Palm Foundation expands native network for NFT minting and trading.

Palm Foundation expands native network for NFT minting and trading.

The Growing Importance of NFT Infrastructure: Palm Foundation Expands with Polygon Labs and Consensys

Non-fungible tokens (NFTs) have rapidly gained popularity in recent years, providing a new way for artists, creators, and businesses to tokenize and monetize their digital assets. As the NFT market continues to expand, infrastructure plays a vital role in supporting the growth and ensuring seamless transactions.

Recently, Palm Foundation, an infrastructure firm specializing in NFTs, announced its plans to scale its support for minting and trading tokens on its native Palm Network. To achieve this goal, Palm Foundation is collaborating with Polygon Labs, an Ethereum sidechain developer, and Consensys, a Web3 tooling company, to build out Palm’s network as a Polygon Zero Knowledge (ZK) Supernet.

Polygon’s ZK Supernet is a customizable layer 2 network designed to provide easy onboarding for users and developers, particularly for projects looking to scale their Web3 enterprise endeavors. By leveraging the Polygon Supernet, Palm Foundation aims to expand its native network infrastructure across its existing 1.7 million wallet addresses.

The Palm Network already supports NFT collections from renowned sports franchises such as Major League Baseball, NASCAR, and WWE, as well as entertainment companies including Netflix and Warner Brothers. These NFTs are sold through the NFT platform Candy Digital, which is integrated with the Palm Network. With the integration of the Polygon Supernet, Palm Network will be able to offer its ecosystem companies the opportunity to create decentralized autonomous organizations (DAOs) or subdaos, enabling better governance of their communities within the greater Palm DAO.

According to Andrea Lerdo, Executive Director of the Palm Foundation, scaling the network is crucial to support the current sales volume on the Palm Network while ensuring low gas fees and fast transaction speeds. By incorporating layer 2 solutions, such as Polygon’s ZK Supernet, Palm Foundation can process more transactions at a faster pace while maintaining the security provided by layer 1 protocols. This scalability approach aligns with the industry trend, as the entire Web3 space prepares for the onboarding of the next billion users.

The collaboration between Palm Foundation and Polygon Labs extends beyond NFTs and serves as a gateway for projects to expand into different ecosystems. The Palm Network will be compatible with Ethereum and Polygon 2.0, offering developers the opportunity to explore additional possibilities beyond the NFT realm. Jordi Baylina, co-founder of Polygon, emphasizes that the Polygon Supernet’s high speed, low cost, and customizable nature make it an ideal network for Palm Foundation’s goal of democratizing access to NFTs.

To further bolster its infrastructure, the Palm Network will begin its integration to a Proof-of-Stake (POS) blockchain on August 1, with plans to complete its migration to a ZK Supernet by 2024. This forward-thinking approach demonstrates Palm Foundation’s commitment to utilizing cutting-edge technologies in order to provide a seamless and efficient experience for its users.

It is worth noting that Palm Foundation not only oversees the Palm Network but also governs Palm NFT Studio. Recently, Palm NFT Studio merged with the NFT platform Candy Digital and rebranded under the Candy name, further solidifying Palm’s presence in the NFT market. The collaboration between Palm Foundation and the renowned Russian activist group Pussy Riot’s Nadya Tolokonnikova highlights the Foundation’s commitment to promoting art activism through the Palm DAO.

In conclusion, the collaboration between Palm Foundation, Polygon Labs, and Consensys marks an important milestone in the blockchain and NFT industry. The integration of Polygon’s ZK Supernet into Palm Network’s infrastructure will enable seamless scalability, low gas fees, and faster transactions while preserving the security provided by layer 1 protocols. This partnership not only facilitates the expansion of NFT ecosystems but also presents opportunities for developers to explore new avenues beyond the realm of NFTs. As the Palm Network continues to evolve, it reaffirms its commitment to democratizing access to NFTs and strengthening its position in the growing blockchain industry.

Edited by Rosie Perper.

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