This article is the English reiteration of the interview of Nick Rose from Ethernity Chain published by PANews with some updated information.
NFT – Non Fungible Token, cryptocurrencies that are unique and non-identical, are all the craze right now. This asset class of cryptos have been under the spotlight lately, and thanks to the support received from various large organizations artists and celebrities and within this market a new behemoth of a project is laying its claim – Ethernity Chain.
Fueled by the largest ever resurgence of cryptocurrencies since the 2017-18 crypto boom period, the NFT space is blooming as well. These days there are NFTs of literally everything; Collectibles, Art pieces, Games, Digital Imagery, Domain names, etc. The repeated sale of high-priced crypto artwork is a new breed of current value investments propelling the exponential growth of the NFT markets.
In the NFT space, the focus shifts to the art and the artist rather than the underlying encryption or blockchain technology which has traditionally been the primary focus of attention in the crypto-space. This craze was spawned by projects like Crypto Kitties that had infamously rendered the Ethereum network unusable back in 2017.But that was almost 4 years ago, and in today’s NFT space, new and improved NFT platforms are establishing themselves.
The emergence of The Ethernity Chain as a new kid on the NFT block, has been comparable to adding fire to a pile of gunpowder. Recently, Ethernity Chain founder Nick Rose Ntertsas accepted an exclusive interview with PANews, and shared his insights on the original intention and vision of the platform and the development of crypto art.
Philanthropy from the heart of a crypto lover
Nick is an early crypto enthusiast, back in 2011, Nick learned about Bitcoin casually during a poker game in Las Vegas. Although Nick didn’t fully understand what Bitcoin was at the time, his curiosity drove him to buy 500 Bitcoins with a small amount of funds. However, Nick didn’t think much about these Bitcoins, instead went on to found multiple successful ventures like Crystal Club, Ritz Suites, The Loft and other hotel projects in Greece.
It was in 2014, when the meteoric rise of Bitcoin in the mainstream media reports and its soaring price made Nick notice Bitcoin again, and subsequently he invested in Bitcoin.com founded by the well-known Bitcoin investor; “Bitcoin Jesus” Roger Ver. At the time this was the world’s largest website involving Bitcoins. Concurrently, Nick also founded a crypto digital fund called “10X Capital” in 2016, focusing on early investments in crypto projects.
In the interview Nick further spoke about his interest in the crypto industry;
“Over the years, I am very happy to see the mainstream industry trying to create use cases in the blockchain field, which also shows that the potential of the blockchain industry is unlimited.”Interview of Nick Rose with PANews
In addition to being a blockchain advocate, Nick is also an environmentalist known for his charity. As early as 2018, Nick established the brand “Oxygen 7” a non-profit organization that aims to restore the ecosystem that is severely damaged by the forest fires in California by planting more than 1 million trees.
“I grew up in nature, so I have always been worried about global warming and climate change, so I wanted to do something to give back to society instead of waiting for others to do it.”Nick said to PANews
After years of experience in blockchain application development and philanthropy, Nick started preparing for Ethernity Chain roughly an year ago. Nick’s vision is to have Ethernity Chain donate 5% to 95% of the income from each auction to charities, and the donations would be made in Bitcoins. Of course, the specific donation percentage will be determined by the individual crypto artists. In order to ensure openness and transparency of the donation process, Ethernity Chain will record the entire process on the blockchain.
Nick hopes to create NFT collections with long-term value through Ethernity Chain, and to provide opportunities to participate in charity and social welfare.
Under the celebrity effect, is Ethernity Chain poised to become the next big thing?
In the process of the accelerated evolution of the blockchain, NFT has taken the lead in successfully breaking into the field of mainstream traditional art.
Nick explained further the importance of the NFT ecosystem and its relation to artists and art alike.
“NFT is a good way to ensure the authenticity and scarcity of artworks, songs, etc., and its history will not be lost. For a long time, crypto artists have been working hard to create, and they should be compensated for creating outstanding works of art. It is the perfect tool to do this.”Nick Rose to PANews on the importance of NFT ecosystem to crypto artists
Indeed, many crypto artists have also confirmed to the outside world the infinite possibilities that NFT brings to their works.
For example, recently the encrypted art NFT “CROSSROAD” sold by crypto artist Beeple on the NFT trading platform Nifty Gateway was resold at a price of up to 6.6 million US dollars.
It seems the uniqueness of these kinds of crypto art and their charm is attracting more and more people into buying and collecting them.
On the whole, the influence of crypto art in the field of traditional art is increasing day by day. As of writing this article, according to the CryptoArt.io data, a total of 98,290 pieces of crypto art have been sold, and the total market value of crypto art has exceeded $187 million.
“By 2020, the sales of crypto art will be about 50 million U.S. dollars. If calculated according to the market value of 1.5 trillion, this shows that crypto art is in the early stage.”Nick’s view on standardization, versatility, and programmability in the NFT markets.
The possibilities that NFT gives to crypto art and artists results in huge growth capability, and the heights such crypto art could reach is truly unlimited. To this end, Nick hopes that Ethernity Chain will explore the world of crypto art through NFT, cooperate with celebrities in music, film, sports, cryptocurrencies and other industries and sell their NFT collections. In the first round of NFT charity auctions Ethernity Chain has already collaborated with well-known digital artists, celebrities such as Winklevoss Twins, Alesso, Paolo Maldini and others.
Ethernity Chain has received further support from celebrities like Christian Vieri, Philadelphia 76ers owner Michael Rubin, and EDM artists Alesso and Dimitri Vegas & Like Mike. They are slated to participate in the NFT ecosystem of Ethernity Chain, its works, auctions and all aspects of art creation.
In addition, Ethernity Chain is also discussing future collaborations with well-known crypto artists such as Mad Dog Jones, motion graphics designer Esteban Diacono, and Bosslogic. For example, Bosslogic, with a follower base of 2.1 million on Instagram and 400,000 on Twitter, publicly supported Ethernity Chain. Bosslogic is a leader in crypto art and has created concept arts for “Iron Man”, “Thor”, and “Avengers” and he became the official designer of the Marvels poster in 2019. Bosslogic is the first artist to collaboratively issue the first Community NFT Drop for Ethernity Chain.
Such collaborations with crypto artists and celebrities are bound to bring a wealth of resources and exposure to the Ethernity chain ecosystem. Nick explained that this is only possible as the founding members of the Ethernity Chain are able to leverage their long standing connections in the entertainment and sports industries.
“Ethernity Chain is mainly concerned with artists and celebrities, to ensure that talents and artists get paid.”Nick said to PANews
Nick emphasized that “Ethernity Chain hopes that this celebrity endorsed revenue model will maximize the funds raised for the charities.“
Celebrity endorsement often brings developmental potential that shouldn’t be underestimated. For instance, former Tampa Bay Rays baseball player Micah Johnson sold his NFT artwork for $1 million in under a minute. The open version of the famous crypto artist Trevor Jones “The Bitcoin Angel” sold 4,157 editions of his NFT art, with a total turnover of 3.23 million US dollars in just 7 minutes. An NBA star card platform called NBA Top Shot, backed by the NBA and supported by a legion of famous players has sold over $230 million US dollars worth of collectible digital ‘moments’. LeBron James’s star card on the same platform sold for a record high of 208,000 US dollars.
Nick and the founding members of Ethernity chain believe that similar success can be replicated for their platform as well. Under the dual effect of celebrity hype and NFT craze, Ethernity Chain may truly be poised to become the next big thing.
Raised capital to fund Layer 2 infrastructure Research and Development
Although the NFT market has incrementally gained traction, its ecosystem is Ethereum-centric. According to the latest DApp industry report released by DappRadar, the transaction volume of the Ethereum NFT space has increased by at least ten times i.e from $3 million US dollars in December 2020 to $33 million US dollars by January 2021.
However, there are various pitfalls behind such record highs of transaction volumes and sales figures. The current underlying developmental speed of the Ethereum network is outpaced by the NFT ecosystem growth rate, in turn making network congestion and high gas fees a common occurrence, hampering the overall user experience.
According to data from Etherscan.io, as of the time of posting this article, the average gas fee of Ethereum has been hovering at around 90 Gwei with recent highs of up to 373 Gwei, much higher than the peak fee of 60 Gwei during the Crypto Kitties boom in 2017. As a result many users are paying high transaction fees in order to complete their transactions quickly. If the NFT markets are to develop further, then such bottle necking issues presented by Ethereum must be resolved.
High fees charged by intermediaries is one of the main reasons why cryptocurrencies were invented in the first place.
Ethernity Chain, which is an Ethereum token, has to face the same pesky problems. In addition to NFTs, Ethernity Chain is also exploring DeFi applications, and the same performance issues that affect the Ethereum network are also a hindrance in DeFi application development.
To remedy this, Ethernity chain is considering Binance Smart Chain as an alternative network, while also exploring the possibility of adopting Layer 2 solutions. Additionally Nick believes that the underlying tech of the NFTs themselves also need to evolve to tackle the problems of on-chain media storage and cross-chain interoperability.
The ambitious developmental goals and the overall market domination potential that Ethernity Chain presents, has made it a highly investible project. At present, the Authenticated NFT platform Ethernity Chain has completed strategic investment rounds with the likes of Black Edge Capital, Morningstar Ventures, Spark Digital Capital, Woodstock, and Genesis Block Ventures.
It is worth mentioning that Ethernity Chain will be conducting their IDO on Polkastarter – a cross-chain decentralized exchange cum crowdfunding platform for crypto and DeFi projects. The IDO is set to go live on March 8th, 2021, and the IDO whitelisting process for the event has already concluded. With ERN tokens users can not only buy NFTs, but also participate in staking economy and liquidity mining.
During the IDO event, ERN would be sold for $0.275 per token aiming to raise around $275,000 which was reduced from the earlier target of $495,000.
As per Nick, this reduction in capital raising would help the project in long term as it would be reducing the day one circulating token supply. This decision was made during the whitelisting process for the IDO and it is due to increased interest from some major strategic partners at the very last moment.
It is undeniable that the current NFT craze has become an unstoppable force.
Now, with the rise of Ethernity Chain, it may propel NFT crypto art to newer heights and reach a larger audience world over.
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