VeChain’s World Of V hybrid NFT solution offers zero gas fees and doesn’t require an app, transforming everyday goods into collectibles and combating counterfeits. The broader use case for VeChain’s VET coin is anticipated amidst speculations and extensive real-world utility.
VeChain’s network has been pioneering the widespread adoption of Phygitals (a blend of physical items and NFTs) to streamline global businesses amidst the rising tide of counterfeit products from various corners of the world. Through VeChain’s premier NFT marketplace, World Of V, users can effortlessly verify a product’s authenticity.
In a bid to ensure mass adoption, World Of V announced that users neither need an app nor have to pay gas fees for transactions. Remarkably, users can seamlessly connect and mint NFTs via their social media accounts.
To kickstart the widespread use of Phygitals, World Of V has collaborated with the leading NFT collecting community, Board Ape Yacht Club (BAYC). Notably, World Of V provides an increasing number of builders with NFC technology, which is used to easily verify physical products on the blockchain. Essentially, a merchant only needs a specific Phygitals starter kit consisting of NFC to link physical items with the blockchain, thereby preventing product counterfeiting.
Market Implications for WoV Phygitals on VeChain’s VET
The VeChain network, undeniably, has matured into an ecosystem handling billions quarterly. Valued at $1.5 billion, VeChain’s network has recorded a daily transaction volume of roughly $35 million amidst significant activity in the World Of V NFT market. Moreover, World Of V NFT mandates users to possess VET coins to facilitate smooth trading.
Meanwhile, VET’s price is projected to surge by about 4.13% by the end of this month, trading around $0.0191, as per CoinCodex’s prediction data. As of Monday, the Layer 1 VET coin was trading around $0.01842, marking a rise of about 7.72% YTD.
However, VET’s price has pulled back by approximately 8.87% over the past month following market uncertainties caused by low trading volume and liquidity. For instance, VeChain’s network has witnessed a sharp decline in the total value locked (TVL) from over $30 million in 2021 to about $1.03 million on Monday.
A Broader Outlook
VeChain’s network has partnered with dozens of global corporations, government bodies, and NGOs to ensure the safe adoption of digital assets. Notable partnerships with VeChain include Haier, KnowSeafood, PWC, Walmart China, BMW, BYD, and DHL, among many others. As per VeChain’s official website, VeChainThor had about 2,173,204 active wallet addresses, facilitating over 48.1 million transactions.
It’s worth noting that VeChain’s network has received massive accreditations from various jurisdictions, even in Europe, for its low carbon footprint. The 2022 carbon footprint of VeChain’s core network, comprising 101 authority nodes, is calculated at 4.46 t of CO2e/year, roughly equivalent to a gasoline passenger vehicle driven for a year.