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Haider Jamal

Apr 30, 2024

NFT Owners Rejoice As New Token Gets Announced By EigenLayer

EigenLayer, a staking protocol within Ethereum, has prepared a fresh token for NFT enthusiasts after much anticipation and some delay. The token is named EIGEN, and was launched with the unveiling of its white paper on April 29th, 2024.

 

A Mixed Bag

This token found favor among applications rooted in collaborative endeavors, such as prediction markets, gaming virtual machines, and storage solutions. However, individuals residing in countries like the United States and Canada are reportedly not the intended recipients of the upcoming airdrop.

Additionally, EIGEN aims to empower NFT owners with exclusive profit rights, which is a far cry compared to the CC0 copyright stance previously adopted by MoonBirds Tokyo NFTs.  NFT copyright laws are still evolving and vary by jurisdiction. Generally, they pertain to the ownership and reproduction rights of digital assets represented by NFTs. Creators typically retain copyright over the content they mint as NFTs, but ownership and usage rights may be transferred through NFT sales.

 

Augmenting Staking Balances

Functioning on the Ethereum blockchain, EIGEN offers EtherHunt as a viable means for users to augment their staking balances by transferring Ether to EigenLayer, thus earning rewards while validating transactions on both networks.

EigenLayer further asserts its utility in facilitating agreements among individuals on off-chain statements through real-world efforts, such as 1 BTC being equal to 1 USD. Unlike the Augur Reputation token, REP, EigenLayer is designed to be more versatile, finding application across prediction markets and beyond.

 

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