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The World Of V’s hybrid NFT solution provides zero gas fees without the need for an app to turn everyday merchandise into a collectible, thus fighting counterfeits.
Overall, the use case for VeChain’s VET coin is expected to go mainstream amid speculation and wide real-world utility.
The VeChain (VET) network has been actualizing its mainstream adoption of Phygitals (physical items and NFTs) to streamline global enterprises amid the rise of counterfeit products from different parts of the world. Through the leading NFT marketplace on the VeChain network, World Of V, users can now seamlessly verify the authenticity of a product at their comfort.
In a bid to ensure mainstream adoption, the World Of V marketplace announced that users do not need an application, or gas payment for the transaction. Interestingly, users can seamlessly log in and mint the NFTs via their social media accounts.
To initiate the mainstream adoption of the use of Phygitals, the World Of V has partnered with the leading NFT collection community, Board Ape Yacht Club (BAYC). Notably, the World Of V provides a growing number of builders with the NFC technology used to easily verify physical products via the blockchain.
Essentially, a merchant is only expected to have a specific Phygitals starter kit consisting of NFC to connect the physical items with blockchain to avoid counterfeit products.
Market Implications for WoV Phygitals on VeChain VET
The VeChain network has undeniably grown to a mature ecosystem handling billions of dollars every quarter. The $1.5 billion valued VeChain network had a reported daily traded volume of approximately $35 million amid heightened activity on the World Of V NFT marketplace. Moreover, the World Of V NFT requires users to have VET coins to facilitate seamless trading.
Meanwhile, VET price is expected to rise by approximately 4.13 percent by the end of this month to trade around $0.0191, according to predictions data from CoinCodex. The layer one VET coin traded around $0.01842 on Monday, up approximately 7.72 percent YTD.
Nonetheless, the VET price has retraced approximately 8.87 percent in the past month following increased market uncertainty caused by low trading volume and liquidity. For instance, the VeChain network has seen a dramatic decline in total value locked (TVL) from over $30 million in 2021 to about $1.03 million on Monday.
Bigger Picture
The VeChain network has partnered with dozens of global enterprises, government organizations, and non-governmental organizations to ensure secure digital asset adoption. Some of the notable partnerships with VeChsin include Haier, KnowSeafood, PWC, Walmart China, BMW, BYD, and DHL, among many others. According to VeChain’s official website, VeChainThor had approximately 2,173,204 active wallet addresses, which have facilitated over 48.1 million transactions.
Notably, the VeChain network has received tremendous accreditation from different jurisdictions including in Europe for its low carbon footprint. The 2022 carbon footprint of Vechain’s core network of 101 authorities’ nodes was calculated to be 4.46 t CO2e/year, which is equivalent to about one gasoline-powered passenger vehicle driven for a year.
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