The Place Where Tech Meets Culture
Chainlink and Palm Collaborate To Create New NFT Minting Platform
With the NFT market on the rise and more mass adoption from corporations and consumers, growing pains including high gas fees and means of distribution still plague the industry. However, PalmNFTStudio , a new NFT network eco-system built on Ethereum, is actively collaborating with Chainlink Labs to improve and simplify how enterprises issue NFTs across blockchains.
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.
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, 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. The Palm Network and Chainlink believe that a seamless NFT abstraction layer will empower enterprises to securely participate in this burgeoning digital economy and unlock new value streams.
According to Chainlink Labs, this collaboration serves as a validation of the long-term viability of NFTs and work around simplifying the NFT creation process, and will accelerate adoption. As part of the collaboration, several Chainlink oracle services will be integrated. 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.
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.
“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.”
In October of 2021 Palm Studios partnered with DC Comics for its virtual FanDome event with a registration process that was powered by NFTs. As s token of gratitude to its fans regitrants were able to collect a free NFT and were also able to unlock a second NFT by sharing their experience on social media.