Many people in the crypto space are yet to fully appreciate the value proposition of NTFs (non-fungible tokens); the industry has exploded in recent months. Ethernity Chain is developing a community-centric platform for digital artists to create limited edition NFT lines. Also, Ethernity Chain is combining Authenticated NFTs (ANFTs) with decentralized finance (DeFi) to bring new hybrid utility to crypto!
We are about to explore the Ethernity Chain platform and the possible prospects that await this project. We will also look at the native Ethernity Chain utility token (ERN) and its role within the platform. And how are non-fungible tokens (NFTs) and Authenticated non-fungible tokens (ANFTs) bringing mainstream adoption to crypto through major celebrity endorsements and collaborations? Let´s find out in our Analyse N. 10.
What is the Ethernity Chain?
Ethernity Chain is a community-oriented, and blockchain-based platform that produces limited edition authenticated NFTs and trading cards created by your favorite artists and endorsed by notable figures. Built on the Ethereum Network, it aims to build the biggest A-NFT library, reward its creators and raise funds for charitable causes forever. It’s a win-win situation in which everyone benefits, from NFT collectors to charities that work with some of the most vulnerable members of society. Ethernity Chain enables users to own unique digital artifacts and artwork, which are tokenized and traded on the blockchain. This is of particular appeal to the gaming, music, sports, and real estate industries.
Its unique DEFI applications allow ERN token holders to farm rare A-NFTs, Stake, Farm and vote on proposals that will amend the Ethernity Chain ecosystem. You can get exclusive NFTs by auction sales or farming ERNs and accumulate rewards that you can use to redeem collectibles. A portion of the sales proceeds goes to our charity partners.
There are many famous persons involved in the Ethernity chain, such as Tony Hawk, Jay-Z, and Ashton Kutcher, as they have sold or raised hundreds of thousands of dollars in various NFT-related projects.
What are NFTs and aNFTs?
Non-fungible tokens (NFTs)
NTFs are unique tokenized assets held on the blockchain. Unlike fungible assets such as BTC, ETH, or USD, non-fungible assets are not mutually interchangeable. Each token holds its own individual data set that is unique or provably scarce.
Authenticated Non-Fungible-Tokens (ANFTs)
ANFTs are special since they give users confidence in the authenticity of an artist’s work. When you purchase ANFTs through Ethernity Chain, transactions are transparent on the blockchain. Moreover, Ethernity Chain’s extensive partnerships with celebrities across a vast array of industries add a layer of confidence when investing in high-profile NFT merchandise.
Ethernity Chain Token (ERN)
Built on Ethereum, the Ethernity Chain token (ERN) will be used to provide liquidity to ERN pools. This will enable participants to farm unique Authenticated non-fungible tokens (ANFTs) that can be traded like any other cryptocurrency. Also, users will be able to stake the ERN token to earn interest. The ERN token will be used for governance. This will enable token holders to vote on proposals to make changes to the platform. The Ethernity Chain token is key to the project’s community-centric ethos and helps to maintain an element of decentralization.
As already mentioned above, a portion of each ANFT sale made through the Ethernity Chain platform will be donated to charity. As the platform develops, the full potential and utility of the Ethernity Chain token will likely increase. The hybrid of NFT and DeFi functionality is a novel concept which many crypto users are keen to explore.
Why are NFTs Becoming So Popular?
NFTs are currently one of the hottest trends in crypto. However, the collectibles scene has experienced a phenomenal resurgence in recent months. This extends from rare in-game assets to virtual land ownership, music distribution, and mainstream initiatives, including top sports teams, celebrities, and international artists.
People are willing to part with some serious cash (or ETH) to own digitally verifiable art. There are a lot of notable musicians involved in crypto and NFTs (3LAU, Jay-Z, Imogen Heap, Deadmau5, Tory Lanez, and Kings of Leon).
ERN is currently ranking at Nr. 332 place according to www.coingecko.com with the price of 22 USD per token and market capitalization of 91 million USD.
Non-fungible tokens (NFTs) play a huge role across many different industries. NFTs holds a unique value proposition regarding ownership rights and tokenized data that could revolutionize many sectors. The scope for this technology cannot be understated. NFTs are becoming widely used in music, health care, insurance, real estate, and much more! Major players from every sector are getting involved in NFTs. NFT art is practically genreless. This opens up doors to a wave of new artists to carve their name in the dawn of NFT history.
The use of non-fungible tokens (NFTs) in the gaming world has soared in recent months. NFT sales in February 2021 alone have surpassed the entire value generated in 2020! The explosion of NFT collectibles has hit the mainstream in a way that many couldn’t see coming. Considering the rapidly growing utility and adoption throughout the virtual land and gaming worlds, NFTs look set to be among the hottest trends in crypto. Also, NFT artwork is becoming a store of value, bringing collectibles to the digital age. This makes this technology no longer restricted to just crypto gaming, and the Ethernity chain can become one of the leading projects with the current middle market capitalization.
Source : https://academy.ivanontech.com/blog/what-is-ethernity-chain-and-the-ern-token
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.