Ethernity, a platform for non-fungible tokens (NFTs), has announced its transition to an AI-enhanced Ethereum Layer 2 network in order to combat counterfeit asset trading. The platform, known for authenticating and licensing NFTs for sports celebrities like Lionel Messi and Shaquille O’Neal, aims to address privacy, cost, and interface complexities that have hindered adoption in its interactions with entertainment brands.
Co-CEO Nick Rose Ntertsas stated that Ethernity’s goal is to revolutionize how entertainment brands engage with their audiences using web3 technologies. By evolving into a Layer 2 platform, Ethernity expands its capabilities and creates a secure environment for brands to develop next-generation entertainment products and fan experiences.
The update includes reduced gas fees, a plug-and-play toolkit for easier integration, and AI capabilities with comprehensive Digital Rights Management controls to combat counterfeit asset trading. This ensures a secure environment for both users and brands.
NFTs have been transforming the concept of sports memorabilia, with NBA teams, football clubs, and individual athletes actively utilizing them in merchandising. For example, OKX partnered with Manchester City to offer commemorative football shirts as NFTs, providing fans with exclusive memorabilia and the chance to win prizes.
While there are currently no specific regulations for NFTs, some countries have restrictions on NFT-related advertising. In 2023, Cristiano Ronaldo faced a class-action lawsuit seeking $1 billion in damages for promoting NFTs from the cryptocurrency exchange Binance.
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