Ethernity Chain is a platform that allows users to take advantage of the popularity of NFTs by providing a safe, enabling environment to create and trade NFTs. Members of its community trade different collectible varieties of trading cards and digital artworks created by artists and designers.
Ethernity Chain aims to bring the biggest brands in film, music, sports, tech, and gaming to the blockchain space. The platform does this by merging the utility of Defi and NFTs. It produces a unique pipeline to trade collectibles from popular figures and established artists.
Ethernity aims to promote social good by donating a portion of funds from each auctioned piece to a charitable cause. Considering some of the big names involved with the Ethernity project, its offering promotes blockchain awareness.
Ethernity has acquired long-term support from leading blockchain venture capitalists, such as Morningstar Ventures, Genesis Block Ventures, Black Edge Capital, Woodstock, and Genesis Block Ventures. They all share an inherent belief in the future of the Defi and NFT economy.
How does Ethernity work?
As we said earlier, Ethernity Chain features limited a-NFTs (authenticated non-fungible tokens) on the blockchain. Here’s a quick overview of how their process works:
Firstly, an artist creates a piece of digital art. The network then authenticates the digital artwork and adds an indicator icon. Next, Ethernity holds an auction where a limited number of digital pieces are on sale. Accounts that win the auction get to mint the NFTs. In line with its values, Ethernity donates a specific portion of each sale to charities. As the owner of the digital artwork, artists have the option to set the piece up for auction.
Ethernity runs a for-profit system
Unlike many blockchains, Ethernity runs a for-profit system. Large portion of the revenue generated by Ethernity Chain is supposed to go to developing and expanding the platform. Plus, it still contributes significantly to supporting natural preservation and charitable causes.
Members of the Ethernity community are allowed to give up to 90% of their holdings to buy an NFT for a charitable cause. While the rest 10% goes to gas fees and Ethernity.
What are a-NFTs
Ethernity Chain’s a-NFTs work like a show of confidence used to confirm the authenticity of an artist’s work. Its verification process is executed by the transparency of its blockchain and by establishing cryptographic authenticity for each a-NFT.
Now, users can ascertain specific information about an NFT, like its mining date or the internet icon that supports it. That improves the informational and collectible value of any NFT while shedding light on its history.
Ethernity Chain ensures to provide its users with only authentic NFTs hence distancing its platform away from fake and counterfeit pieces that will undermine the integrity of the local and global NFT market.
Who created Ethernity Chain?
The Ethernity Chain platform is deeply rooted in charitable causes. The project’s head developer Nick Rose is a long-time conservationist and Bitcoin guru who has continuously extended his efforts in environmental activity and supported several charity ventures in Greece.
Besides serving as an executive for the Global Wildlife Conversion program, Nick assists with the Amazon rainforest crisis and is the creator of the #PrayforAmazonia hashtag that helped raise awareness for the Amazon wildfire crisis in 2019.
Ethernity Chain’s Chief Operating Officer Adrian Bashnuk is a popular social media personality and serial entrepreneur who founded Crypto Banter. It is an educational YouTube channel with a central focus on developments in the crypto space.
Entrepreneur Steve D’Agostion, the Chief Marketing Officer, is a marketing genius with knowledge and passion for everything blockchain, crypto, social media, and Fintech.
What makes Ethernity Chain unique?
The Ethernity Chain project aims to implement social betterment initiatives and sustainable long-term charitable causes. This project works to be the crossway between crypto, art, and philanthropy, using blockchain and its technologies to push socially aware artwork that will ultimately play a role in propelling blockchain into the pop culture sphere. Ethernity chain enablers people to build and sell their own NFTs to support projects they passionate about
With backing from numerous major influencers in the crypto and NFT space, Ethernity and its token ERN seem like the breakthrough platform that’ll further elevate the already-prospering NFT space through authenticated NFTs.
How does Ethernity Chain Coin (ERN) work?
Built on the Ethereum blockchain, the Ethernity Chain token (ERN) provides liquidity to ERN pools. That enables users to farm unique a-NFTs that can be traded just like regular cryptocurrency items.
Users can purchase NFTs with their ERN tokens or stake them to win rewards and stand a chance of earning interest in their existing ERN tokens. Additionally, the ERN native coin is used for governance.
That means token holders will receive the power to vote on different proposals for action on the Ethernity platform. The Ethernity Chain token functions to maintain the community-centered ideology of blockchain-based projects and helps to preserve an element of decentralization in its platform.
Ethernity Chain’s native token is deflationary. Deflationary tokens work by reducing the coin supply over time. Most deflationary tokens use a burn mechanism and a fixed coin supply. While Ethernity chain has a fixed supply, it doesn’t use a burn mechanism. Rather, a portion of each NFT sale on the platform gets locked in a smart contract for two years. The locked tokens are released at different intervals to refill the rewards and staking pools for liquidity providers.
ERN iss a deflationary asset, because the network locks a portion of tokens from each sale in a smart contract for 2 years, thus reducing the supply regularly.
Access to the Ethernity ecosystem
The first function of ERN token is to buy authentic NFTs on the Ethernity marketplace. The platform denominates NFTs in tokens and keeps 75% of the traded tokens locked away in its reserve for two years.
Users can stake ERN and will be rewarded in either NFTs or ERN. ERN staking comes in 3 modes.
- 90 Day Period .Users lock up their tokens for 90 days in exchange for 3% return on their stake
- 180 day period. Users stake tokens for 180 days in exchange for 8% on their stake
- 360 day period: where users get 18.5% on their stake along with select NFTs.
Users can stake ERN to earn STONES. Which they can use to win exclusive NFTs, virtual experiences, and tickets to special events.
Users can provide liquidity on the Uniswap ERN-ETH pair to partake in the staking incentive programs.
How many Ethernity Chain tokens are there?
Ethernity Chain launched with a maximum supply of 30 million tokens and a total circulating supply of 15.8 million tokens, trading at over 50% of its supply cap.
ERN token’s public sale happened in March on Polkastarter, a decentralized exchange that facilitates auctions and cross-chain token pools. Ethernity’s IDO sold out in minutes and managed to generate $275,000 in the fundraising process.
Polkastarter is a blockchain fundraising network that makes it possible for blockchain teams and start-ups to raise funding and launch their projects. Projects using the protocol are allowed to create multi-chain coin pools when raising funds.
By allowing the choice for start-ups to launch multiple chains, Polkadot provides higher network throughput and cheaper highly-efficient transaction processing.
Community Drops on Ethernity Chain
Shortly after its March 2021 launch, Ethernity unveiled its first Community Drop with well-known Australian artist BossLogic – reputed for his art under Disney and Marvel Studios – dubbed BossLogic x Ethernity Chain. The collection of NFTs features about 2500 authenticated NFTs.
BossLogic is easily one of the most prominent NFT artists right now and a pioneering force in the digital art world. Back in 2021, he sold over $3 million worth of digital artwork. That stands to prove how fast the NFT space is expanding and the potential Web3 possesses to revolutionize the world’s monetary economy.
More recently, Muhammad Ali Enterprises announced a partnership with Ethernity to unveil ‘The Muhammad Ali collection” in collaboration with artist Raf Grasseti, renowned for his digital art and work at Sony Santa Monica and Playstation.
Future of NFTs
One of the NFTs will feature a pair of boxing gloves with Muhammad Ali’s original signature, along with an Infinite Objects frame. The proceeds from this drop will be sent towards charitable causes in partnership with the Ali Center.
NFTs have gone mainstream. It’d be quite hard for you to see someone today who hasn’t either seen or heard of one. Now, NFT collectibles range in a variety of use cases that aren’t just limited to art, gaming and trade collectibles.
NFTs now merge digital art representation with virtual real estate, decentralized marketplace creation, and mainstream involvement with celebrities, sports teams, and international digital artists.
Due to this to this widespread adoption of NFTs, it became evident that there was need to protect the emerging industry from fraud.
Ethernity Chain:protecting from fraud
Ethernity Chain acknowledges this concern and is one of the first actors on this cause. Even though it may be a relatively new project and background information about its team remains a little shrouded, the partnerships with distinguished artists and figures will play a huge role in further validating the platform.
OpenSea which operates without a native token. Ethernity’s token is important because it enables its holders to govern and continue the integrity of the chain in a decentralized manner. While also allowing users to stake and win rare a-NFTs.
The NFT space becomes more and more competitive in the coming years with the increasing worldwide attention it’s garnering. And, Ethernity is already on its way to becoming a solidified name in the a-NFT space. All they need is further build exclusive partnerships with the world’s top digital creators.