ConsenSys lunches NFT Palm to complete previous FLow

ConsenSys lunches NFT Palm to complete previous FLow

Blockchain Technology
April 2, 2021 by Delnia
516
ConsenSys lunches NFT Palm to complete previous FLow

What is ConsenSys ?

In a press release, Ethereum software developer ConsenSys declared Palm, an environmentally friendly NFT scaling arrangement. NFT Palm will be a sidechain planned to be “fully connected” to Ethereum, sporting quicker settlement times, lower fees, and a particularly light carbon footprint — a famous bugaboo for artists as of late.

Ethereum’s community — one of the chain’s advantages over the faster, more efficient equal NFT chain Flow — is additionally on full display within the release. ConsenSys announced a lineup of ecosystem-building accomplice powerhouses for NFT Palm. Examples are NFT social media platform Nifty’s and test NFT mining project Meme.

Moreover, Platform Palm will come out of the gate with the noteworthy foundation input from accomplices Infura, NFT metadata capacity through Protocol Labs, and a partnership with decentralized exchange Uniswap, which may before long be reported as the domestic of the imminent NFT Platform Palm token starting exchange offer.

NFT Platform wars

Specialized and ecosystem contrast aside, the fight between the NFT platforms will eventually be battled over the quality of the intellectual property and the authorizing they can draw in. So far, the Ethereum community has been encouraged a lean diet on that front. Ethereum-native platforms have been battling for NFTs from C-list celebrities, sports has-beens or never-weres, and specialty — in case highly devoted — fandoms. What is the relation between ConsenSys and NFT platform wars?

In the meantime, Flow has become one of the big players that push the NFT platform to the mainstream every day. The biggest thing Flow can maneuver on is the massive success of the National Basketball Association-licensed NBA Top Shot. Reports are suggesting that the platform is breaking its own records every week. One of the main reasons behind hearing news about NFTs every now and then could be the amount of success that Top Shot has claimed in this small time period.

Flow’s lead isn’t unsurpassable, in any case, as Platform Palm opening salvo within the platform wars can be each bit as profitable as Top Shot: a meatspace-meets-Blockchain physical-and-NFT art mashup called “The Currency Project” from amazing British artist Damien Hirst.

The Currency Project (NFT Platform Palm)

The Currency Project is made of 10,000 physical “bills” painted by Hirst five years back and currently in storage. Each bill will have slightly diverse highlights. — And so, rarities — and will tie to an NFT. Meaning it’s conceptually similar to an algorithmically created NFT art projects platform. Also, from a collector’s point of view.

One strategy may be to look at similar projects. Utilizing investment funds outlined to track a bushel of NFTs. One back-envelope estimate puts the current total market value of all 10K CryptoPunks. One of the most punctual and most well-known algorithmically created NFT projects — at $500 million. Moreover, a more recent algorithmically produced project. Hashmasks, is over to raise over $10 million for just over 16K NFTs over the course of four days in January over various platforms.

In the meantime. Hirst himself is a broadly remunerative brand to bring to market. In case not always through cut-and-dry means. One Hirst piece, “For the Love of God” — a human skull encrusted with a few diamonds —. It put up for sale in 2007 for 50 million pounds.

Hirst has also held the record for the most costly single piece of art sold by a living artist at different points in his life (a record that advanced artist and shared fanboy Beeple challenged prior to this month). And Hirst’s individual record to defeat for a collection like the Currency Project is $198 million — the entirety his “Lovely Interior My Head Until the end of time” appear to get at auction at Sotheby’s in 2008, though a more later sale might have bring in as much as a full billion.

Non-fungible token and Digital art

Investors shouldn’t simply accept wild success for The Currency Project, in any case. A comparative physical-art-and-NFT mashup deal of a painting from avant-garde master Wladimir Baranoff-Rossine is currently on auction at Mintable. And offers to show up to have stalled out at $35K with fair a day to go on trade platforms. A paltry entirety gave the noteworthy nature of the deal.

A few art outlets detailed that Baranoff-Rossine had fallen out of collectors’ favor driving up the sell-off, and it now shows up that simply including an NFT component to a deal isn’t adequate to realign more extensive market trends.

So, can we say that The Currency Project worth a billion? Properly triangulating the nature and quality of the different projects, the competing wickedness of the art and Cryptocurrency communities, and how Hirst’s misty deals history might interpret to the Cryptoland would, in total, require a supercomputer or a prophet, or both. Stay with Antidolos to the end of “ConsenSys lunches NFT Platform Palm to complete previous FLow” article.

Hage and Heyman

Anything its (likely mammoth) market capitalization, Platform Palm will require more than one headline-grabbing Hirst project to appropriately compete with Flow. To that end, ConsenSys has collected a pair of high-powered accomplices: Joe Hage and David Heyman.

Hage, once depicted by ARTnews as a “significant but rarely discussed force behind the scenes” of the art world. And brings more than his companionship and business relationship with Hirst to NFT Platform Palm. Hage cite within the press release as saying that he too has collaborations with different “artists and art institutions” within the works.

A handful of projects have overseen the use licensing of affectionately remembered brands for successful drops. Counting WAX’s Garbage Pail Kids run and Terra Virtua’s later Godzilla vs. King Kong drop. But for Flow and the NBA. No platform has indeed sniffed the kind of IP acquisition that Harry Potter. One of the most widely cherished (and beneficial) franchises ever, would represent.

References
https://cointelegraph.com/news/…-announces-layer-two-nft-platform…
https://www.coindesk.com/dapper-labs-taps-alchemy-to-give-boost-to-blockchain…
https://www.lendacademy.com/podcast-291-lex-sokolin-of…/
https://www.foxbusiness.com/sports/nba-forms-blockchain-advisory…

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