Nifty’s
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Nifty’s

Nifty’s Takes NFT Communities Multichain with Ethereum and Palm

A Note from Jeff Marsilio, CEO and Co-Founder of Nifty’s

At Nifty’s we talk to brands and creators looking to enter the Web3 space all the time, and they all face a difficult choice: embrace Ethereum’s established ecosystem and unparalleled userbase or enjoy the fast, efficient transactions of layer-2 and sidechain solutions like Palm. But as collectibility and utility in the NFT space continue to converge, most NFT-powered communities need the benefits of both to truly unlock their potential. Individual projects like Cool Cats have experimented to great effect with premium NFTs on Ethereum and gamification or loyalty NFTs on another chain, but there isn’t an efficient way for brands and creators to do this at scale.

That’s why Nifty’s is excited to announce a major innovation to our platform coming this fall. Nifty’s will be the first consumer-facing platform to provide for multichain interoperability at scale, giving brands and creators the opportunity to enjoy the benefits of multiple blockchains within the same project, starting with Ethereum and Palm.

Here’s how it works: Starting this September, brands and creators who choose to launch or manage their project with Nifty’s will now have the option to mint different types of NFTs on Ethereum and Palm and then have those NFTs interoperate across chains, all without sacrificing user experience. As a possible use case, community members could hold (and trade) a PFP from a project on Ethereum and climb the same project’s leaderboard by collecting or burning NFTs held on Palm, all without having to worry about bridging assets or managing their NFTs across multiple blockchain networks.

The experience for our partners and their fans will be as easy and seamless as it’s always been on Nifty’s, and behind the scenes our powerful tech will be giving them the best of both worlds from the Ethereum and Palm networks. Generally, we think many of our partners will choose to mint their premium NFTs on Ethereum, while continuing to leverage Palm for community engagementbut the choice is theirs, and we expect lots of exciting new ideas and experimentation from our partners leveraging the Nifty’s platform.

The future of eco-friendly NFTs

Nifty’s will always make eco-friendliness a top priority. This core value drove us to initially build our platform on the Palm Network, and we’ll continue to offer brands and creators the ability to mint any or all of their NFTs there. However, with Ethereum’s transition this fall to a more energy efficient Proof of Stake model (reducing energy consumption by ~99.95%), we are confident that our move to a multichain model is consistent with our values. Going a step further, as part of our commitment, Nifty’s will work with experts in the space to use carbon offsets to ensure the environmental impact of our NFTs are always net negative.

We encourage our community to review Ethereum’s plan for The Merge to Proof of Stake and its resources on the environmental impact of NFTs.

The figure above shows the estimated annual energy consumption of ETH post Merge to Proof of Stake in TWh/yr as well as other various industries (retrieved in June 2022). Source: Ethereum.org

Our recent platform updates started out as conversations and feedback we received from all the NFT collectors who use Nifty’s, and this move to Ethereum is no different. We are committed to listening to the community and delivering the best experience we can for each community and its fans, and with these latest changes, we look forward to hearing more from our community members. If you have any questions, or to find more information about more drops and updates, follow Nifty’s on Twitter, Discord and Instagram.

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