A group of some of the biggest players in blockchain, including Ethereum and ConsenSys co-founder Joe Lubin, have announced the launch of Palm, an alternative network for NFTs that is 99% more energy efficient than the current Ethereum blockchain. The other co-founders are Joe Hage, the owner of Heni Publishing, and David Heyman, the founder of Heyday Films who produced the Harry Potter movies.
Joe Hage has described some background to the initial launch:
“For the last three years I have been planning some really amazing NFT projects with Damien Hirst, as well as other artists and art institutions, but we needed to find the best place to launch these projects. I am proud to partner up with Joseph Lubin, ConsenSys, David and Dan Heyman to create a great new technology stack for these and other creative projects, that takes advantage of all the benefits of the Ethereum blockchain, while minimizing fees and environmental impact.”
According to Damien Hirst, The Currency Project Is made up of 10,000 works on paper tied to corresponding NFTs that “challenges the concept of value through money and art.” He commented:
“Palm is by far the best platform for me. It’s new and art-focused, it’s the most environmentally friendly, and it is quicker and cheaper to use. With Palm, artists can invent the future.”
Dan Heyman, CEO of Palm NFT Studio, stated:
“We’ve only just begun scratching the surface of what NFTs mean for creators. It’s incredible to partner with Damien Hirst on The Currency Project, which really demonstrates what NFTs can do. Our hope is that by developing marquee projects such as this with iconic artists, creatives and catalogs, while onboarding platforms, curators, and fans to Palm, we can empower everyone in the business of creativity to bring their most imaginative works to life, access audiences directly, and transform the creative industries in a way that is scalable, equitable and efficient.”
ArtNews noted that Hirst had a previous experience with cryptocurrency.
This isn’t Hirst’s first foray into the blockchain. Earlier this month, he unveiled a series of eight prints called “The Virtues,” available for purchase via cryptocurrency on Heni Leviathan, an online marketplace for contemporary art. The works, each depicting cherry blossoms in bloom and priced at $3,000, were only available for sale for one week. Hirst has been one of the few high-profile artists—whose sales are usually handled by blue-chip galleries or auction houses—to embrace cryptocurrency.
Damien Hirst’s Cherry Blossoms (2020), which was offered on the platform Nifty Gateway.
Art as (crypto)currency
Damien Hirst will launch the Palm platform with The Currency Project, a series of 10,000 unique oil paintings on paper created five years ago tied to corresponding NFTs. “They are in a vault but about to come to life through their launch on the blockchain,” Hirst told FAD Magazine earlier this month. Buyers of his cherry blossom print run, for which Hirst accepted cryptocurrency, were also given the option to store them in the Heni Vault, a bonded fine art store in the UK.
Hirst tells The Art Newspaper: “This project is firstly about art and people but it explores belief and value generally, and in particular value in art. It also touches on the idea of art as a currency and a store of wealth. Art doesn’t have to just exist in the physical world, it can also exist in the digital world too and now because of the blockchain so can the ownership of that art.”
Palm NFT Studio
Palm NFT Studio is a collective of entertainment, technology, cryptoart and art industry leaders set up to on-ramp artists, creators and rights owners who want to establish NFT marketplaces and projects. The studio is connecting talent and IP owners to world class developers, experienced producers, and NFT experts to build next-generation creative works, and is actively seeking new collaborators.
ConsenSys is the leading Ethereum software company. We enable developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Our product suite, composed of Infura, Quorum, Truffle, Codefi, MetaMask, and Diligence, serves millions of users, supports billions of blockchain-based queries for our clients, and has handled billions of dollars in digital assets. Ethereum is the largest programmable blockchain in the world, leading in business adoption, developer community, and DeFi activity. On this trusted, open source foundation, we are building the digital economy of tomorrow.
About HENI Group
HENI is an international arts services business across publishing, print-making, photography, digital publishing, film and art research, whose mission is to make art more accessible. HENI, founded by Joe Hage, is at the leading edge of printmaking and innovation. HENI works with many international museums (for example, The National Gallery London, TATE, Serpentine and Beyeler) and many great artists or their estates (for example, Gerhard Richter, Francis Bacon, Alberto Giacometti, Lucian Freud, Zaha Hadid and Damien Hirst). In addition to advising and managing many important contemporary artists, HENI also advises many significant collectors and foundations, using data science and unique AI tools to analyse and understand art and the art market.
About Heyday Films
Heyday Films is founded by David Heyman, the producer of the Academy Award winning film, Gravity, directed by Alfonso Cuaron, as well as the film adaptations of Michael Bond’s Paddington, and J.K Rowling’s Harry Potter books. Most recently, Heyday produced Once Upon a Time in…Hollywood, directed by Quentin Tarantino, and Marriage Story, directed by Noah Baumbach. Heyday Films is currently in post-production on the third of J.K. Rowling’s Fantastic Beasts films, having produced the first two films in the series.