Ethernity Chain is a community-driven, decentralized platform specializing in producing limited edition non-fungible tokens (NFTs) and trading cards. ERN is the ticker symbol of this platform's ERC-20 native utility token. In its debut collection, Ethernity Chain released signed NFT-based portraits of celebrities called authenticated NFTs. These Ethereum-based autonomous non-fungible tokens (aNFTs) were sold via auctions or direct sales in the platform's marketplace. Some of the profits from these aNFT sales went to charities of the celebrities' choosing.
ERN is the standard token used to purchase digital art on the platform. It can also be used to buy physical collectibles, stake for rewards, or participate in the platform's governance decisions. Ethernity Chain also has a farming option for its users by which ERN tokens can be used to farm STONES, which then be used to buy NFTs.
ERN price and tokenomics
The total supply of ERN is 30 million tokens. Of this, 9.2 million tokens were pre-mined and distributed at a private-round price of $0.275. Additionally, 1 million tokens were distributed via an initial DEX offering, or IDO, on PolkaStarter. Finally, 3.6 million ERN were allotted as staking rewards for holders.
On March 15, 2021, Ethernity Chain executed a liquidity rewards program to incentivize the ERN/ETH liquidity pool on Uniswap and distribute more ERN tokens. Users can obtain ERN by exchanging other cryptocurrencies based on the relative ERN price, and they can use ERN to purchase aNFTs. However, 70% of the profits from aNFT sales are locked to refuel the staking rewards pool. Since the ERN price depends on the value of these aNFTs, ERN charts can show high volatility.
About the founders
Nick Rose Ntertsas is the founder and acting CEO of Ethernity Chain. Ntertsas has formerly worked as the chief digital officer at Global Wildlife Conservation and was one of the early-stage investors in the e-scooter company Bolt. Ethernity Chain has worked with several celebrated names from music, sports and entertainment, including Lionel Messi, NHL star Alexander Ovechkin, Nas, the Winklevoss twins, MMA legend Anderson Silva and many more.
In early 2021, the Ethernity Chain team completed a private fundraising round with the help of strategic investors that included Morningstar Ventures, Black Edge Capital, Spark Digital Capital, and more. Then, on March 8, 2021, the platform released its first NFT-meets-DeFi project via a public sale on Polkastarter.
