VeChain To Be Integrated With NFT Multi-chain Platform XP.Network

February 26, 2022 5:29 pm Comments

Vechain is aiming to be more competitive in the crypto space and has recently announced a deal where their ecosystem will be integrated with the NFT multi-chain platform XP.Network.

This new integration will could help accelerate the adoption of NFTs for more real-world use cases within the Vechain blockchain and help enhance inter-chain connectivity.

Currently, many of the uses of NFTs have gained attention for their uses in a virtual or digital environment where they can represent things like virtual items or collectibles.

However, Vechain’s take on NFTs is more focused in the physical world and it’s protocol was initially designed so that it could solve structural issues within the real-world economy.

CryptoNewsz reports:

Many of the start-ups in the crypto industry are directed exclusively towards the DeFi sector.

However, VeChainThor is a blockchain project that has a predominant focus on solving issues revolving around the real-world economy. The protocol has created specific solutions and infrastructures that could help the user to spend the digital currency without the underlying structural issues.

This blockchain project makes use of a specific model known as proof-of-authority, which helps enterprises to have a frictionless financial system.

VeChain follows a two-token system on the network. VTHO is the energy token that fuels transactions and smart contracts on the blockchain.

VET, on the other hand, is the token used as a store of value and for inter-chain exchanges.

Currently, there are more than 66 billion VET tokens with a market capitalization of $5 billion. Reports on VET’s movements in price in the last 24 hours show an 11% hike.

Although the token currently trades at $0.044, a potential bullish sentiment could push it close to $1, making it an optimal choice for long-term entries.

So far, Vechain has already partnered with some well-known companies in the past such as BMW, Walmart China, Bayer China, BYD Auto, Shanghai gas, ASI Group, etc.

The success so far indicates that institutions and investors do see value in the way the Vechain blockchain was designed and built.

XP.Network on the other hand is a multi-chain bridge for NFTs specifically in the DeFi sector making it one of only a few NFT multi-chain platforms that are currently available.

XP is quite popular among many different blockchains and has been utilized in ecosystems such as Ethereum, Solana, and Algorand.

With Vechain and XP now integrated, the advantages of XP in being a universal gateway for NFTs can now be merged with the real-world uses cases that Vechain specifically handles well.

Medium reports:

“VeChainThor is the only blockchain that bridges the real world with the digital world. Every unique item from a fashion garment to a physical artwork is assigned to a unique SKU hashed on the blockchain, which is then associated with an immutable IoT tag (NFC, RFID, etc) with a unique virtual ID.

Then another bridging takes place, connecting the physical item (with its IoT tag) to its digital twin minted as NFT in a marketplace on VeChainThor or now, any other network supported by the XP. Network NFT bridge.

The potentials of Phygitals are limitless, creating new ways for brands to increase their clients’ engagement and opening up new marketing strategies, “You own it, you wear it!”.”

We are excited to explore how novel technologies can also be enhanced by the XP.NETWORK’s tools, taking phygital technology cross chain.

At the time of writing, Vechain’s native token VET is ranked the 41st largest coin and currently has a total market capitalization of $3 billion.

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