Ethernity, a platform for non-fungible tokens (NFTs), has announced that it has transitioned to an AI-enhanced Ethereum Layer 2 network in order to combat counterfeit asset trading. The platform is known for authenticating and licensing NFTs for sports celebrities such as Lionel Messi and Shaquille O’Neal. By switching to Layer 2, Ethernity aims to address concerns regarding privacy, cost, and complex interfaces that were identified during interactions with entertainment brands. The update includes reduced gas fees and a plug-and-play toolkit to make it easier for brands to integrate their franchises into the blockchain. The platform will also incorporate AI capabilities and comprehensive Digital Rights Management controls to provide a secure environment for users and brands. NFTs have been revolutionizing the concept of sports memorabilia, with initiatives like Manchester City’s collaboration with OKX to mint commemorative football shirts as NFTs. However, there are currently no specific laws or regulations governing NFTs, and some countries have restrictions on NFT-related advertising. In 2023, Portuguese football player Cristiano Ronaldo faced a class-action lawsuit for promoting NFTs from Binance.
