Why did I receive this NFT?
This NFT is being distributed to select clients of Bank of America in recognition of your participation in the 2021 SIBOS Conference.
What is a NFT?
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.
What is a blockchain?
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.
What is Palm?
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.
What is the environmental impact of the NFT?
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.
Where is this NFT stored?
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.
