Even if you are not a crypto guy, you must have heard chatter about NFTs on social media. The NFT buzz is taking over the way the art is represented and reshaping the concept of ownership. Etherenity Chain introduces the Unique Concept of authenticated Non-Fungible Tokens (a-NFTs) by providing the licensed and authenticated digital art directly generated by the “Icons”. These “icons” can be brands, artists, creators, or celebrities.
The platform has minted many NFTs of famous icons like Tony Hawk, Muhammad Ali, Fernando Tatis, Messi, and others.
Shaquille O’Neil Legacy Collection
a-NFT standard adds more value to the art and guarantees the originality of the artwork enhanced by the transparency of blockchain transactions. This model and standard of minting NFTs involve both the influencer and the artist. The share on NFT sales is agreed upon between the influencer and the artist at the time of creating the artwork agreement. Now the public figure or influencer and artist can choose to donate a part of their NFT sales ranging between 5% to 95% to the charity of their choice. Trouble understanding what are NFTs? Let’s first understand how these assets work
A naïve way to explain NFT would be to expand the abbreviation and say ‘Non-Fungible Token’. The term ‘Fungibility’ might provide a little hint but doesn’t explain the whole concept. If we go a bit technical then NFT is a novel and non-interchangeable unit of data, stored on the blockchain to provide an authenticity certificate to anything associated with it. Too technical? In simple words, real-world assets are provided authenticity certificates through NFT.
Let’s take an example to understand this, I am sure that every one of you has heard about the Mona Lisa, a painting by Leonardo da Vinci. Someone comes with this painting and claims that it is an original painting not a fake copy of it. To check the authenticity of the painting you will have to call the expert and investigate it. It will take a lot of time and money to verify this. But with NFTs, you can see the ownership and originality of anything.
NFTs exist on the distributed public ledger that stores transactions. This distributed public ledger or we can say blockchain provides the underlying infrastructure for any cryptocurrency to work. NFTs are minted from digital objects that represent both tangible and intangible items.
For example, if a buyer takes NFT paintings then he will not receive oil paintings to hang on the wall rather he will receive a digital file which will be a certificate of ownership. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata.
NFT Marketplace of Ethernity charges a fee of 5% for enabling the sale when you buy an NFT. An additional of roughly 5% is charged as Marketplace fee/ gas fee.
The process of Ethernity chain a-NFTs is simple.
- An artist creates the digital artwork of an influencer/icon
- The Artwork is authenticated by the influencer/Icon
- Both Agree on profit share and the share to charity
- The artwork is made available through sales and auctions
- Charities and ERN holders get a share from every transaction of NFT
Three parties are benefiting mainly from these sales. The first being said are the Artist and the Influencer, the second is the Ethernity being a middle man or marketplace, and the third and last are the charities and ERN holders.
Staking and Farming
ERN is the native and governance token of the Ethernity chain which can be used to buy and trade NFTs. Starting from March 08, 2021, from the price of $0.27 to an all-time high of $73.8 giving 27,000% profit to its early investors. ERN also provides huge liquidity as 75% of the profit is locked from a sale of NFT with the ERN token. The locked staking has an annual yield percentage of 100-300%. The locked staking period is 30 days. The HODLers can also provide liquidity by ERN/ETH LP (Liquidity Provider) Tokens. This LP token quantity represents your share in the liquidity provider reward in the Uniswap Pool.
Coming to tokenomics, ERN (ERC-20) 24-hour trading volume of $31,465,134. We update our ERN to USD price in real-time. Ethernity Chain is down 3.91% in the last 24 hours. The current CoinMarketCap ranking is #446, with a live market cap of $66,209,870. It has a circulating supply of 13,131,557 ERN coins and a max. supply of 30,000,000 ERN coins. The circulating supply of the ERN token is correlated by the NFT sold, creating a deflationary token environment. ERN is not only a utility token but it also provides governance rights to its holders through blockchain consensus to make key changes in the platform. ERN is available on Binance, Mandala Exchange, OKEx, KuCoin, and Gate.io exchanges.
Let’s take a look at the history of the price movement of ERN and the events in the chart.
History of ERN
Technically analyzing the price of ERN, first on daily time frame reveals that the price is nicely settling on an important support level that is very likely to break if Bitcoin stumbles t0 $35,000 or below. As the altcoins gain momentum, ERN can rise back breaking the previous highs. According to zephyrnet analysis, ERN can hit a high of $75 this year and if Ethernity continued following the road map in the whitepaper, ERN can break the $250 mark till 2025. I will not be surprised with this growth as the early investors have already witnessed 27,000% in just 19 days.
Fundamentally, the project is strong and with more sportsmen and celebrities coming in it can prove to the next BNB coin and more due to the unique use case and deflationary model of the token. Ethernity is a giant step towards the a-NFT which provides proof of ownership is a guaranteed way of leveraging blockchain technology. With the big names like Jason Hauser, the famous artist, Ethernity will pave its way to being a giant ecosystem in the crypto space and so will rise the ERN token price.