The latest decentralized non-fungible token (NFT) platform to launch is Ethernity Chain. The project will roll out on the Polkadot-powered decentralized exchange (DEX).
NFTs have been all the rage in 2021. Sales have hit record levels of over $140 million in just thirty days. The demand for platforms offering these scarce digital artworks is also increasing.
Because of this, Ethernity Chain is planning to launch an authenticated NFT-DeFi crossover project.
According to the announcement, the new platform has completed a private fundraising round with strategic investors such as Morningstar Ventures and Black Edge Capital.
It will now move ahead with an IDO (Initial DEX Offering) public sale of its ERN token on March 8. The project has chosen the Polkastarter exchange to facilitate this sale.
Merging DeFi with NFT
NFT collections such as CryptoPunks and NBA Top Shot have been selling like hotcakes recently. Over $47 million in NBA Top Shot NFTs have reportedly been sold in the past 24 hours alone.
The new platform will allow on-chain trading of NFTs, allowing artists and collectors to merge in a growing decentralized marketplace.
“Ethernity Chain will leverage the technology of DeFi and merge it with NFTs to create an exclusive pipeline to rare and collectible content from prominent figures and well-established digital artists.”
Etherenity claims to have joined forces with the Winklevoss twins, Swedish DJ and record producer Alesso, sports tycoon Michael Rubin, soccer players Christian Vieri and Paolo Maldini, and others to promote the crypto collectibles.
The debut collection to be launched will include works from digital artists such as Mad Dog Jones and Esteban Diacono, who will create unique celebrity-endorsed NFTs.
There are already a number of well-established NFT marketplaces including OpenSea, Nifty Gateway, and Rarible, but this will be the first based on Polkastarter.
Polkastarter is a cross-chain incubator for projects to raise capital on the Polkadot network. With Ethereum fees hitting all-time highs, more startups are looking to alternative networks such as Polkadot and Binance Smart Chain.
POLS and DOT Price Update
Polkastarter’s native token POLS has taken a hit in the marketwide correction with a 16% slump on the day falling back to $4.23. Although its a bit behind its Feb. 16 all-time high of $7.50, it has still gained over 500% since the beginning of 2021.
DOT has also taken a 10% hit on the day, dropping back to $34 after its own all-time high above $43 on Feb. 20.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.