Ishan Pandey: Hi Nick, welcome to our series “Behind the Startup.” Please tell us about yourself and the story behind Ethernity?
Nick Rose: A little about myself, I am an early Bitcoin investor, entrepreneur and environmentalist from Greece. Before founding Ethernity Chain, I was the creator of the #PrayforAmazonia hashtag, which raised awareness for the 2019 Amazon rainforest wildfires. I moved to the US in my early twenties and became an early investor in Bitcoin and Blockchain technology. I have a background as a consultant for Ron Burkle and The Yucaipa Companies. In terms of Ethernity, I got inspiration from CryptoKitties, the art space and my love for charity, and have been developing the project for the last four years.
Ethernity is a groundbreaking NFT project that is focused on charitable causes which auctions artwork featuring artists and stars from music, film, sports, crypto and other industries. Each of the digital artworks is represented as a non-fungible token (NFT) and has been created by renowned artists. The pieces feature well-known public figures and a portion of all funds raised from the endeavor will be donated to charitable causes.
Ishan Pandey: I recently read that you have been involved in the development of non-fungible tokens. Do you think that blockchain can disrupt the collectables industry? Further, what would be its impact?
Nick Rose: Yes, I do believe that wholeheartedly. In fact, I believe it already has. NFTs are already taking the driver’s seat when it comes to collectible conversations. When was the last time we heard of a collectible item that sold for hundreds of thousands of dollars that wasn’t an NFT? At the end of the day, we will always have priceless physical items, and for all the collectible items we display proudly in our homes, we can now share them proudly via the blockchain: art exhibitions, sports memorabilia and more.
Ishan Pandey: The credibility of Digital NFTs in terms of their life-long value is uncertain. Can you explain how Ethernity plans on establishing long-term underlying value for NFT assets?
Nick Rose: The way I see it is that NFTs long term value depends on the health of the blockchain itself. As long as the industry remains stable (relatively speaking) - that is to say that Bitcoin and Ethereum continue to push the world forward, then NFTs will have no problem becoming more and more common in day to day conversations. I am incredibly bullish on blockchain fundamentals and I believe NFTs are deep in the heart of this revolution.
Ishan Pandey: How did you come up with the idea of Celebrity-endorsed Vintage NFT Trading Cards? What impact do you think the involvement of public figures has on the marketability of these tokens?
Nick Rose: This actually came up as a natural progression for me. During the time of #PrayforAmazonia, I was able to make connections with icons around the world who were fighting for the same cause. Now, it’s a similar mentality because we are still working with a charitable mindset. The means for donating to charity have simply been upgraded now with the NFT trend. What’s more is that we were also able to bring artists to the forefront because NFTs, at the end of the day, are an artists world for now. I believe later on there will be many other professions that will benefit from NFT technology.
Ishan Pandey: Recently, three limited-edition NBA highlight video cards sold for more than $30,000 on NBA Top Shot, a blockchain platform. What are your views on the future and impact of NFT in the sports industry?
Nick Rose: This use case is super interesting to me because it touches on something that’s hard to attach data to: sentimental collectible value. Many people have their basketball cards or their baseball cards stashed somewhere in their childhood homes - we keep them because for some reason they are priceless. The sports industry can now bring these sentimental items back to the forefront instead of deep in the closet. People will be able to more proudly display their collections (via NFT markets), and the sports industry will benefit significantly, in my opinion.
Ishan Pandey: You have also earned a name for yourself as a philanthropist who believes in giving back to society. What has been your driving force behind making this initiative a charitable one?
Nick Rose: In terms of philanthropy, I have been an environmentalist for quite some time and believe it is extremely beneficial to give portions of the proceeds to charity. Percentage-wise, it is entirely up to the artists and celebrities, and we urge them to donate as much as possible.
Ishan Pandey: How will you pitch the economic opportunities by utilizing NFTs to an artist?
Nick Rose: I think Mark Cuban actually explains this best. He says that this was the #1 selling point for him. Artists (and others in the NFT industry) can get paid in royalties each time their product moves hands. And it’s not just after the first sale, it’s for eternity. Artists have a chance to make what they deserve without having to rely heavily on a middle person to sell their pieces.
Ishan Pandey: How will the recent Christie’s auction of the Bitcoin code’s digital portrait impact the market for Ethernity and other NFT startups?
Nick Rose: The Christie auction was definitely exciting for us at Ethernity. We are celebrating together with everyone else who has dived into the NFT space lately. Events like this can create an appetite for other investors and other significant movements in the market. We’re here for the long term to see how we can continue with our mission, but at the same time we’re eager to see the kind of momentum that comes with big movements like the recent Christie auction of the Bitcoin code’s digital portrait.
Ishan Pandey: According to you, what new trends are we going to see in the digital NFTs market moving forward?
Nick Rose: I think we can expect a few cool things in the NFT space moving forward. First of all, we’ll see many more collectible items make their way onto the blockchain. The technology behind NFTs will actually validate ownership for things that go far beyond collectables. Think expensive clothing or even homeownership. Also, there’s ample opportunity in the gaming industry to capitalize on the NFT trend. It’s the perfect connection between in-game items and real-world value. We love our little corner of the NFT space with artists, icons and charity, but we definitely appreciate the larger ecosystem we’re a part of.
The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence by asking the right questions and equipping readers with better opinions to make informed decisions. The material does not constitute any investment, financial, or legal advice. Please do your research before investing in any digital assets or tokens, etc. The writer does not have any vested interest in the company.