August 12, 2022

Consensys announces layer-two NFT platform, Palm, to compete with Flow

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With a possible billion-dollar NFT drop and a high-powered, multi-project collaboration in the works, the Ethereum ecosystem may finally be ready to compete with nonfungible token (NFT)-centric blockchain Flow. 

Ethereum software developers Consensys announced in a press release today Palm, an environmentally-friendly NFT scaling solution. Palm will be a sidechain designed to be “fully connected” to Ethereum, sporting faster settlement times, lower fees, and an especially light carbon footprint — a noted bugaboo for artists as of late.

Ethereum’s community — one of the chain’s advantages over the faster and more efficient rival NFT chain Flow — is also on full display in the release. Consensys announced a lineup of ecosystem-building partner powerhouses for Palm, such as NFT social media platform Nifty’s and experimental NFT mining project $MEME.

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 home of the forthcoming $Palm token initial exchange offering.

The question is: willTitle: Consensys announces layer-two NFT platform, Palm, to compete with Flow
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Published Date: Tue, 30 Mar 2021 13:59:44 +0100