Anyone Can Become an NFT Master Banksy’ Using VeChain’s Superior Technology to Track Something Good in the World
Source: The Rise Shutterstock
- The World of V became the first NFT marketplace to implement Phygital technology as a service by leveraging VeChain technology.
- The VeChain network has worked with reputable organizations in its proof-of-authority (PoA) consensus mechanism to secure the blockchain.
The VeChain network (VET) has gained global recognition for helping to bridge the gap between IoT and real-world utilities. By embracing the power of blockchain technology, VeChain is committed to combining NFTs and the industrial supply chain to keep track of inventory. Furthermore, the VeChain network has two native tokens, VeThor (VTHO) and VET, to aid in the decentralization and scalability of the blockchain technology.
As such, decentralized financial (DeFi) ecosystems utilize VeChain’s ability to track an item in the real world via blockchain technology.
Recently, World of V became the first NFT marketplace to implement Phygital technology as a service by leveraging VeChain technology. In particular, the combination of the Internet of Things (IoT) and NFTs allows Phygitals to create hybrid experiences that can be integrated into various industries, such as retail, entertainment and art.
Also read: VeChain Announces New Major Partners That Will Take Digital Ecosystems to the Next Level – Report
In addition, a recent collection of Way of DeFi on blockchain games reveals the importance of VeChain in scaling the GameFi industry. A recent game guide notes.
The location of the item can then be tracked using a decentralized tracking system, such as that in VeChain [….] Now everyone has the opportunity to become NFT Master Banksy,
The NFT market has emerged as a critical part of the metaverse ecosystem that has scaled into a billion dollar industry. In addition, NFTs have found a niche in helping connect the physical financial world to the digital market from an artistic point of view.
“The location of the item can then be tracked using a decentralized tracking system, such as that in VeChain. Now everyone has the opportunity to become #NFT Master Banksy.” 🎨
Full article 👇https://t.co/v847g6kEf9#VeChain $KNOW #VeFam #NFTs #NFT community #NFTAtist #Crypto pic.twitter.com/Y5LK4lLcqr
— eisenreich (@eisenreich) 6 February 2023
VeChain and Crypto Market Outlook
Earlier last month, VeChain Foundation released its financial report for the third quarter of 2022. VeChain Foundation announced a significant increase in its global user base despite the decline in crypto market capitalization. Furthermore, the VeChain network has worked with reputable organizations in its proof-of-authority (PoA) consensus mechanism to secure the blockchain.
As a result, the VeChain VET price has risen over 50 percent in the past 30 days to trade around $0.026 on Wednesday. With a market capitalization of approximately $1,908,463,723, VET has seen its daily traded volume increase by around 76 percent to $82,724,029.
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Similarly, the VeThor token (VTHO) – a VIP-180 standard token – has rallied over the past 30 days to pre-FTX levels. As a less traded token, VTHO recorded a market cap of around $76,116,770 today.
The VeChain ecosystem is expected to grow exponentially as it incorporates various aspects of blockchain technology in combination with real-world tools.
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