Ethernity Chain: Is it Ready to Scale Up?
One of the biggest innovations of the internet in the 21st century is the introduction of online auctioning. In the early 2000s, eBay played a critical role in the popularity of online auctioning and opened the door for many other such concepts.
Several years down, innovations in the digital space led to the advent of blockchain technology, which, in turn, led to the meteoric rise of NFTs, a medium through which artists and creators could auction their creative works to willing buyers. While NFTs have had a rough time in 2022, their relevance in the digital world is indisputable.
What is the connection between the two concepts mentioned above, you ask? Due to the nature of the products offered, it became inevitable that NFTs would become the perfect sector to adopt the concept of online auctioning. This is where Ethernity (ERN), our topic for today, comes in.
What Makes Ethernity (ERN) Unique?
Ethernity Chain creates authenticated non-fungible tokens (NFTs). What does this mean? Well, the market for non-fungible tokens (NFT) is often saturated and full of duplicates and scams. It might be challenging to determine whether the product you’re purchasing is actually authentic due to the prevalence of fraud and phony accounts. Ethernity Chain is made precisely to solve this problem and estimate digital collectibles’ value, including helping identify genuine from fake. Ethernity Chain leverages NFTs to benefit the ecosystem of artists and collectors as these dual parties create an exclusive, limited edition library of creative digital expression.
The native token of the Ethernity Chain is the ERN coin. The token can be used for various things by coin holders; you can buy special NFTs, tangible collectibles, stake your coin, farm for rewards, and participate in both virtual and physical events and activities. Owners of NFTs can also sell their collections on the Ethernity marketplace.
Creators or owners of intellectual property (IP) on the Ethernity Chain platform include notable artists such as Boss Logic, Messi, Pele, Nas, Anderson Silva, and more.
Users of Ethernity Chain can acquire one-of-a-kind digital artifacts and works of art that are tokenized and exchanged on the blockchain. The gaming, music, sports, and real estate industries are particularly drawn to this use case. For governance, the ERN token is utilized. This will make it possible for token holders to vote on platform modification proposals. The project’s community-centric ethos and some degree of decentralization are both supported by the Ethernity Chain token.
The following depicts the benefits and potential of NFT Art:
By having a marketplace feature, Ethernity attempts to combine NFT products with DeFI functionalities to enable commercial transactions within its ecosystem.
What Exactly Does Ethernity Do?
- Ethernity forges synergistic relations with prominent brands, personalities, and artists globally to create aNFTs.
- Ethernity is a preferred hub for releasing limited aNFT editions.
- Ethernity serves as an aNFT marketplace where owners can auction off their artworks.
Ethernity ChainToken Supply
The platform has assigned a certain number of tokens for the token economy. Users buy 25%, and 50% of those tokens are utilized to obtain specific authenticated NFTs. In addition, coin owners have utilized 75% of the tokens for farming stones.
The Ethernity Chain platform developers have said they can contribute a percentage of each ANFT sale to charity.
Ethernity Chain Prediction : Ethernity Chain Price Movements
The token was $11.69 on 5 January 2022 and it sank to a low of $1.41 on 12 May after the UST stablecoin got de-pegged, collapsing the associated LUNA cryptocurrency. The following month, ERN was $1.16 after the cancellation of withdrawals on the Celsius (CEL) crypto lending platform.
Since then, there has been a recovery, with the token most notably shooting from a low of $1.46 on 28 September to around $3.60 on 29 September 2022. Over the last 7 days, the cost of Ethernity Chain has increased by 152.26%. On the previous day, the price increased by 48.02%. The price per ERN at the moment is USD3.72, which corresponds to more than a 95% discount to the coin’s all-time high of USD 74.42. The quantity of ERN in circulation right now is about 16 million. This means that the token had a market cap of around $57m, making it the 331st largest crypto by that metric.
Ethernity Chain ranks 53 among tradable assets on Coinbase. Popularity is currently based on relative market cap. ERN’s social media mentions and engagement has increased by 700% within a week. According to research from Lunar Crush, Ethernity’s token is growing social traction. The reason for why is a little unclear; there are only some speculations about some big collaborations with the upcoming Decentraland Metaverse meetup.
ERN Technical Analysis
Due to roaring inflation and US Fed’s rate increases, the overall market has fallen by 50% since Bitcoin’s record high. Nevertheless, in 2022, there is still some prospect for green moves, particularly in the year’s second half. The fact that the retail market sentiment for ERN is a ‘BUY’ demonstrates this:
Technical analysis suggests that the large move may be coming to an end as the ERN faces heavy resistance at $4.39, as seen by prevalent top wicks near this resistance zone. The coin may lose steam and correct back down from now, especially since it looks like nothing truly structural drove the price higher besides a sudden bout of high-volume activity.