Non-fungible tokens (NFTs) are unique tokens on the blockchain that provide a new and distinct way to carry value for digital assets. Due to their different characteristics from cryptocurrency, the NFT market has experienced rapid growth in recent years with widespread applications in industries such as art, collectibles, and gaming. According to statistics, the total market value of the NFT industry in 2019 was approximately $210 million and is expected to reach $315 million by the end of 2020.
With such vast development potential, what is the key to the widespread adoption of NFTs? How does NFT technology create real value, and how can blockchain platforms provide reliable support for NFT projects? VeChain has the answer.
"Being the carrier of both intrinsic value and collectible value, NFT assets play an irreplaceable role in the decentralized blockchain ecosystem. As a large number of NFT assets and technological resources flood the market, developers will inevitably face challenges in integrating and balancing their business models with the blockchain community ecosystem. We are confident that VeChain, as a blockchain tailored for commercial scenarios, is the best choice for NFT projects." - Mr. Sunny Lu, Co-founder and CEO of VeChain.
VeChain: Focusing on commercial value, leading the NFT ecosystem development
As a global leading enterprise-friendly blockchain company, VeChain has always been committed to integrating blockchain and its related technologies with commercial scenarios in the real economy. It has already explored NFT trading scenarios in various fields, including luxury goods, wine, and third-party authentication.
In March 2019, Reebonz, Southeast Asia's top online luxury goods trading platform, built an anti-counterfeiting and traceability solution for luxury goods using VeChain's blockchain technology. Each luxury item sold on the platform is equipped with a unique NFT identity, enabling end-to-end traceability. DNV GL, a leading global third-party authentication organization, also utilizes NFT-based technology for traceability and data management.
The success of these implementations can be attributed to the forward-thinking and maturity of VeChain's blockchain technology. In early 2018, VeChain launched the VIP181-NFT standard, enabling native applications of NFT on its own technical platform. VeChain's self-developed one-stop blockchain data service platform, VeChain ToolChain, assists developers and enterprise users in mapping and connecting real-world assets with blockchain NFT assets. With its superior underlying infrastructure, NFT-focused projects and startups in the VeChain ecosystem have successfully launched their products and services, gradually achieving success.
VIMworld: The convenience of on-chain transactions is why we migrated from Ethereum to VeChain
VIMworld, developed by 8Hours Foundation, is a smart NFT platform for digital collectibles built on VeChain's blockchain technology. After migrating from Ethereum to VeChain, VIMworld has experienced tremendous growth, accumulating numerous business partners and receiving investments from entertainment industry giants such as Asmodee, Atari, Mattel, Sega, Sledgehammer Games, and LINE.
John Dempsey, co-founder and CEO of VIMworld, stated, "VeChain's blockchain forms the foundation for launching VIMworld.com, providing powerful technological and platform support for our sales business and user growth. For example, when conducting VIM sales, more than 300 participants signed a transaction within a single block, but the network speed did not slow down, and no excessive fees were generated. We have distributed over 12,000 NFTs to users so far, and if we conducted these operations on Ethereum, the transaction fees alone would exceed $400,000. Furthermore, we believe that VeChain's NFC and RFID tools are well-suited for expanding our business in the fields of physical artworks and digital collectibles."
RealItems: VeChain's favorable business environment is a powerful boost for us
RealItems is a startup focusing on providing NFT certification for supply chain systems and has achieved business success within the VeChain ecosystem. Currently, RealItems offers various services, including traceability anti-counterfeiting, cross-border commerce, CRM, and blockchain integration, and has implemented a case for tracing personal protective equipment during the COVID-19 pandemic.
David Menard, CEO of RealItems, said, "VeChain's blockchain provides stable and secure underlying technology for NFT-related projects and helps startups adapt to a volatile market environment. On one hand, the native functionalities on-chain enable us to quickly develop services for our customers without worrying about skyrocketing transaction costs. If we were to build the same business on chains like Ethereum, the costs would significantly increase and even surpass the commercial returns of the project itself. On the other hand, VeChain'
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