• The World of V became the first NFT marketplace to implement Phygital technology as a service by leveraging on VeChain tech.
• The VeChain network has been working with reputable organizations in its proof-of-authority (PoA) consensus mechanism to secure the blockchain.

The VeChain (VET) network has gained global recognition for helping bridge the gap between the IoT and real-world utility. By advocating for the power of blockchain tech, VeChain is committed to combining NFTs and the industrial supply chain to help keep track of inventories. Furthermore, the VeChain network has two native tokens, VeThor (VTHO) and VET, to help in the decentralization and scalability of its blockchain technology.

As such, decentralized financial ecosystems (DeFi) are tapping on VeChain’s ability to track an item in the real world via blockchain technology.

Recently, the World of V became the first NFT marketplace to implement Phygital technology as a service by leveraging on VeChain tech. Notably, the combination of the internet of things (IoT) and NFTs, Phygitals allows for the creation of hybrid experiences that can be incorporated into various industries, such as retail, entertainment, and art.

Also read: VeChain announces new major partners that will take digital ecosystems to the next level – Report

Additionally, a recent compilation by the Way of DeFi on blockchain games reveals the importance of VeChain in scaling the GameFi industry. A recent gaming guide notes.

The location of the item can then be tracked using a decentralized tracking system, such as the one in VeChain [….] Now anyone has the opportunity to become NFT Master Banksy,

The NFT market has emerged as a critical part of the metaverse ecosystem that has scaled to a billion-dollar industry. Additionally, NFTs have found a niche in helping connect the physical economic world to the digital market from an artistic standpoint.

VeChain and the Crypto Market Outlook

Earlier last month, the VeChain Foundation released its financial report for the third quarter of 2022. The VeChain Foundation announced a significant increase in its global user base despite the decline in crypto market value. Furthermore, the VeChain network has been working with reputable organizations in its proof-of-authority (PoA) consensus mechanism to secure the blockchain.

As a result, the VeChain VET price has gained over 50 percent in the past 30 days to trade around $0.026 on Wednesday. With a market capitalization of approximately $1,908,463,723, VET has seen its daily traded volume spike by around 76 percent to $82,724,029.

Similarly, the VeThor token (VTHO) – a VIP-180 standard token – has rallied during the past 30 days to pre-FTX levels. As a less-traded token, VTHO recorded a market capitalization of about $76,116,770 today.

The VeChain ecosystem is expected to grow exponentially as it incorporates different aspects of blockchain technology in combination with real-world utility.