Ethernity, a platform for non-fungible tokens (NFTs), has announced its transition to an artificial intelligence (AI) enhanced Ethereum Layer 2 network, equipping it with new features to combat counterfeit asset trading.
This move comes as Ethernity continues to authenticate and license NFTs for renowned sports figures like football star Lionel Messi and four-time NBA champion Shaquille O’Neal, who is also known for his extensive endorsement deals. Ethernity Chain, the community-centric platform behind these efforts, specializes in producing limited edition authenticated NFTs created by artists.
In response to feedback from entertainment brands, Ethernity has tackled key barriers to adoption, including concerns around privacy, cost, and complex interfaces.
Nick Rose Ntertsas, co-CEO at Ethernity, emphasized the company’s mission to transform how entertainment brands interact with their audiences using web3 technologies. In a press release shared with CryptoNews, Ntertsas stated, “By transitioning to Layer 2, we’re not only enhancing our capabilities but also offering a user-friendly, sustainable, and secure space for brands to develop next-generation entertainment products and engage with fans.”
Ethernity’s New Layer 2 Update
In its latest update, Ethernity has significantly lowered gas fees and introduced a plug-and-play toolkit, streamlining the process for entertainment brands to integrate their franchises into the blockchain.
The revamped Ethernity Chain now boasts AI capabilities alongside robust Digital Rights Management (DRM) controls. These enhancements empower the platform to effectively combat counterfeit asset trading while ensuring a secure environment for users and brands alike.
NFTs Revolutionize the Concept of Sports Memorabilia
In recent years, NFTs have been reshaping the landscape of sports memorabilia, spanning from the NBA to prominent football clubs and individual athletes, actively influencing sports merchandising trends.
In April, OKX, a prominent global cryptocurrency exchange, collaborated with Manchester City to unveil commemorative football shirts that can be minted as NFTs. Dubbed “Unseen City Shirts,” this initiative offers Manchester City fans, reigning English football champions, the chance to acquire exclusive memorabilia and participate in thrilling prize opportunities.
Barriers to Adoption
At present, there are no dedicated laws or regulations governing NFTs, although certain countries impose restrictions on NFT-related advertising. In 2023, reports surfaced regarding Portuguese footballer Cristiano Ronaldo’s involvement in a class-action lawsuit. The suit sought damages of at least $1 billion, alleging his endorsement of NFTs from the cryptocurrency exchange Binance played a pivotal role in the matter.
