We’re excited to announce that Palm Network, a scalable and sustainable NFT ecosystem built on Ethereum, is actively collaborating with Chainlink Labs to improve and simplify how enterprises issue NFTs across blockchains. As a part of this collaboration, Chainlink Labs will be supporting Palm NFT Studio—a collective providing creative and technical services for artists and rights holders looking to establish next-generation work on the Palm Network—to further the development and growth of Palm Network, with the eventual goal of creating a multi-chain NFT abstraction layer that enterprises can use to track, monitor, and manage NFTs.
Demand for NFT services in the enterprise space is growing rapidly, with companies across numerous industries introducing programs to incorporate the technology into both their loyalty programs and core digital product offerings. A seamless NFT abstraction layer will empower enterprises to securely participate in this burgeoning digital economy and unlock new value streams.
Chainlink Labs is the development team helping build the most widely adopted open-source and decentralized oracle network, Chainlink. The Chainlink Labs collaboration serves as a validation of the long-term viability of NFTs and our work around simplifying the NFT creation process, and will accelerate adoption for enterprises via the Palm network. As part of the collaboration, we are also integrating several Chainlink oracle services. These services include Chainlink Price Feeds for exchange rates, Chainlink VRF for a verifiable random number generator (RNG), and CCIP for cross-chain interoperability. As the industry-leading decentralized oracle network, Chainlink oracles will play a key role in providing enterprises with a simple, secure, and customizable framework for minting their NFTs across any blockchain network supported by the Cross-Chain Interoperability Protocol (CCIP), all through a single interface.
Enhancing Palm Network with Chainlink Oracles
In addition to collaborating with some of the largest names in fine art, cryptoart, and entertainment, Palm NFT Studio works with leading enterprises to onboard into the NFT ecosystem as a means of further connecting with their consumer base. However, achieving this goal requires a secure and reliable oracle solution in order to enhance the customization of NFT issuance processes, integrate within traditional infrastructure, and interoperate across different blockchains. Chainlink was the natural choice as the industry-standard in oracle technology, serving as an oracle service provider and secure blockchain middleware for the Palm ecosystem.
Chainlink Price Feeds will provide NFT creators with a high-quality, tamper-proof source of market data that can be used as exchange rates for crypto-to-crypto or crypto-to-fiat transactions during drops and marketplace activity, as well as to create dynamic NFTs that change in various ways like appearance based on current market conditions. Additionally, Chainlink Verifiable Random Function (VRF) will supply creators with a verifiably tamper-proof source of randomness that can be used to fairly distribute NFTs to participants, as well as select NFT traits amongst a collection with varying rarity.
Another key element of the collaboration is to create an abstraction layer so enterprises can monitor, track, and manage NFTs on a variety of leading blockchains using a single middleware. Chainlink is already integrated across a wide range of top blockchains and will support an advanced, enterprise-grade interoperability solution called the Cross-Chain Interoperability Protocol (CCIP). CCIP will make it easier than ever for enterprises to manage their NFTs across any supported blockchain network. As a result, large enterprises can enter the NFT ecosystem without needing to spend their time and resources on integrating with each blockchain separately.
With the NFT ecosystem increasingly shifting towards becoming a multi-chain ecosystem, an abstraction layer for enterprises will significantly reduce the friction of managing NFTs on the blockchains where users reside. Through Chainlink’s secure and time-tested middleware, we see this vision becoming a reality, opening the door for enterprises everywhere to enter the ever-expanding NFT ecosystem.
“We’re thrilled to collaborate with the Chainlink Labs team to help grow the Palm ecosystem and build the resources required to create the most fully-featured platform for leading enterprises to join the NFT ecosystem,” stated Palm Co-Founder and Palm NFT Studio CEO Dan Heyman. “The Chainlink Network’s vast array of decentralized services will also play a key role in the creation of more advanced dynamic NFTs, as well as enabling enterprises to easily manage NFTs across any blockchain network through CCIP.”
“Palm NFT Studios is crafting a strong ecosystem of artists and enterprises through their scalable Ethereum-based NFT platform. We’re thrilled to provide support in order to help them achieve their goals in bringing NFTs to the masses,” stated David Post, Managing Director of Corporate Development and Strategy at Chainlink Labs. “The creation of an abstraction layer for enterprises to mint NFT assets across blockchain networks is also a unique and powerful use case of Chainlink oracles, vastly reducing the time it takes to issue and manage NFTs across any supported blockchain.”
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Palm is a new NFT ecosystem for culture and creativity, built efficiently with Ethereum. The Palm ecosystem features low gas costs, fast transaction finality, and is over 99% more energy-efficient than proof of work systems. Palm is designed from the ground up to be as flexible as artists are creative. Today, Palm is making NFTs easier and more efficient to use with an Ethereum sidechain and has a roadmap to decentralize over time.
About Palm NFT Studio
Palm NFT Studio is a collective of technology, entertainment, crypto art and art industry leaders. The studio provides bespoke creative services for artists and rights holders looking to establish NFT marketplaces and next-generation work on Palm. Palm NFT Studio was brought together by ConsenSys founder and Ethereum co-founder Joseph Lubin; film producer and owner of Heyday Films, David Heyman; and founder of world-class art house HENI Group, Joe Hage. The new venture is being led by co-founder and CEO Dan Heyman, former General Manager of protocols at ConsenSys. Initial projects launched on Palm include Damien Hirst’s The Currency with HENI, Candy Digital‘s digital collectible program with Major League Baseball, and DC Comics’ NFT collection for their DC FanDome 2021 event.
Working together with creators and rights holders, Palm NFT Studio is developing the Palm ecosystem on Ethereum to be both scalable and sustainable. For more information, please visit Palm.io.