VeChain Thor Blockchain Is Perfect For Creating NFTs: VET Foundation

The Vechain Thor Blockchain is perfect for creating NFTs according to the latest reports by the vechain foundation as we are reading more in our vechain coin news.

The foundation is the organization that supports the development of VeChain which is a blockchain platform for supporting the supply chain management and noted that the VeChain Thor blockchain is perfect for non-fungible tokens as they are unique assets which can be tracked on blockchain-based networks.

The foundation pointed out that NFTs have been introduced in a few different industries as they represented art collectible but also made it into the gaming world. The developers revealed that the market cap of all of the NFTs reached about $210 million last year but now it is expected to hit $315 million by the end of the year. The foundation wrote:

“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.”

They also mentioned that NFTs are utilized by the VET platform and that they are used during enterprise development but also by the community project partners for the real-world business scenarios. The use-cases for NFTs include issuing tokenized assets from the industries that are using the supply chains and require software licensing, handling identity management, law degrees, and enterprise certifications. The foundation noted that by using these tokens and the authentication based on the VeChainThor blockchain, the luxury digital marketplace Reebonz created a tracking system for their products.

Other companies like SBTG, DNV GL, and more, also started using NFT-enabled technology for data management and traceability features. VIMWorld, a Silicon Valley-based company, claimed that there’s a huge growth since the porting or migration of the tokens from Ethereum to VeChain. VIMWorld is a “smart NFT collectible” and rewarding ecosystem which claimed that these smart tokens can be attached to physical objects by using the Vechain-enabled NFC/RFID technology:

“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, and LINE.”