Ethereum (ETH)

What is ETH?

ETH stands for Ethereum, a programmable blockchain which is used by the majority of NFT projects, including VeVe.


Switching between layer 1 and layer 2 OMI costs ETH gas fees.

Full Definition:

Ethereum is decentralized, open-source blockchain concieved by Vitalik Buterin in 2013. Ethereum is the second largest cryptocurrency by marketcap, next to Bitcoin.

Ethereum Logo

Ethereum is the first blockchain to introduce the concept of non-fungible tokens, and the majority of NFT projects are built on top of Ethereum.

VeVe NFTs are stored on the Ethereum blockchain via Immutable X, which is a layer-2 scaling solution for Ethereum which is fast, low cost, and carbon-neutral.

The OMI token was also migrated to IMX in January of 2022, and because of this moving between layer-1 and layer-2 OMI costs gas fees (transaction fees).

ETH is also a popular cryptocurrency used on NFT marketplaces such as OpenSea and the Immutable X Marketplace.

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