What is ETH?

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

Usage:

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 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.