Crypto

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

With a doable billion-dollar nonfungible token drop and a high-powered, multiproject collaboration within the works, the Ethereum ecosystem might lastly be prepared to compete with NFT-centric blockchain Flow. 

In a press launch immediately, Ethereum software program developer ConsenSys introduced Palm, an environmentally pleasant NFT scaling answer. Palm can be a sidechain designed to be “fully connected” to Ethereum, sporting sooner settlement instances, decrease charges and an particularly gentle carbon footprint — a noted bugaboo for artists as of late.

Ethereum’s neighborhood — one of many chain’s benefits over the sooner, extra environment friendly rival NFT chain Flow — can be on full show within the launch. ConsenSys introduced a lineup of ecosystem-building accomplice powerhouses for Palm, corresponding to NFT social media platform Nifty’s and experimental NFT mining undertaking Meme.

Likewise, Palm will come out of the gate with important infrastructure in place from companions Infura, NFT metadata storage through Protocol Labs, and a partnership with decentralized trade Uniswap, which can quickly be introduced as the house of the forthcoming PALM token preliminary trade providing.

The query is: Will this be sufficient to overcome Flow and its wildly in style, industry-altering NBA Top Shot collectibles?

All concerning the IP

Technical and ecosystem variations apart, the battle between the NFT platforms will finally be fought over the standard of the mental property and the licensing they will appeal to. 

So far, the Ethereum neighborhood has been fed a skinny eating regimen on that entrance. Ethereum-native platforms have been fighting for NFTs from C-list celebrities, sports activities has-beens or never-weres, and niche — if highly devoted — fandoms.

Flow, in the meantime, has been one of many driving forces behind NFTs getting into mainstream consciousness, primarily due to the huge success of National Basketball Association-licensed NBA Top Shot.

The undertaking seems to break its own records weekly, is being mentioned usually on ESPN and sells out like clockwork the second it releases new packs. If you’ve been seeing NFTs on the nightly news, Top Shot is to thank.

Flow’s lead isn’t unsurpassable, nonetheless, as Palm’s opening salvo within the platform wars may very well be each bit as profitable as Top Shot: a meatspace-meets-blockchain physical-and-NFT artwork mashup known as “The Currency Project” from legendary British artist Damien Hirst.

“The Currency” brings the forex

First reported by Cointelegraph, The Currency Project consists of 10,000 bodily “bills” painted by Hirst 5 years in the past and presently in storage. Each invoice may have barely totally different options — and due to this fact, rarities — and can be tied to an NFT, which means it’s conceptually comparable to algorithmically generated NFT artwork tasks, from a collector’s perspective. 

Calculating the doable worth of The Currency Project is finally educated guesswork. One methodology could be to have a look at comparable tasks: Using funding funds designed to monitor a basket of NFTs, one back-envelope estimate puts the present mixture market worth of all 10,000 CryptoPunks — one of many earliest and hottest algorithmically generated NFT tasks — at $500 million. Likewise, a more moderen algorithmically generated undertaking, Hashmasks, managed to raise over $10 million for simply over 16,000 NFTs over the course of 4 days in January.


Meanwhile, Hirst himself is a famously remunerative model to deliver to market — if not at all times by means of cut-and-dry means. One Hirst piece, “For the Love of God” — a human cranium encrusted with some variety of diamonds — was put up on the market in 2007 for 50 million kilos. It finally offered, however for an undisclosed sum to an possession group that included Hirst himself.

Hirst has additionally held the file for the most costly single piece of artwork offered by a residing artist at numerous factors in his life (a file that digital artist and mutual fanboy Beeple challenged earlier this month), and Hirst’s private file to beat for a group like The Currency Project is $198 million — the sum his “Beautiful Inside My Head Forever” present fetched at public sale at Sotheby’s in 2008, although a more moderen sale might need brought in as a lot as a full billion.

Investors shouldn’t merely assume wild success for The Currency Project, nonetheless. A similar physical-art-and-NFT mashup sale of a portray from avant-garde grasp Wladimir Baranoff-Rossine is presently on public sale at Mintable, and bids seem to have stalled out at $35,000 with only a day to go — a paltry sum given the historic nature of the sale. Some artwork retailers reported that Baranoff-Rossine had fallen out of collectors’ favor main up the public sale, and it now seems that merely including an NFT component to a sale is just not ample to realign wider market developments.

So, The Currency Project can be value some determine between $35,000 and a billion? Properly triangulating the character and high quality of the assorted tasks, the competing profligacy of the artwork and crypto communities, and the way Hirst’s opaque gross sales historical past would possibly translate to the cryptoland would, in mixture, require a supercomputer or a prophet, or each.

In an announcement to Cointelegraph, Hirst implied this uncertainty is a part of the conceptual energy of the undertaking.

“Each NFT is an artwork and each physical artwork is a work of art, but I can’t 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’t 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.”

By this normal, The Currency Project can be an experiment certainly. 

A license to license

Whatever its (probably mammoth) market capitalization, Palm will want a couple of headline-grabbing Hirst undertaking to correctly compete with Flow. To that finish, ConsenSys has assembled a pair of high-powered companions: Joe Hage and David Heyman.


Hage, as soon as described by ARTnews as a “significant but rarely discussed force behind the scenes” of the artwork world, brings greater than his friendship and enterprise relationship with Hirst to Palm. Hage was quoted within the press launch as saying that he additionally has collaborations with a number of “artists and art institutions” within the works. Hage is a famous powerbroker of Gerhard Richter, probably the most profitable artist ever at public sale, and runs an unique artwork regulation agency with two former high Sotheby’s attorneys.

Hage’s first enterprise into crypto was additionally an unmitigated success: He was the driving pressure behind Hirst accepting Ether (ETH) and Bitcoin (BTC) for a print run of cherry blossom paintings offered by means of Hage’s print store, Heni — a run that earned over $22 million in whole, effectively exceeding expectations.

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Source: Science Ltd

Heyman, in the meantime, is one other prime occasion of a “significant but rarely discussed” particular person, although his experience is in movie. His firm produced Gravity and Once Upon a Time in Hollywood in addition to the Harry Potter sequence.

A handful of tasks have managed to leverage licensing of fondly remembered manufacturers for profitable drops, together with WAX’s Garbage Pail Kids run and Terra Virtua’s latest Godzilla vs. King Kong drop. Except for Flow and the NBA, no platform has even sniffed the type of IP acquisition that Harry Potter, one of the crucial broadly beloved (and worthwhile) franchises ever, would signify.

The press launch didn’t estimate a date for both Palm’s launch or Hirst’s NFT drop and offered few specifics on future deliberate acquisitions and drops.

If Palm needs to minimize into Flow’s important lead, nonetheless, we will anticipate will probably be transferring sooner moderately than later.