May 20, 2024
NFT

Palm Foundation Partners with Polygon and Consensys to Expand NFT Ecosystem

Palm Foundation, a leading non-fungible tokens (NFTs) infrastructure firm, has announced its plans to enhance support for token minting and trading on the native Palm Network. To achieve this goal, the company has partnered with Polygon Labs, a developer of Ethereum sidechains, and Consensys, a Web3 tooling company, to create a Polygon Zero Knowledge (ZK) Supernet for Palm.

The Polygon ZK Supernet is a customizable layer 2 network designed to facilitate easy onboarding for users and developers. It caters to projects seeking to scale their Web3 initiatives effectively. By leveraging the Polygon Supernet, Palm Foundation aims to expand its native network infrastructure, which currently serves over 1.7 million wallet addresses. Notably, the Palm Network already supports NFT collections from prominent sports franchises like MLB, NASCAR, and WWE, as well as entertainment giants Netflix and Warner Brothers, all offered through the NFT platform Candy Digital.

With the integration of the Polygon Supernet, Palm Network is poised to enable companies within its ecosystem to establish decentralized autonomous organizations (DAOs) or subdaos to govern their respective communities within the larger Palm DAO.

Andrea Lerdo, Executive Director of the Palm Foundation, emphasized the need for scalability to support the current sales volume on the Palm Network while ensuring low gas fees and fast transaction speeds. Lerdo stated that leveraging layer 2 solutions enables faster transaction processing while retaining the security benefits of layer 1, reflecting an industry-wide trend to accommodate more users into the Web3 space.

Additionally, the Palm Network will maintain compatibility with Ethereum and Polygon 2.0, paving the way for projects to expand into diverse ecosystems beyond NFTs. Jordi Baylina, co-founder of Polygon, highlighted the advantages of the Polygon Supernet, such as high speed, low cost, and customizability, making it an ideal network for Palm Foundation’s goal of increasing access to NFTs.

The Palm Network is set to undergo its integration to a Proof-of-Stake (POS) blockchain on August 1 and complete its migration to a ZK Supernet by 2024.

Beyond its network initiatives, the Palm Foundation oversees Palm NFT Studio, which recently merged with the NFT platform Candy Digital, rebranding under the Candy name. In a notable collaboration, the Palm Foundation partnered with Russian activist group Pussy Riot’s Nadya Tolokonnikova to conduct an art activism masterclass through the Palm DAO in March.

Image by rawpixel.com on Freepik

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