ConsenSys Case Studies Palm: Revolutionizing the NFT Ecosystem with Energy-Efficient Blockchain Technology

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	Palm: Revolutionizing the NFT Ecosystem with Energy-Efficient Blockchain Technology ConsenSys

Palm: Revolutionizing the NFT Ecosystem with Energy-Efficient Blockchain Technology

ConsenSys

Technology Category	Application Infrastructure & Middleware - Blockchain Sensors - Gas Sensors
Applicable Industries	Cement Oil & Gas
Applicable Functions	Product Research & Development
Use Cases	Construction Management Time Sensitive Networking
Services	System Integration
Challenge	The rise of Non-Fungible Tokens (NFTs) has revolutionized the way artists and creators connect with buyers, fans, and collectors. However, the current NFT ecosystem, primarily based on Ethereum's blockchain, faces significant challenges. These include high gas costs, slow transaction finality, and a lack of energy efficiency, with proof of work systems consuming vast amounts of energy. Additionally, there is a need for a platform that can support the trading of art assets within the ecosystem. The challenge was to create an NFT ecosystem that addresses these issues while providing an optimized experience for artists and creators. Read More
About Customer	Palm is a joint venture between Consensys, HENI Group, and Heyday Films. Consensys is a leading Ethereum software company that enables developers, enterprises, and people worldwide to build next-generation applications and access the decentralized web. HENI Group is an international arts services business that works with international museums and many great artists or their estates. Heyday Films, founded by David Heyman, is known for producing award-winning films like Gravity, Paddington, and the Harry Potter series. The new venture is led by co-founder and CEO Dan Heyman, currently General Manager of protocols at Consensys. Read More
Solution	Palm, a new token-powered ecosystem for NFTs, was introduced to address these challenges. Connected to Ethereum, Palm features low gas costs, fast transaction finality, and 99% more energy efficiency than proof of work systems. To support the trading of art assets within the ecosystem, a version of the Uniswap v3 protocol was deployed. Palm NFT Studio, an innovation lab, was set up to collaborate with artists, marketplaces, and rights holders to bring projects and platforms into the Palm ecosystem. The studio connects talent and IP owners to world-class developers, experienced producers, and NFT experts to build next-generation creative works. At launch, Palm exists as an Ethereum sidechain that is fully interoperable with the main Ethereum network, with plans to transition to Layer 2 solutions. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Blockchain

Sensors - Gas Sensors

Applicable Industries

Cement

Oil & Gas

Applicable Functions

Product Research & Development

Use Cases

Construction Management

Time Sensitive Networking

Services

System Integration

Challenge

The rise of Non-Fungible Tokens (NFTs) has revolutionized the way artists and creators connect with buyers, fans, and collectors. However, the current NFT ecosystem, primarily based on Ethereum's blockchain, faces significant challenges. These include high gas costs, slow transaction finality, and a lack of energy efficiency, with proof of work systems consuming vast amounts of energy. Additionally, there is a need for a platform that can support the trading of art assets within the ecosystem. The challenge was to create an NFT ecosystem that addresses these issues while providing an optimized experience for artists and creators.

About Customer

Palm is a joint venture between Consensys, HENI Group, and Heyday Films. Consensys is a leading Ethereum software company that enables developers, enterprises, and people worldwide to build next-generation applications and access the decentralized web. HENI Group is an international arts services business that works with international museums and many great artists or their estates. Heyday Films, founded by David Heyman, is known for producing award-winning films like Gravity, Paddington, and the Harry Potter series. The new venture is led by co-founder and CEO Dan Heyman, currently General Manager of protocols at Consensys.

Solution

Palm, a new token-powered ecosystem for NFTs, was introduced to address these challenges. Connected to Ethereum, Palm features low gas costs, fast transaction finality, and 99% more energy efficiency than proof of work systems. To support the trading of art assets within the ecosystem, a version of the Uniswap v3 protocol was deployed. Palm NFT Studio, an innovation lab, was set up to collaborate with artists, marketplaces, and rights holders to bring projects and platforms into the Palm ecosystem. The studio connects talent and IP owners to world-class developers, experienced producers, and NFT experts to build next-generation creative works. At launch, Palm exists as an Ethereum sidechain that is fully interoperable with the main Ethereum network, with plans to transition to Layer 2 solutions.

Impact #1	The creation of Palm has resulted in a transformative shift in the NFT ecosystem. By addressing the challenges of high gas costs, slow transaction finality, and energy inefficiency, Palm has optimized the experience for artists and creators. The deployment of the Uniswap v3 protocol has enabled the trading of art assets within the ecosystem, further enhancing its functionality. The collaboration with artists, marketplaces, and rights holders through Palm NFT Studio has facilitated the development of next-generation creative works. Furthermore, the transition to Layer 2 solutions will ensure seamless operations while keeping artists focused on creativity.

Impact #1

The creation of Palm has resulted in a transformative shift in the NFT ecosystem. By addressing the challenges of high gas costs, slow transaction finality, and energy inefficiency, Palm has optimized the experience for artists and creators. The deployment of the Uniswap v3 protocol has enabled the trading of art assets within the ecosystem, further enhancing its functionality. The collaboration with artists, marketplaces, and rights holders through Palm NFT Studio has facilitated the development of next-generation creative works. Furthermore, the transition to Layer 2 solutions will ensure seamless operations while keeping artists focused on creativity.

Benefit #1	99% more energy efficiency than proof of work systems
Benefit #2	Fast transaction finality
Benefit #3	Low gas costs

Benefit #1

99% more energy efficiency than proof of work systems

Benefit #2

Fast transaction finality

Benefit #3

Low gas costs

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Overview

Palm: Revolutionizing the NFT Ecosystem with Energy-Efficient Blockchain Technology

Operational Impact

Quantitative Benefit