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Human beings have an innate love for art, and the explosive growth in the demand for non-fungible tokens (NFT) is proof of that. However, as the NFT art industry becomes increasingly oversaturated, it’s faced with the biting problems of theft, plagiarism and fraud by hackers looking to make a quick buck.
So, is your NFT authentic?
As you ponder that, allow us to introduce you to Ethernity Chain, where you can access authentic NFTs while making a difference in society.
Let’s explore more about this socially-conscious aNFT platform.
Ethernity Chain (ERN) is a community-oriented platform built on the Ethereum blockchain that provides an on-chain marketplace for limited edition, authenticated NFTs (aNFTs) from top names in the creative and entertainment industry.
Through strategic partnerships with some of the leading names in sports, entertainment, art, content and digital collectibles, Ethernity is focused on innovating the NFT space by merging it with decentralized finance (DeFi) to provide transparency and authenticity.
Its official launch in March 2021 was heralded by American announcer Bruce Buffer, who also debuted his aNFT collection on the platform. Since then, notable figures like Shaquille O’Neal and Lionel Messi also listed their NFT collections on Ethernity Chain.
Powered by its native token, ERN, Ethernity is focused on driving mainstream NFT adoption as the industry shifts into web3 and the metaverse.
First, you’ll need to connect your MetaMask wallet to interact with Ethernity Chain.
Since Ethernity is Ethereum-based, it’s poised to gain from the recent Ethereum Merge which migrated Ethereum from the proof of work (PoW) model to proof of stake (PoS). As a result, the platform will be quicker, more scalable and energy efficient.
Following The Merge, Ethernity announced that it would only support NFTs compatible with the Ethereum PoS chain.
Additionally, Ethernity has a DeFi platform on which users can leverage ERN for LP staking, STONES farming, fixed staking and Satoshi Staking (we’ll cover more on these later in the article).
While both OpenSea and Ethernity are Ethereum-based NFT marketplaces, the two have rather different approaches to NFT adoption.
As one of the most popular names in the NFT space, OpenSea enjoys a high trading volume and is populated with millions of NFTs. However, the platform has faced serious backlash from artists and investors due to increased scams and theft by hackers.
Authentication is a significant challenge on OpenSea, since anyone can create and auction their NFTs on the platform. Furthermore, all the proceeds from an NFT sale are shared between the platform and sellers.
In comparison, Ethernity is relentless around authenticity, endorsing rare and limited aNFTs such as digital artworks and trading cards created by top artists. Users can easily verify the authenticity of the NFTs with the Ethernity Chain official blue stamp located above the collection.
Nick Rose Ntertsas is the CEO and co-founder of Ethernity Chain and Ethernity Labs. He’s a well-known crypto enthusiast and environmental activist. He believes the Ethernity platform can help merge NFT adoption with social good by bringing together like-minded artists toward this cause.
The project is backed by a team of highly experienced tech professionals, such as Mac Pholea (Chief Engineer), Evangelos Diamantis (CFO) and Adrian Baschuk (CCO), among other top talents.
Its strategic partners and investors include Kenetic, BlackEdge Capital and Morningstar Ventures.
ERN is the token powering the Ethernity ecosystem. It’s utility-enabled to provide ultimate value to the holders. Its use cases are as follows.
Ethernity has an NFT marketplace where art lovers and NFT enthusiasts can buy and sell authenticated NFTs using ERN tokens. Three-quarters of the ERN tokens collected from NFT transactions, such as auctions and direct sales, are locked in a smart contract for two years.
ERN is also used to purchase Ethernity Packs, which contain aNFTs curated by the Ethernity creative team, including rare and exclusive aNFTs.
ERN is also used to reward long-term holders and users of Ethernity Chain. The LP staking program requires Ethernity’s community to provide liquidity for the ERN/ETH trading pair on Uniswap V2.
Those who provide liquidity to the liquidity pool are issued ERN-ETH-LP-UNI-V2 liquidity provider (LP) tokens that represent their share in the pool. At the end of 30 days, the liquidity providers are rewarded using ERN tokens at an APY ranging from 100%–300%.
Another DeFi product on Ethernity is fixed staking, which lets ERN holders lock their tokens for a period to earn more ERN tokens.
There are various types of rewards you can earn through fixed staking on Ethernity:
ERN can also be earned through the staking of a special NFT, Ethernity Genesis: Satoshi, which was created as a tribute to the original Bitcoin creator, Satoshi Nakamoto. Satoshi NFT holders can earn 10 ERN tokens every 24-hour period for each staked Satoshi NFT. They can be accumulated for up to 360 days.
ERN tokens are also used to facilitate STONES farming on Ethernity. Although it does not possess any monetary value and is not transferable, STONES can be used to redeem curated NFTs on Ethernity Chain, and to participate in exclusive real-life STONES Events. STONES can only be earned by farming ERN tokens through the MetaMask wallet.
Yield farming on Ethernity generates 1,000 STONES per ERN token farmed every 24 hours. Unstaking in advance will cause you to lose 70% of your interest.
Ethernity has also entered into a partnership with Polygon to allow the bridging of ERN tokens between Ethereum and Polygon. This partnership will bring full cross-platform compatibility to Ethernity, which will create more utility for ERN holders.
Polygon Network also provides a cheaper, faster and more energy-efficient way of minting NFTs as compared to Ethereum.
The strategic move by Ethernity to merge the utility of DeFi with authenticated NFTs is timely, because cases of NFT scams and fraud are growing rapidly. Not only will the platform help drive the adoption of NFTs, but it will provide art lovers with an opportunity to contribute to social good and charity.
Upon launching in March 2021, Ethernity Chain’s price skyrocketed, from $6.30 on March 8 to its highest price of $73.86 on March 27. However, the price corrected in the following weeks to find support at $4.98 in mid-May 2021.
After a slight pump to $22.24 on August 21, 2021, ERN’s price began falling and stagnated between $2 and $3 toward the latter half of 2022. As of this time of writing (November 3, 2022), Ethernity is priced at $2.46, with a market cap of $39.37 million.
CoinCodex is bullish on Ethernity Chain, predicting that it could reach $25.53 by 2025. Price Prediction also expects an increase in its price, up to $10.24 in 2025, and leaping to $70.85 by 2030. Meanwhile, DigitalCoinPrice forecasts a more gradual increase in ERN’s price that could hit a max of $7.48 in 2025, and $15.24 in 2030.
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Authenticity is an important factor when trading NFTs. Ethernity Chain is keen on providing a community-oriented platform to access authenticated NFTs. Its sincere strategy of promoting social good and charity with its project is also an angle that could further drive NFT adoption.
By leveraging DeFi, Ethernity hopes to provide ERN holders with value and utility. As demand for NFTs continues to grow, the Ethernity ecosystem is bound to thrive as it provides a legit place to discover authenticated, exclusive NFTs.