Bank of America commissioned brand agency Superunion and 3D artist João Seabra to create its first-ever, limited-edition NFT. Built on PALM, a sustainable and energy-efficient ecosystem, this unique digital rendering of a rainforest reflects our commitment to helping preserve the planet we share.
João Seabra is a Portugal-based artist, professor, and digital creative director. He received a rare distinction as Young Creative Talent by the European Union in Brussels.
This NFT is being distributed to select clients of Bank of America in recognition of your participation in the 2021 SIBOS Conference.
NFT stands for non-fungible token. It is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique.
A blockchain is a type of distributed ledger technology. It is described as an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually anything of value. In simple terms, transactions are organized into a series of blocks that are linked together and cannot be changed, which is the blockchain. A new block is created once verified. It means that a new pool of encrypted transactions have been added to the blockchain.
The Palm blockchain is a new token-powered ecosystem for NFTs, which is connected to Ethereum, and features low gas costs, fast transaction finality, and 99.9% more energy efficiency than proof of work systems such as Bitcoin and Ethereum. Palm is a type of blockchain known as a sidechain. This is because it can connect to and interact with the Ethereum blockchain. Read more about Palm here.
The environmental impact of NFTs was one of the major reasons we decided to use the Palm blockchain instead of Ethereum. Palm is one of the most energy efficient blockchains available.
Your NFT is securely stored in a "custodial vault". Think of it as a digital account used to store your NFT and tokens on the blockchain. Since it's a custodial vault, we create and manage it for you. In the coming weeks, we will allow access to the NFT directly by creating an account and connecting a digital wallet.