NFTs or non-fungible tokens are unique one-of-one digital assets that are stored on the blockchain. NFTs allow for verifiable ownership which make them valuable. The number of NFT projects and platforms continue to be created and Ethernity Chain is a project that is on the rise.
Ethernity Chain (ERN) is a cryptocurrency based on the Ethereum blockchain; it is a DeFi project with a focus on authenticated NFTs. NFTs can be bought and sold on chain and the project has secured partnerships with a large range of famous people. The NFT platform also has the unique goal of supporting charities.
If you would like to become an NFT expert, NFTexplained.info has created the perfect article for you.
Ethernity Chain (ERN) can be purchased on large crypto-exchanges such as Binance. The cryptocurrency has numerous use cases including staking and the ability to use ERN to farm NFTs which we will discuss later in the article.
In this article, NFTexplained.info will explain everything related to Ethernity Chain. Our team will cover what the cryptocurrency ERN is, the Ethernity Chain NFT marketplace and how to buy an NFT from the Ethernity Chain marketplace. We will conclude our article by examining if ERN is a good investment.
The project primarily focuses on creating authentic NFTs by working with famous individuals and groups including musicians and athletes. The NFT marketplace created by the Ethernity Chain developers allows purchasers to have complete confidence they are purchasing an NFT from an authenticated seller (famous person).
Ethernity Chain and the NFT issuers have also donated profits from the NFT drops to charities. For example, the Winklevoss twins (Cameron and Tyler) who are crypto pioneers that competed in the 2008 summer Olympics for rowing. The twins teamed together with Ethernity Chain to donate 90% of profits from their NFT sale to Row New York, a charity dedicated to making rowing more accessible (and also provides academic support).
What Is The Ethernity Chain Cryptocurrency?
Ethernity Chain’s ERN is an ERC-20 (enables smart contracts on the Ethereum blockchain) cryptocurrency that uses a proof-of-stake consensus algorithm. The cryptocurrency has a maximum supply of 30,000,000 and roughly 20% is currently in circulation.
ERN can be purchased on numerous cryptocurrency exchanges – the two most notable are Binance and Uniswap.
If you would like to read our in-depth article on the Binance NFT marketplace including what makes it unique, that can be found here.
ERN is built atop the Ethereum blockchain. The cryptocurrency uses proof-of-stake which is considered far less energy intensive than the commonly used proof-of-work consensus algorithm.
In the proof-of-stake consensus algorithm, one miner is chosen to verify transactions instead of numerous miners competing amongst one another (PoW). If you would like to learn more about those consensus algorithms including the amount of energy an NFT consumes, that article can be found here.
What Is The Ethernity Marketplace?
The Ethernity Marketplace is an NFT marketplace where purchasers can buy authentic NFTs from a range of famous individuals (e.g. Ovechkin, Messi, ect). The Ethernity NFT marketplace allows users to ensure they are buying from an authentic source (the actual celebrity selling the NFT). NFT transactions occur on-chain.
How To Purchase An NFT From The Ethernity Marketplace
Connect a digital wallet such as MetaMask to the Ethernity Marketplace. Once connected, hit ‘Swap wETH’ located on the top of the screen. Enter the amount of Ethereum you would like to convert, taking note of gas fees. Simply hit buy now and a pop up will appear to confirm the transaction on MetaMask.
Digital wallets like MetaMask allow for the storing of cryptocurrencies and NFTs. If you would like to learn more about MetaMask, including how to set it up, that can be found here. MetaMask is the wallet NFTexplained.info recommends because of its ease to set up and clean user interface.
On the Ethernity marketplace, NFTs can also be purchased using ERN instead of wETH. wETH is ERC-20 compatible, enabling you to trade or exchange other ERC-20 tokens. As NFTexplained.info previously mentioned, ERN can be purchased using Binance or Uniswap.
Is Ethernity Chain (ERN) A Good Investment?
Cryptocurrencies are very volatile and are considered a risky investment. Since they are relatively new, investing in them could result in high returns or alternatively fail altogether. NFTexplained.info is not a team of financial advisors. As always, complete your own due diligence before choosing to make an investment.
ERN proponents point out holders can farm A-NFTs and vote on proposals. It is built on the Ethereum network and the team primarily focuses on partnering with famous people to create NFTs. ERN may gain more attention as celebrities promote their NFTs through the Ethernity Chain Marketplace, possibly resulting in price appreciation.
The Ethernity Chain Marketplace allows purchasers to be confident they are buying NFTs from the celebrity (A-NFTs). The ‘A’ in A-NFTs stands for authenticated.
When a celebrity with millions of social media followers promotes their NFT drop on the Ethernity marketplace, more attention will be brought to the project. New celebrities dropping on the platform continues to add to an already long list of impressive athletes, musicians, ect.
Holders have the ability to receive rare A-NFTs by locking up ERN. Locking ERN is completed through the Ethernity farming smart contracts. If you would like to become a smart contract expert, click here.
Locking ERN allows you to receive stones which can then be used to redeem exclusive A-NFTs.
With each drop, the Ethernity marketplace will lock up a certain amount of NFTs that can only be purchased with stones.