NFTs
Ethernity Switches to AI Enhanced Ethereum Layer 2
Last updated: May 7, 2024 11:00 am EDT | 1 minute reading
Non-fungible token (NFT) platform Ethernity said it has switched to a artificial intelligence (AI) has enhanced the Ethereum Layer 2 network with new features that allow the company to combat trading in counterfeit assets.
O Ethernity Platform has authenticated and licensed NFTs to sports celebrities such as football player Lionel Messi and four-time NBA champion and prolific publicity pitcher Shaquille O’Neal. Ethernity Chain is a community-driven platform that produces artist-authenticated, limited-edition NFTs.
Ethernity said that in its recent interactions with entertainment brands the company has encountered a barrier to adoption: privacy, cost and complex interfaces. These concerns have been addressed by the company.
“Our goal is to revolutionize the way entertainment brands engage with their audiences through web3 technologies,” said Nick Rose Ntertsas, co-CEO of Ethernity, in a press release shared with CryptoNews.
“By evolving into a Tier 2, we are not only expanding our capabilities, but also providing a navigable, sustainable and secure environment for brands to create next-generation entertainment products and fan experiences,” adds Ntertsas.
New Ethernity Layer 2 Update
Ethernity said in its update that it has reduced gas fees and includes a plug-and-play toolkit, making it easier for entertainment brands to integrate their franchises with the blockchain.
The updated Ethernity Chain will include AI capabilities with comprehensive digital rights management (DRM) controls, enabling the platform to combat counterfeit asset trading and provide a safe environment for users and brands.
NFTs revolutionize the concept of sports memorabilia
Over the years, NFTs have revolutionized the concept of sports memorabilia, from the NBA to major football clubs and individual athletes. NFTs play an active role in sports merchandising.
In April, OKX, a leading global cryptocurrency exchange, joined Manchester City to introduce commemorative football shirts that can be minted as NFTs. The initiative, called “City Invisible Shirts”, offers fans of Manchester City, the current English football champions, the opportunity to own exclusive memorabilia and win exciting prizes.
Barriers to adoption
Currently, there are no specific laws or regulations covering NFTs, but in some countries there are restrictions surrounding advertising related to NFTs. In 2023, it emerged that Portuguese football player Cristiano Ronaldo was the target of a class action lawsuit seeking at least $1 billion in compensation for his role in promoting NFTs from the cryptocurrency exchange Binance.