blockchain Flow.\u00a0 In a press release today, Ethereum software developer ConsenSys announced Palm, an environmentally friendly NFT&#8230;<\/p>\n","protected":false},"author":1,"featured_media":214655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvNDRiZjY4ZjgtNzBhZi00ZjM5LWFjYmUtMTIyN2I1YTU5NGM3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[76402,74891,75036,95118],"class_list":["post-214654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-consensys","tag-ethereum","tag-ico","tag-nft"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/214654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=214654"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/214654\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/214655"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=214654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=214654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=214654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}