With a potential $ 1 billion drop in non-exchangeable tokens and strong multi-project collaborations in development, the Ethereum ecosystem may finally be ready to compete with the NFT-powered blockchain power.
In a press release today, Ethereum software developer ConsenSys Palm announced an environmentally friendly NFT scaling solution. Palm will be a side chain designed to be “fully connected” to Ethereum, with faster turnaround times, lower fees and a particularly low carbon emissions that have worried artists recently.
The Ethereum community – one of the network’s advantages over the faster and more efficient NFT chain Flow competitor – is also fully featured in the release. ConsenSys announced a number of robust ecosystem partnerships for Palm, such as NFT Nifty’s social media platform and the NFT Meme Mining Pilot Project.
Similarly, Palm will exit the portal with significant infrastructure from Infura partners, a metadata store for NFT via Protocol Labs, and a partnership with Uniswap, a decentralized exchange that may soon be announced as the home of the upcoming introductory PALM token exchange offer .
The question is, is that enough to get around Flow and the hugely popular and ever-changing NBA Top Shot holdouts in the industry?
All about IP
Regardless of the technical and ecosystem differences, the battle between NFT platforms will ultimately revolve around the quality of intellectual property and the license it may attract.
So far, the Ethereum community has followed a light diet on this front. Ethereum-powered platforms compete for C-List NFTs of celebrities and athletes who were or have not been before, and niche celebrities – if they are very dedicated –
Meanwhile, Flow has become one of the driving forces behind NFT entering the mainstream, primarily through the huge success of the NBA Top Shot, which is licensed by the National Basketball Association.
The project seems to break its own records on a weekly basis, is discussed regularly on ESPN and sells like hot cakes when new packages are released. If you’ve seen NFT on Evening News, you should thank Top Shot.
However, Flow’s leadership is not unsurpassed as they may be the first Palm rockets in lucrative platform wars such as Top Shot: physical space fusion, blockchain, art and NFT called the Currency Project from the legendary British artist. Damien Hirst.
“Currency” brings the currency
The coin project, first reported to the Cointelegraph, consists of 10,000 physical “bills” drawn by Hearst five years ago and is currently in storage. Each account will have slightly different properties – and thus rarely – and will be linked to NFT, which means that from a collector’s point of view it is conceptually similar to NFT’s technical projects generated by algorithms.