CoinMarketCap take a tech deep dive into the new socially conscious NFT project.
No, we are not asking any existential questions here! Instead, we are looking at Ethernity Chain (ERN)
, a new Ethereum
-based blockchain project endorsed by a bevy of creatives, artists and entrepreneurs.
Ethernity Chain is a digital art marketplace that was designed to produce authenticated NFTs
(non-fungible tokens). More specifically, Ethernity Chain is a platform that will sell collections of digital artwork and trading cards (think Pokémon cards) designed by an array of artists and designers. The platform aims to promote social good by auctioning off NFT’s for the purpose of helping charities or donating a portion of the artists’ profits to a charity of their choice.
For instance, the team behind Ethernity is planning to launch an exclusive Muhammad Ali Collection at the end of March commemorating Ali’s “Fight of the Century’s” 50th anniversary, with a portion of proceeds going directly to the Ali Center.
What’s the Point?
NFTs are digital tokens that are one of a kind. Unlike Bitcoin and other cryptocurrencies, where 1 Bitcoin
is the same as another Bitcoin, every NFT is cryptographically unique. The trading card aspect of Ethernity will allow users to buy and trade digital token collectibles that depict iconic imagery and content derived from football, basketball, music and film.
Sports memorabilia and keepsakes have already proven to be super-successful NFTs. For instance, NBA Top Shot
generated $31 million in sales after listing one-of-a-kind mementos that capture iconic moments in basketball history.
Ethernity Chain launched its project earlier this year, right about the same time that NFTs entered mainstream discourse. Since then, NFTs have been all the rage with endorsements from Jack Dorsey, Azealia Banks, Grimes, Elon Musk and Mark Cuban.
With NFTs becoming more popular and profitable, purchasing digital assets can be risky; there are more scams to fall for and counterfeit tokens available on the market. Ethernity ensures that you are buying a legitimate token, one that is authenticated by blockchain and adheres to the tenets of the decentralized finance movement.
Who’s Behind Ethernity?
The developer behind Ethernity Chain is none other than Nick Rose Ntertsas, an environmentalist and long term Bitcoin investor who has backed several hospitality ventures around Greece. His latest project aims to be the crossroads between art, philanthropy and crypto, utilizing blockchain technology to promote socially conscious artwork that will help propel blockchain into the pop culture sphere. Some celebrities who have approved the artwork piloted by the project include the Winklevoss twins, Swedish DJ Alesso and Philadelphia 76ers owner Michael Rubin.
Where Can You Purchase These Ethernity Collectibles?
At the moment, Ethernity Chain is still in its early phases of launch. However, their tokens and collectibles have already been traded via OpenSea, a NFT trading marketplace. A collection designed by Marvel Artist BossLogic went up for sale and crashed
the website almost immediately due to demand.
When it comes to Ethernity Chain’s own token, ERN is listed on Uniswap
, where users can buy and trade the token. Moreover, like most projects in the crypto space, there is a peer-to-peer aspect of the project, allowing ERN holders to vote on proposals in the Ethernity ecosystem. Users can use their ERN to farm NFTs as well as stake their ERN to earn interest, meaning that ERN holders could potentially earn returns on their investment.
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