INTERVIEW: NICK ROSE, ETHERNITY CEO
NFTs, Authentication, Collectibles, and More
Ethernity is a platform that produces limited edition authenticated NFTs and trading cards which can be acquired by auction or direct sales. Ethernity’s utility token ERN allows holders to bid on and purchase its authenticated NFTs & collectibles, stake, farm for rewards, and participate in virtual and real world experiences and events.
I interviewed Ethernity CEO Nick Rose to discuss Ethernity, the project in more detail, the concept of staking, and future collaborations.
Ethernity Chain is a platform for authenticated NFTs – how does the authentication process work and what problem does authentication solve that creator provenance does not?
We only work with the most established and notable IPs (Intellectual Properties) and Brands. This collaboration agrees to grant authentication both legally and within the NFT itself. They post through their socials as well as creating a promotional authentication video. Due to this option, collectors know that Ethernity Chain aNFTs are legitimate NFTs.
Were you a collector of anything before you founded Ethernity Chain?
Absolutely - once a collector, always a collector. In fact, I think everyone has a bit of the collector gene in them. For example, growing up I used to collect soccer cards and coins. Yes, the physical kind! As our world evolves and the market changes, what becomes “collectible” continues to expand and I think the endless possibilities are the best part.
Ethernity Chain’s focus is on the collectibles market. Why did you choose to focus on collectibles? How do you think the NFT Collectibles market differs from other NFT spaces?
I was a collector since I was little, and then things started to change once I was introduced to Crypto Kitties. I would say that I could call that an “ah-ha” moment. Combining my passion with a network that protected my collectibles and also an added a social aspect- needless to say I was wide eyed with excitement.
In developing the Ethernity Chain platform, did you draw any lessons from the analogue collectibles market? Or do you view NFT collectibles as having entirely different market dynamics and audiences?
Well, the crypto community is drastically different from any other community I have ever been a part of. It’s the most engaged and passionate community by far. When it comes to collectibles, there’s just always that intangible aspect that’s hard to put into words. The rush of joy and pride we get from finding something rare and interesting is an indescribable feeling.
Ethernity licenses IP for its products. Given the additional cost and complication of licensing IP, why is that important for Ethernity and what value does that add for the consumer?
Authentication is important especially in the NFT space, because it essentially adds another layer of proof on the chain. When we mint NFTs from the Ethernity Chain contract, it is then trackable and verified from the source using the blockchain. There’s no question as to whether or not you’re interacting with the real thing.
As the world of NFTs continues to expand with use cases for NFTs growing in DeFi and Data segments of the crypto world, we expect the use cases and collateralized value of these NFTs to grow exponentially. Our concern is to build a comprehensive curated collection of NFTs that have realizable value tied to the entire Ethernity Chain ecosystem and the broader marketplace of NFTs.
Collectibles tend to attract a different consumer than other traditional art-based NFTs with a focus on speculation and the secondary market. Who do you see as your core customer and who do you think the collectibles market is currently overlooking?
Crypto is a unique marketplace in and of itself because there are already many barriers to entry in order to simply participate. Our core customers are not one static group of people, but rather span a wide range of interested parties and consumers.
While we continue to bridge the gap between the mainstream audience, we have already attracted the attention of high-end collectors and long term NFT players. It is important to me to give everyone an opportunity to own authenticated NFT’s. Some of our NFTs we offer at low price points and others we collect for our vault to make available to our ERN community through our STONES farming events and upcoming Packs.
In terms of what the collectibles market is currently overlooking, I would say it is the intersection of technology, value and scarcity and our rapidly digitizing world that guides worth in the future. NFTs represent a small part of something much bigger.
There are numerous other marketplaces focusing on collectibles at this time. How do you differentiate Ethernity from all of these emerging competitors?
This is a good question. I think about this frequently. I’d say one of the main differentiators for us is that we have very close connections to the analogue collectible market. Our NFTs always come with Real World Collectibles that are unique to each Drop. We have given away Tony Hawk’s skateboard, a specially designed baseball bat commemorating Fernando Tatis, and a signed pair of Muhammed Ali’s Boxing Gloves.
We believe that our brand is a mark of value and stability in a volatile market, and we are looking to constantly expand our offerings and pass on value to our Community. Ethernity Chain is not just a way to collect that really rare NFT by your favorite artist/icon that represents your favorite icon. Instead we are an active ecosystem whose goal is to create an overall experience for the entire NFT community.
NBA Top Shot and other NFT collectibles focus on the experiences and memories in sports. How do you see this space evolving in the future?
I foresee NFTs playing a crucial role when it comes to the world of sports. For example, your favorite player can schedule a video call with you and mint an NFT for you to commemorate the occasion. Replays and referee decisions will ultimately be protected on chain. Maybe sports channels will eventually have to own the rights to their media via NFTs. Sports are too high stakes, you need the best technology available.
Ethernity is a closed marketplace. How do you see this type of business model fitting in with the core DeFi/Web3 community which tends to favor open systems without intermediaries placing limitations on transactions?
We plan to ultimately have a system that makes Ethernity Chain more of an open marketplace and we have aligned goals with the rest of the DeFi/Web Community. We are concerned with protecting quality, and while we are currently more of a “closed” marketplace, we are looking to expand that reach . Right now we’re focused on bringing NFTs people love to collect. Later we’ll be able to open this up piece by piece.
The Ethernity platform allows users to stake ERN currency to farm STONES. Can you explain how STONES work and why NFT farming is important to Ethernity?
Stones are essentially a rewards system for Ethernity Chain users. Members of our community who hold the ERN Token can commit that ERN to a farming contract in exchange for stones. These stones can then be exchanged during our stones supply farming events for NFTs and Real World experiences that are exclusive to Stones farmers only. Friendly reminder, you cannot buy or sell STONES, they are not a token, and can only be farmed and exchanged on Ethernity.io.
The Ethernity chain was recently listed on Binance? Why is that important to you and what other types of partnerships do you think are important moving forward for Ethernity?
Working with a community like Binance is huge for Ethernity. We hope this is the first step in bringing ERN to the larger crypto community. The exchange comes knocking on our doors. It was a bit surreal to be honest. We think any partnership that opens up the world for digital artists is a top priority. We’re also keen on finding partnerships that streamline the process between NFT sales and charitable donations.
Ethernity Chain is a platform currently on Ethereum and Polygon network. Is the Ethernity brand committed primarily to the Ethereum blockchain or do you envision cross-chain opportunities in the future?
We definitely envision cross-chain opportunities in the future. We are extremely comfortable being based on Ethereum, and also Polygon. At the same time, we’re open to making sure that Ethernity works with all the top tech as it comes out. We have our eye on a few of the blockchain ecosystems that are making their way into mainstream conversations.
To learn more, follow Nick on Twitter & Instagram and Ethernity on Instagram.