- VeChain has tapped the sporting industry to bring together its community and showcase the utility of phygital to the real world.
- The VeChain ecosystem has over 2.1 million known addresses and facilitated more than 21.5k smart contracts.
The VeChain (VET) ecosystem, an established blockchain network with approximately $1.2 million in total value locked (TVL), has continued to build its capacity to support scalable decentralized financial protocols. Moreover, the use of the VeChain network to streamline global supply chain management is expected to enter mainstream adoption as countries around the world enact friendly crypto policies.
The VeChain network has been moving towards using digital collectibles in tandem with the physical world through a field dubbed the phygital.
The VeChain team understands the importance of using digital collectibles on the blockchain to verify physical goods in a supply chain. As a result, VeChain assures the global society of a sustainable and inclusive future.
VeChain Taps on Sporting Industry to Scale Blockchain Adoption
The VeChain ecosystem is fortunate to be among the top 100 blockchains, with approximately $1.68 billion in fully diluted valuation. As a way to bring together and entertain its community, VeChain has begun venturing into the sporting industry.
In the latest sporting and VeChain updates, the versatile blockchain has partnered with PL Open International and Internazionali BNL d’Italia in issuing an NFT-integrated Phygital trophy to the winners of the Association of Tennis Professionals (ATP) tour.
When one of the greatest players in the history of tennis decides to try his hand with #vechain #phygital technology, expect a powerful serve.
Tonight the auction with @novakfoundation begins, made possible with @worldofv_art and @EXplusnft. Check back tomorrow for more details. pic.twitter.com/pQXq8qzW57— vechain (@vechainofficial) June 4, 2023
Notably, VeChain worked closely with World of V, and Explus to ensure the NFT phygital is a success. About 150 attendees of the event were fortunate to receive phygital sports caps as part of this innovation, and many others were issued with tickets to the 2023 ATP Finals in Turin, Italy. The VeChain Foundation noted.
We’ve partnered with the PL Open International, the organization that combines competitive sports with social and sustainable causes. A VIP tournament at Forum Sports Center and an exclusive gala event in Rome. All proceeds are destined for early childhood education through the Novak Djokovic Foundation,
The use of VeChain phygital products to award attendees of an international sports event is expected to significantly impact the VET army positively. Moreover, the community members will have a chance to interact with one another and create valuable connections.
Market Outlook
The VeChain blockchain has been running since inception without technical failure, whereby over 15.5 million blocks have been finalized. According to on-chain data as seen on the VeChainThor, the VeChain blockchain has up to 2,115,539 known addresses. Additionally, the VeChain blockchain has facilitated up to 21.5k known contracts mostly enabled by the two decentralized exchanges Vexchange and veRocket.
The VeChain ecosystem takes pride in enhanced security with 101 authority nodes. Notably, the VeChain blockchain has an environmentally sustainable ecosystem that involves VeThor (VTHO) and VeUSD (VeUSD). According to the latest blockchain data, VeThor and VeUSD have a market capitalization of approximately $74.6 million and $5.47 million respectively.
