13.3 C
New York
Friday, December 3, 2021

The Future of NFTs is Energy Efficient

This post was originally published on Nifty's

Nifty’s and Palm are creating a more sustainable NFT ecosystem for everyone.

At Nifty’s, we strive to make NFTs accessible and relevant to everyone. To us, that means not only building a positive community for everyone to express their fandom, but also making intentional choices to leave a positive impact on the larger community around us. Since our launch in May of 2021, Nifty’s has partnered closely with Palm, a new token-powered ecosystem for NFTs, to ensure transactions within our site are sustainable and eco friendly.

What is Palm?

Palm is a new NFT-optimized network designed for culture and creativity. The artist and their art are central to Palm’s mission, and the network aims to empower creators to evolve, expand and live off their work.

Palm operates as an Ethereum sidechain, enabling it to be connected to one of the most popular decentralized networks. Ethereum runs on a “Proof of Work” model, meaning it uses a network of computers, or nodes, to reach consensus and execute complicated, oftentimes energy-intensive puzzles to verify transactions. As an Ethereum sidechain (meaning a blockchain that operates independently and in parallel to Ethereum Mainnet) Palm provides access to the Ethereum network to easily transfer assets back and forth with nearly zero carbon footprint by “prioritizing a method of consensus that is designed to prioritize sustainability, speed and incredibly low transaction fees.”

Why does it matter for Nifty’s users?

Well, buying and selling NFTs requires “gas”. Gas is the term used to refer to the fee required to successfully execute a contract, or make a sale, on various blockchains. Because Ethereum, Palm and other blockchains are decentralized, open-source networks, gas fees support the computer processing and the individuals (called “miners”) who keep the system working properly.

Think of Ethereum like a highway and contracts are like cars: When there are a lot of cars on the highway, it takes longer to get everyone where they’re going and burns more fuel getting them there. The same goes for buying and selling NFTs. When there is more demand for ETH (the currency of the Ethereum blockchain) or when a large number of contracts need to be executed, gas prices will usually increase to ensure contracts are executed correctly and not ignored by miners. High gas fees can be frustrating for NFT buyers and sellers as they can inflate the total cost of your NFT purchase and can sometimes be more expensive than the NFT itself.

Palm effectively eliminates that frustration by maximizing and prioritizing energy efficiency when executing contracts. It’s a network that offers low gas costs, fast transactions, and a 99.99%+ reduction in energy consumption. In fact, The carbon footprint of one transaction on Palm is equal to sending 3 emails. Additionally, there are no fees for the user on Palm and gas fees in Palm tokens. Each wallet created on Nifty’s is given a small amount of Palm to ensure our community can easily buy and sell the NFTs they love.

The future of NFTs is being created today, and together Nifty’s and Palm are ensuring it’s one that’s better for fans and the planet.

For more drops and updates, follow Nifty’s on Twitter, Discord and Instagram.

The Future of NFTs is Energy Efficient was originally published in Nifty’s on Medium, where people are continuing the conversation by highlighting and responding to this story.

Support Us via our Sponsors

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected


Subscribe to our newsletter


Latest Articles

%d bloggers like this: