Damien Hurst, a British contemporary artist originally released his 10,000 piece NFT art project, The Currency, on a platform called HENI—a technology company pioneering Art Markets and Information.
Damien Hirst's The Currency is the artist's first NFT release. The Currency is a collection of 10,000 NFTs, also known as Tenders, that correlate to 10,000 unique physical artworks by Damien Hirst, with the NFTs holding high-resolution photographs of each of his 10,000 artworks' both front and back sides.
The first day of trading on the secondary market saw trading volumes of more than $1.3 million, with the average sales price on that day being $7,128.
Although The Currency is now offered for sale on the popular NFT marketplace Opensea, it wasn’t always available there. HENI, which is the platform Hirst used to launch his NFT project, is built on top of the Palm side-chain. Palm is an innovative NFT ecosystem built with culture and creativity in mind.
The Palm side-chain is known for quick throughput, low gas fees, and is over 99% more efficient than the Proof of Work system that the Ethereum blockchain uses. This makes the Palm side-chain a good option for both collectors and creators to use with NFTs.
Palm’s focus is on making NFTs easier and more efficient to use on the Ethereum blockchain. In fact, Palm NFT Studio was actually formed by ConsenSys founder and Ethereum co-founder Joseph Lubin, film producer David Heyman, and founder of the art-based tech group HENI, Joe Hage.
With that being said, I firmly believe that Palm has potential to be one of the more popular side-chains, considering the company is overseen by such knowledgeable figures in the NFT space.