Palm Foundation announces major upgrade to support NFT ecosystem

The upgrade is in collaboration with Polygon Labs and Consensys

In a bid to revolutionize the non-fungible token (NFT) space and cater to the growing demand for efficient NFT minting and trading, Palm Foundation has revealed its plans to scale its native Palm Network infrastructure.

The announcement comes in collaboration with Polygon Labs, an Ethereum sidechain developer, and Consensys, a prominent Web3 tooling company.

The key focus of the upgrade lies in building out Palm's network as a Polygon Zero Knowledge (ZK) Supernet. This Supernet is a customizable layer 2 network designed to facilitate easy onboarding for both users and developers.

By adopting Polygon's cutting-edge technology, Palm Foundation aims to bolster its native network infrastructure, which currently boasts an impressive 1.7m wallet addresses.

At present, the Palm Network supports NFT collections from prestigious sports franchises like Major League Baseball, NASCAR, and WWE, as well as entertainment giants Netflix and Warner Brothers, all traded through the NFT platform Candy Digital.

The upgrade will enable Palm Network to assist the companies within its ecosystem in creating decentralized autonomous organizations (DAOs) or subdaos, to effectively govern their respective communities within the larger Palm DAO.

Andrea Lerdo, the executive director of the Palm Foundation, emphasized that the upgrade was crucial to support the surging sales volume on the Palm Network while simultaneously ensuring low gas fees and fast transaction speeds.

She believes that leveraging the layer 2 solution will allow for processing more transactions while maintaining layer 1 security.

Notably, the enhanced Palm Network will remain compatible with Ethereum and Polygon 2.0, opening up exciting opportunities for projects looking to expand beyond the realm of NFTs.

According to Jordi Baylina, co-founder of Polygon, Supernet's unparalleled attributes, such as high speed, low cost, and customizability, make it an ideal match for Palm Foundation's mission to democratize access to NFTs.

The upgrade process is set to unfold in two stages. First, the Palm Network will integrate with a Proof-of-Stake (POS) blockchain on August 1, representing a substantial milestone in the platform's development. Subsequently, the migration to the ZK Supernet is scheduled to be completed in 2024.

In addition to its network improvements, the Palm Foundation also governs Palm NFT Studio, which recently merged with the NFT platform Candy Digital and rebranded under the Candy name.

The foundation has been actively fostering artistic expression and collaboration, as seen in their art activism masterclass conducted in partnership with Russian activist group Pussy Riot's Nadya Tolokonnikova through the Palm DAO.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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