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The non-fungible token (NFT) platform Ethernity has announced its transition to an artificial intelligence (AI) enhanced Ethereum Layer 2 network, which introduces new features aimed at addressing counterfeit asset trading.
The Ethernity platform has verified and licensed NFTs for sports figures, including football star Lionel Messi and the four-time NBA champion and well-known advertising figure Shaquille O’Neal. Ethernity Chain is a community-focused platform that creates limited edition verified NFTs by various artists.
Ethernity indicated that during its recent discussions with entertainment brands, it identified privacy, cost, and complicated interfaces as obstacles to adoption. The company has taken steps to resolve these issues.
“Our aim is to transform how entertainment brands connect with their audiences through web3 technologies,” stated Nick Rose Ntertsas, co-CEO of Ethernity, in a press release distributed to CryptoNews.
“By transitioning to a Layer 2, we are not only enhancing our capabilities but also offering a user-friendly, sustainable, and secure environment for brands to develop next-generation entertainment products and fan experiences,” Ntertsas added.
Ethernity’s New Layer 2 Update
Ethernity reported in its update that it has lowered gas fees and introduced a plug-and-play toolkit, simplifying the process for entertainment brands to incorporate their franchises into the blockchain.
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The revamped Ethernity Chain will feature AI functionalities along with comprehensive Digital Rights Management (DRM) controls, enabling the platform to tackle counterfeit asset trading and ensure a secure environment for both users and brands.
NFTs Revolutionize the Concept of Sports Memorabilia
Over time, NFTs have been transforming the notion of sports memorabilia, impacting the NBA, mainstream football clubs, and individual athletes, as they play a significant role in sports merchandising.
In April, OKX, a prominent global cryptocurrency exchange, collaborated with Manchester City to launch commemorative football shirts that can be minted as NFTs. This initiative, titled “Unseen City Shirts,” offers Manchester City fans, the current English football champions, the chance to possess exclusive memorabilia and win exciting rewards.
Barriers to Adoption
At present, there are no specific laws or regulations governing NFTs; however, some countries impose restrictions on NFT-related advertising. In 2023, it was reported that Portuguese footballer Cristiano Ronaldo faced a class-action lawsuit seeking at least $1 billion in damages for his involvement in promoting NFTs from the cryptocurrency exchange Binance.
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