Blockchain technology has significantly influenced many aspects of the media and entertainment industry. The sector frequently deals with challenges like IP infringement, managing vast amounts of data, and handling royalty payments, prompting a search for integrating Web3 technologies to enhance efficiency and transparency. Nevertheless, the complex nature of blockchain and challenges with widespread adoption have made it difficult for entertainment companies to embrace Web3 fully.
Ethernity aims to close the gap between the entertainment industry and blockchain solutions. It offers a user-friendly Layer 2 platform that enables global entertainment franchises to transition their intellectual property (IP) onto the blockchain.
This month's review will cover Ethernity, its recent mainnet launch, various product features, fundraising, and more.
What is Ethernity?
Initially launched as an NFT marketplace, Ethernity has grown into a robust ETH Layer 2 platform with advanced AI-driven security, allowing global entertainment franchises to integrate their IP on-chain. As a part of the Optimism Superchain, Ethernity leverages Optimism’s OP Stack to offer enterprise partners and consumers an efficient, cost-effective, and secure experience.
Ethernity Intelligence, an AI-driven security protocol, strengthens the platform's infrastructure by safeguarding digital assets on the chain. By combining scalability with AI security, Ethernity provides a solution to ease the entertainment industry’s transition to decentralized technology.
Through its infrastructure, Ethernity is a leading option for global brands to bring their franchises onto the blockchain. The project has partnered with renowned figures like Lionel Messi, Shaquille O'Neal, and the Muhammad Ali brand and continues collaborating with notable personalities within the broader entertainment industry.
Ecosystem & Products
Mainnet Launch
The Ethernity Mainnet was launched on October 29th, beginning with Phase 1, which involves the introduction of a Permissioned Mainnet for initial development partners and key applications. During this phase, selected users have the opportunity to deploy products on Ethernity, enhanced by an AI-driven security layer called Ethernity Intelligence, which secures digital assets. Several projects from diverse sectors, including real-world asset tokenization, decentralized finance, and Web3 ticketing, are set to be launched at this stage.
Participants in Phase 1 will gain from advanced security features and a scalable Layer 2 infrastructure that facilitates efficient and cost-effective transactions. Developers interested in participating can apply for access, review documentation, and engage with the community to become involved.
AI-Powered Copyright Protection
Ethernity Intelligence is Ethernity’s AI-driven Digital Rights Management (DRM) Protocol, developed to protect brands' intellectual property. Designed to secure copyrights and prevent infringement, this protocol leverages AI to analyze and detect unauthorized usage of IP on-chain, offering a robust solution for safeguarding brands and licensed content. Through similarity scoring and proactive monitoring, Ethernity Intelligence ensures that brands can bring their assets to the blockchain, knowing they are protected.
NFT Marketplace & Farmers Market
The Ethernity NFT Marketplace platform offers authenticated, licensed digital collectibles from top brands, athletes, and artists worldwide. Within the Marketplace, the Farmers Market is a unique reward protocol where users can engage in exclusive experiences, earning access to digital collectibles and real-world assets (RWAs). The Farmers Market bridges digital ownership with physical rewards through mystery box drops, limited-edition releases, and special promotions, giving the Ethernity community tangible value alongside their digital assets.
Arcbound
Arcbound is an upcoming comic series developed with contributions from Tom Hardy, Scott Snyder, and Frank Tieri. Snyder, known for his work on Batman and Tieri, who is experienced in the Marvel Universe, will provide narrative expertise. At the same time, artists Ryan Ottley, Dan Panosian, and Ryan Smallman will handle the illustrations.
Arcbound Issue #1 will launch in comic book stores across the US in November 2024.
Fanable by Ethernal Labs
Fanable is a platform that digitizes physical collectibles and employs blockchain technology to ensure secure ownership. It aims to tackle challenges related to authenticity and security within the collectibles market by offering a process for tokenizing items. With a strong emphasis on mobile accessibility, Fanable enables users to trade and manage their collections, featuring options such as collectible loans and exclusive drops.
The team is actively conducting community campaigns on the Fanable X page and plans to launch the app in Q4 2024.
0xLoans
0xLoans is a peer-to-peer lending platform that operates on both Ethereum and Ethernity, allowing users to borrow and lend digital assets. The platform enables asset owners to leverage their holdings as collateral for loans while allowing lenders to earn interest. By enabling direct transactions, 0xLoans seeks to enhance liquidity in the digital asset market and provides a decentralized solution for asset utilization, serving a diverse range of users in the digital asset ecosystem.
The team is working towards the platform's launch, which is also planned for Q4 2024.
Token Economy - $ERN
The ERN token is essential to the Ethernity ecosystem, supporting various platform activities. It is considered the privilege token for Ethernity's digital asset collections, allowing users to interact with products built on Ethernity Layer 2 with reduced fees.
$ERNs features include:
- Fixed Staking: Users can lock $ERN tokens for a set period to earn rewards, which supports the network and provides additional $ERN to stakers.
- Liquidity Pool Staking: $ERN can be used in liquidity pools on decentralized exchanges. Liquidity providers earn a share of transaction fees, enhancing the liquidity and stability of the $ERN ecosystem.
- Stones Farming: Users can engage in stones farming to earn rewards through specific strategies using $ERN within the DeFi space.
Governance through DAO Voting:
$ERN holders can participate in governance through a DAO, allowing them to propose and vote on decisions shaping the future of the Ethernity ecosystem. This fosters a decentralized and community-driven approach.
Team and Fundraising
The team was founded by co-founders Nick Rose (CEO) and Marcel Pham (Chief Engineer). Since its inception, the team has grown to around 20 people working from Los Angeles and other parts of the globe. In 2022, Ethernity raised $20M to develop its products along with Ethernal Labs; investors in the round included Web3 backers Morningstar Ventures, Ripple, Algorand, Polygon Studios, and Kinetic, along with several Web2 backers such as Riot Games’ Head of Creative and Franchise Development Thomas Vu, Steel Perlot, and Fanatics CEO Michael Rubin. In March 2021, Ethernity also raised $2.8M in a strategic round.
What’s Next for Ethernity
The team just launched on Mainnet and will be working on onboarding new users. Furthermore, Ethernity has three projects, Fanable, Arcbound, and Oxloans, to launch in Q4 2024, further expanding the project's ecosystem.
Learn more about Ethernity
🌐 Official website: https://www.ethernity.io/
🐦 Official Twitter: https://x.com/EthernityChain
🕹️ Discord channel: https://discord.com/invite/ethernitychain📖 Marketplace: https://marketplace.ethernity.io/
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