VeChain has non-fungible tokens (NFTs) that represent a set of unique assets. These assets can be tracked and maintained on the VeChain blockchain network. VeChain has increased its deployment in recent years, venturing into industries like gaming and art collectibles.
Due to this increase, the VeChain ecosystem is witnessing a rapid rise in NTFS. As of 2020, the total market capitalization of non-fungible tokens stood at $308 million.
Connecting NFTs
Being a top blockchain platform with business-friendly features, VeChain has played a vital role in connecting NFTs with the business world. Thanks to VeChain’s NFT toolset, app developers can allow for non-fungible tokens with real utility.
The VeChainThor blockchain platform has technical features with proven case studies, making it the best platform for building NFT-related apps. VeChain’s blockchain also offers a high-speed, secure, and reliable protocol equipped with complex features that support real value applications. If you wish to migrate your NFT projects, you can use the Foundation Grants available on the platform.
VeChain Is Playing an Important Role in Fueling NFTs
In a typical setup, VeChain utilizes NTFS and other community project partners. The platform fuels NTFS by using tokenized assets from different industries. Some of the sectors contributing to the growth of NTFS are real estate, software licensing, supply chain, enterprise certifications, and medical licenses.
These industries, therefore, use the VeChain blockchain that facilities the development of NTFS.
Some real-life examples are Reebonz, an online marketplace that uses an NFT-based authentication program on Ve Chain. This company has also implemented a reliable tracking system for luxury products such as leather goods, handbags, and shoes.
Some of the other companies utilizing the NFT-based technology are SBTG and DNV GL. This technology helps improve their data management and traceability capabilities.
Furthermore, it is important to note that many NFT-focused projects thrive on Ve Chain. This technology especially helps entrepreneurs easily link their assets to blockchain NFTs.
In conclusion, thanks to superior technology and infrastructure, a good number of NFT-based startups and projects have been launched. The success rate of these projects is also very high.