Non-fungible tokens (NFTs) represent unique assets that can be maintained and tracked on blockchain networks. Given its increasingly broad deployment in various industries, such as art collectibles and gaming, recent years have been witnessing the accelerated development of the NFT ecosystem, with the total market capitalization of all NFTs standing at roughly $210 million in 2019, predicted to reach $315 million by the end of 2020.
As the leading enterprise-friendly public blockchain platform, VeChain is one of the pioneers of connecting NFTS with the real world. Application developers are able to utilize VeChain’s purpose built NFT toolset to allow for NFTs with real utility.
With proven case studies and technical features, the VeChainThor Blockchain is the best platform for building NFT-related applications. Our blockchain offers a secure, high-speed, and stable protocol coupled with features to remove the complexities of blockchain and comprehensive support to applications with real value. Foundation Grants are also available for the migration of NFT Projects to our platform.
NFTs are utilized by VeChain and both our enterprise and community project partners in real-world business scenarios. Use cases range from tokenized assets from industries such as in supply chains, software licensing, real estate, identity management, medical licenses, law degrees, enterprise certifications, and much more.
A few case studies of real-life examples utilizing NFTs can be seen from our partners from the luxury products, wines, F&B, and third-party certifications industry.
Using NFT-based authentication based on VeChainThor blockchain, the luxury online marketplace Reebonz has implemented an end-to-end tracking system for luxury products such as handbags, leather goods, and more. Other companies such as DNV GL, SBTG, and more are also utilizing NFT-based technology for their traceability and data management.
Furthermore, the VeChain governance model utilizes an NFT-based stakeholder status (i.e., Economic X Nodes and Economic Nodes) where stakeholders can present and vote on VeChain’s voting platform, VeVote.
NFT-Focused Projects Thrive on VeChainThor
Early in 2018, VeChain published VIP181 — the NFT standard that natively enables NFT applications to be utilized. Furthermore, our VeChain ToolChain™ BaaS platform allows enterprises to easily link real-world assets to blockchain NFTs. With superior infrastructure and technology, several NFT-focused projects and startups have successfully launched their products and services to a high level of success.
VIMworld by 8Hours Foundation, a Silicon Valley-based startup is seeing tremendous growth since the porting of their token and platform from Ethereum to VeChain. VIMworld is the world’s first revolutionary smart non-fungible token (Smart NFT) collectible, gaming, and rewards ecosystem. Aside from digital collectibles, the Smart NFT tokens are able to be attached to physical objects using VeChain-powered NFC/RFID technologies, such as toys, cards, game pieces, figurines, and more.
VIMworld has gathered an impressive number of partners and advisors, with companies and individuals with portfolios from the entertainment industry juggernauts such as Asmodee, Atari, Mattel, Sega, Sledgehammer Games, LINE, and more.
John Dempsey, Co-Founder, and CEO from VIMworld stressed that “We’ve recently launched VIMworld.com on the VeChainThor Blockchain. VeChainThor has been able to cope with each of our Smart NFTs VIMdispenser sales where we saw upwards of 300 participants signing a transaction within a single 10 second block with no slow down in network or inflated network fees.
Currently, we have more than 12,000 Smart NFTs distributed to our users with much more planned. If we were to run our business on Ethereum, we would have to pay more than $400,000 in gas fees alone for these transfers, and up to millions more for other operations. Our 3000+ active users who are feeding their VIMs daily would incur even more cost on Ethereum up to millions of dollars just to interact with the dApp. Moving forward, VeChain’s NFC/RFID toolsets are also very well-crafted for what we are doing in the physical/digital collectibles space.”
Real Items, a start-up that focuses on providing NFT-based authentication for supply chains and products powered by VeChainThor has also seen success for their business. Currently, Real Items provides services such as anti-counterfeiting technology, Cross Border Commerce, CRM-to-blockchain integration services, and more. Real Items serves clients ranging from authenticating COVID-19 PPEs (Personal Protection Equipment) to merchandise products such as apparel and more.
David Menard, CEO of Real Items said, “VeChainThor Blockchain makes NFT related projects more resilient to volatile market conditions. The native features have enabled us to build client-oriented services that drive real customer success without worrying about spiking gas fees. If we were on Ethereum, the cost of business would outweigh the opportunity. VeChainThor provides us business readiness and promotes productivity by removing the scaling issues plagued on other chains.”
Standing at the forefront of the blockchain mass adoption, VeChain has designed our public blockchain platform that offers a user and developer-friendly environment for all NFT-related applications.
Sunny Lu, Co-Founder, and CEO of VeChain says, “We are about to witness a plethora of new NFTs assets being minted and flooding into this marketplace. VeChain’s pioneering technology is currently the most advanced technology and provides the best features for business-oriented scenarios.”
Building on VeChain allows you to focus fully on your platform and ideas rather than grappling with the complexities of poor functioning blockchains. Your platform users will be able to enjoy your dApp without ever worrying about gas fees and slow transaction times. By using our platform, you can make your business plan a success and be the next leader in the NFT industry.
Unique Features of VeChainThor For Mass Adoption of NFTs
- A perfectly secure, low cost, high-speed, and stable protocol
According to Deloitte’s research, VeChainThor blockchain scores higher in security and scalability than Ethereum, the de facto public blockchain for dApps. PoA allows the system to achieve a near-optimal throughput and latency performance most of the time, and it significantly reduces energy consumption and transaction costs while keeping the resilience and security of the network.
The VeChainThor blockchain dynamically increases the bandwidth based on the actual usage and Authority Masternode performance. The 10s block time ensures low latency in transaction confirmation, and the upcoming PoA 2.0 — SURFACE will further improve the quick block finality by combining the advantages of the Nakamoto Consensus and Byzantine Fault Tolerance (BFT) consensus. It guarantees uncompromised ledger consistency (security) even when the network is strictly asynchronous.
VeChainThor’s two tokens (VET+VTHO) model detaches the volatility of VET and the cost of using the blockchain (VTHO). This guarantees that dApps running on VeChainThor would not experience the exorbitant and skyrocketing costs as seen from other blockchains such as Ethereum.
- Remove The Technical Knowledge Barrier And Gain Mass Adoption of Real Users For Your Platform
By leveraging the fee delegation and multi-task transaction features, dApps on VeChain could provide the user experience much closer to centralized web applications. With fee delegation, we have solved the biggest barriers for a dApp to achieve mass adoption. At the native level, users do not require any blockchain knowledge and cryptocurrencies while accessing your platform just like a normal web application. Gas fees are a thing of the past with MPP and Fee Delegation.
In the recent DeFi hype in the industry, DeFi, Yield Farming and other types of dApps usually involve complex operations and steps that are prone to mistakes under network congestion. It could cause loss to users in assets or transaction fees with misoperation or failed transactions. With our MTT (multi-task transaction) feature, developers are able to combine multiple complex operations into one transaction, saving precious time and gas fees for users.
With just one click, your dApp and platform users can complete all operations without the need to understand detailed steps happening under the hood. More importantly, these steps will be executed atomically in the pre-defined sequence regardless of the network condition.
- Highly Compatible With Existing Ethereum-based Smart Contracts and dApps
VeChainThor natively supports coding in Solidity and supports a wide variety of Ethereum-based smart contracts with our EVM-based environment. Easily migrate your existing smart contracts and leverage the power of VeChainThor with minimal modifications needed.
Our Documentation Base has all the information you need to migrate and deploy your dApps and smart contracts onto the VeChainThor test net and main net. We also have an active Developer Telegram Channel for knowledge sharing.
Various support programs are available in our builder program to help projects with funding, development, and expansion. Projects solving real-world problems can benefit from VeChain’s extensive business partner network to get leads from established businesses and apply their technology in real-world use cases.
- VTHO subsidy — repay 50% of the VTHO consumed in dApps
- VeChainThor Supercharger — sponsor 3M VTHO for dApps using fee delegation
We welcome any project interested in exploring the value of NFT and bringing real-world assets to the blockchain. Let’s start building now!