Ethernity Chain – Comprehensive explanation for beginners

Where do you buy your NFTs? Years ago we had never heard of them, but today they are for sale on all kinds of websites. The range is huge and the number of NFT marketplaces is only increasing. For example, Ethernity Chain has recently also been included in the lineup of NFT marketplaces. On the platform you can trade different NFT collections, where one collection is rarer than the other.

Still, it is important as a platform to offer a number of unique benefits to users. This is the only way to attract users to your own platform. Extremely interesting to take a look at how Ethernity Chain actually does it. In this article we tell you everything you need to know about Ethernity Chain: how it works and what you can do with the ERN tokens of this project.

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What is Ethernity Chain (ERN)?

Ethernity Chain, which is also simply called ‘Ethernity’ and has its own ERN token, is a platform that runs on the Ethereum blockchain. It is a special platform used by many creative people because it is possible to trade NFTs on the Ethernity Chain. So this makes Ethernity Chain an NFT marketplace. The platform is known for launching unique NFT collections, often developed in collaboration with big names and brands.

Artists can create their own NFT art and then sell it on the Ethernity Chain. In addition to finding a lot of NFT art here, you can also find NFT trading cards. These are tokens that you can compare to football cards; a certain number of each player is available, which can make a card valuable (or not). There are several such projects that Sorare is known for.

Many NFTs are also sold on the platform to raise money for charities. Artists themselves can contribute by donating NFTs to these auctions. In this way, Ethernity Chain hopes to contribute to a better future.

In the video below you can see an interview with Nick Rose, CEO and founder of Ethernity Chain.

What makes Ethernity unique?

After what you just read, Ethernity Chain works as an NFT marketplace like many others. Not surprising if you ask yourself why you would use Ethernity Chain when there are many more known marketplaces such as Solart or Opensea.

Ethernity Chain wants to distinguish itself by focusing on selling unique NFT collections. It has therefore entered into several collaborations with big names. For example, a special Muhammed Ali NFT collection has been sold in the past. This was done in connection with the 50th anniversary of the world famous “Battle of the Century”. NFTs in this collection were only for sale at Ethernity Chain, resulting in a large number of traders using the platform.

The platform also checks each project before it is launched. Scams take place daily in the crypto market (such as ICO scams) where a large number of users lose a lot of money. A team ensures that each collection must meet strict requirements before the collection is included on the platform.

Through partnerships, Ethernity Chain aims to become an important platform for NFTs and contribute to many charities by launching dedicated auctions on the platform. The money raised at these auctions goes exclusively to charity. There are also other ways in which you can contribute to the funding of charitable causes. For example, part of the income from the strike and agriculture goes to a good cause. The more users strike and farm, the more money goes to charity.

Who is the founder of Eternity Chain?

Nick Rose Ntertsas is founder and Manager of the Ethernet chain. He is no stranger to the crypto world, as Nick has been known on the internet for years as a huge Bitcoin fanatic. Besides crypto, Nick also invests in companies (and is therefore an angel investor). At Ethernity Chain, his passions meet: art and crypto. Nick does not develop and maintain Ethernity Chain alone, but with a team of around 22 employees. These include e.g Evangelos Diaman (CFO), Adrian Bashuk (COO), Alexander Naaman (COO), James Aitken (CMO), Daniel Bulgarian (CTO) and MacPholea (Chief Engineer).

Advisors, partners and investors

Despite the fact that the team consists of quite a large number of people, the platform also has the help of a number of advisors, partners and investors.

The advisors include: Marco Santori, Buster Scher, Chase Benjamin, Jeremy Padawer, Jeremy Gardner, Nick Royaards, Danilo Carlucci, Itai Elizur, Dylan Trussell, Matt Medved, Will Makris, Marko Gojanovic and David Dinetz.

Partners and investors include: Kenetic, Market Across, Magicfew, GBV, Black Edge Capital, Morningstar Ventures, Spark Digital Capital, Token Suite, Rarestone, Animus, Woodstock, Mr Beast, Protocol Labs, Dimitri Vegas, Extra Watts and Quonota.

ERN tokens

ERN (Ethernity Chain Token) is the symbol for Ethernity Chain, with a maximum supply of 30 million tokens. Not all tokens have been issued at this time. At the time of writing, January 2023, there are 15.5 million tokens in circulation (about 52%). The token uses the ERC20 protocol. This protocol is used by the majority of tokens on Ethereum and is different from the ERC721 protocol used by NFTs. But what can you use these ERN tokens for??

  • Liquidity – Tokens are used to provide liquidity in ERN liquidity pools. Because Ethernity Chain runs on Ethereum as a decentralized platform, liquidity must be provided by so-called Liquidity Providers (LPs), for which the ERN token is used.
  • Strike – You can use ERN tokens to bet. In this way, you contribute to the security of the platform and you can earn interest on the ERN tokens that you would not otherwise have spent.
  • agriculture – ERN tokens can be used for liquidity provision as well as for farming. By staking ERN, you can receive Authenticated Non-Fungible Tokens (ANFTs) as an additional reward. For example, users are encouraged to stake their ERN tokens. In addition to this reward, you will of course also receive interest on the ERN tokens that you use to bet. A portion of all ANFTs is donated to charity.
  • Governance – Owners of ERN can use tokens for governance functions. You use tokens to make a suggestion or vote on suggestions from other users. For example, everyone has their own role in the further development of Ethernity Chain, so that Ethernity Chain can be seen as a democratic platform.

The team has indicated that the ERN token is likely to have more functions in the future, depending on how the platform evolves.

Advantages and disadvantages of Ethernity

Now that you have read what Ethernity Chain is and how it works, you might have an idea about the main benefits of this project. To briefly summarize what Ethernity Chain is, we will discuss the main ones advantages and disadvantages of Ethernity Chain list for you.

Advantage

  • Cooperation with big names and brands – Ethernity Chain has partnerships with big names and brands, making it possible to sell unique NFTs not found on other platforms. This makes Ethernity Chain a unique platform compared to marketplaces like Solart and OpenSea.
  • Raises money for charity – The platform is very concerned with creating social impact by setting up auctions for charities. In addition, it has integrated a number of mechanisms through which money is donated to charities as soon as users perform certain actions. If you use Eternity Chain, you are therefore partially contributing to the support of the charities with which Eternity Chain collaborates.
  • Protect against fraud – Eternity Chain focuses on maximum security within the platform. All projects launched on the platform are pre-checked for fraud. In this way, the platform reduces the chance of being cheated, although you still risk losing money. The value of an NFT can always decrease, and Ethernity Chain itself cannot do anything about it. Therefore, always investigate an NFT collection and the people behind the collection.
  • Easy account creation – Anyone can easily and quickly create an account without having to confirm your identity. You must verify your email address, which means you cannot use the platform anonymously. After logging in, you can link an external Ethereum wallet (such as MetaMask) to the platform. Make sure you have enough ETH or ERN in your wallet to buy tokens. The NFTs you buy are stored in your external wallet.

Disadvantages

  • Lots of competition – Although Ethernity Chain has some unique features, there is a lot of competition. There are many other NFT marketplaces that are better known than Ethernity Chain right now. The market on which the platform is located is therefore anything but easy.
  • Depending on the hype – Within the crypto market, we often see various hypes. In 2021 and 2022, there was a huge hype around NFTs, resulting in a high volume in the market. Subsequently, the hype, and thus the volume, decreased rapidly. The value of the ERN token depends in part on this hype, but it is difficult to know in advance what the market will do.
  • Runs on Ethereum – The platform runs on the Ethereum blockchain, which gives you access to a large market. The downside is that Ethereum often charges high transaction fees and takes a long time to process a transaction. As a user, you have no choice but to accept this inconvenience.
  • Central development team – Although the platform runs on Ethereum as a decentralized application, it has a central development team. This team takes care of the development of the platform and chooses what this development looks like. Although the ERN token has several governance functions, the development team largely determines the future of the platform.

How and where can you buy Ethernity (ERN)?

Do you want to buy Ethernity Chain (ERN)? You can do it on Gate.io, UniSwap, 1inch Exchange, Coinbase, Binance, OKEX, Crypto.com, KuCoin, Huobi, Gemini and QuickSwap.

  1. Sign up on the crypto exchange you want to use. Click on the exchange above to go directly to the registration page.
  2. Log in to your account
    Note: Keep your username and password safe!
  3. Make sure you have enough money in your account
  4. Look for Ethernity (ERN) on the crypto list
  5. Then select the order you want to place and specify how many ERN tokens you want to buy
  6. Place the order
  7. Congratulations! You are in possession of ERN tokens!

Conclusion

Ethernity Chain is an NFT marketplace where unique NFT collections are launched. It calls itself the world’s first ‘authenticated’ and ‘licensed’ NFT platform that is allowed and able to launch NFTs from well-known brands and names. As a user, you reap the benefits of this: At Ethernity Chain, you find NFTs that you cannot get in many other NFT marketplaces. This can make trading NFTs much more fun, but also more profitable. Of course, trading NFTs remains extremely risky at all times.

Do you want to invest in Ethernity Chain ERN token? Then you can go to Gate.io, UniSwap, 1inch Exchange, Coinbase, Binance, OKEX, Crypto.com, KuCoin, Huobi, Gemini and QuickSwap.

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