VeChain makes €1.5 million NFT from Italian car company

• Having started in 2015 as a private consortium chain, VeChain has evolved into a crucial ecosystem related to the Internet of Things (IoT).
• The latest partnership wants to revolutionize supply chain management.

The VeChain Foundation has announced that it has recently minted a non-fungible token (NFT) worth €1.5 million, representing an actual holding of an Italian car company. According to the announcement, VeChain and SupplyMECapital are building new capital raising models without incurring debt but leveraging NFT capability. Through the use of the VET ecosystem, VeChain intends to revolutionize financing models to fit in with existing assets and liabilities.

Sunny Lu, CEO of VeChain Foundation, said;

This partnership brings to market a highly innovative solution that uses new digital technologies to solve a decades-old problem for businesses globally. By implementing this, our companies can together limit a need for overproduction, promote sustainable global development, improve cash flow for businesses and create a new digital asset class that provides capital directly to the real economy. We look forward to launching – phase 2 of our alliance to involve our community and the rest of the crypto market in this disruptive initiative

The VET coin has gained about 4.5 percent in the past seven days to trade around $0.01871. Nevertheless, the VET ecosystem has lost approximately 84 percent of its value in the past year following the sustained crypto bear market.

VeChain and SupplyMeCapital mutual benefits

After the implosion of FTX and Alameda, blockchain companies are looking for ways to regain customer trust. According to top crypto investors and executives, building stronger bridges is a factor in regaining customer trust. However, due to the crash of confidence in the crypto market, companies are investing more in raising capital. Monetizing companies’ inventory is top priority for VeChain and SupplymeCapital.

Furthermore, the scope of the commodity monetization market is huge with respect to the global economy.

“Our inventory revenue feature offers a new, more cost-effective option for businesses to free up significant levels of working capital,” said Alessandro Zamboni, CEO of Supply@ME.

However, VeChain has not specified the Italian car company that minted the NFT. Nevertheless, according to data provided by vechainstats, the NFT contract shows that it was minted on 10/25/2022.

The use of digital artworks to raise capital has accelerated significantly in recent years. Furthermore, the NFT market happens to use auctions with floor prices that open up room for wash trading. Also, it is possible that an NFT holder will buy and sell their product to create false trading volumes.

Side notes

The VeChain ecosystem has a market capitalization of approximately $1,352,341,331 with a 24-hour trading volume of around $41 million. Having started in 2015 as a private consortium chain, VeChain has evolved into a crucial ecosystem related to the Internet of Things (IoT).