VeChain’s Global Enterprises Boosted by Phygitals Adoption
The VeChain (VET) network is making significant strides in achieving mainstream adoption of Phygitals—combining physical items and NFTs—to streamline global enterprises in the face of increasing counterfeit product concerns. The VeChain network’s leading NFT marketplace, World Of V, is empowering users to effortlessly authenticate product authenticity from the comfort of their own spaces.
Enhancing Mainstream Adoption
The World Of V marketplace is committed to enhancing mainstream adoption by removing the necessity for applications or gas payments during transactions. Notably, users can seamlessly access the platform and mint NFTs through their social media accounts.
Collaborative Efforts for Phygitals Usage
To facilitate the widespread adoption of Phygitals, World Of V has formed a strategic partnership with the eminent NFT collection community, Board Ape Yacht Club (BAYC). This collaboration is essential as World Of V offers builders access to NFC technology, a tool that simplifies the verification of physical products via blockchain.
Merchants, for instance, only require a designated Phygitals starter kit comprising NFC technology to link physical items to the blockchain, thus mitigating the risk of counterfeit products.
Mature Ecosystem and Growing Activities
The VeChain network has matured into an ecosystem that manages billions of dollars every quarter. With a market valuation of $1.5 billion, the network recently recorded an approximate daily traded volume of $35 million, primarily driven by heightened activity on the World Of V NFT marketplace. A key point is that trading on the World Of V NFT marketplace mandates users to possess VET coins, which facilitate seamless transactions.
Projected Price Movement and Recent Trends
Market predictions indicate that the VET price is likely to experience a 4.13 percent increase by the end of the current month, reaching approximately $0.0191. This projection is based on data from CoinCodex. As of Monday, the primary layer VET coin traded around $0.01842, marking a year-to-date increase of roughly 7.72 percent.
However, in the past month, the VET price has retraced by around 8.87 percent due to heightened market uncertainty caused by lower trading volume and liquidity. This is exemplified by the VeChain network’s declining total value locked (TVL), which decreased from over $30 million in 2021 to about $1.03 million as of Monday.
With our hybrid solution, we’re ready to unleash the power of #Phygitals, making them accessible to everyone 🔥
— World Of V | NFT Marketplace (@worldofv_art) August 13, 2023
VeChain’s Collaborative Endeavors
The VeChain network has successfully formed partnerships with numerous global enterprises, governmental organizations, and non-governmental organizations to bolster secure digital asset adoption. Notable collaborations include those with Haier, KnowSeafood, PWC, Walmart China, BMW, BYD, and DHL, among many others. Data from VeChain’s official website highlights that VeChainThor boasts approximately 2,173,204 active wallet addresses that have facilitated over 48.1 million transactions.
Furthermore, the VeChain network has garnered commendation from various jurisdictions, particularly in Europe, for its commendably low carbon footprint. In 2022, the carbon footprint of Vechain’s core network, comprising 101 authority nodes, was estimated at 4.46 t CO2e/year, which is equivalent to the annual emissions of a single gasoline-powered passenger vehicle.
The VeChain network’s adoption of Phygitals within the global enterprise arena holds immense promise. Through collaborations, technological advancements, and strategic partnerships, VeChain is reshaping the way industries verify authenticity, foster secure digital transactions, and contribute to environmentally conscious practices. This progressive approach is positioning VeChain as a pioneer in innovative blockchain solutions that resonate across diverse sectors.