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- VeChain seals partnership to award Phygital trophies for the WTP tour and ATP tour winners.
- Its native token (VET), is down by 2.9 percent in the last seven days, but investors remain optimistic.
VeChain added to its tall list of real-world use cases, an innovative project that connects the physical and the digital world termed Phygital in a recent partnership with Federazione Italiana Tennis e Padel (FITP). As part of the partnership, a unique trophy embedded with an NFC chip with an assigned NFT was designed for the Women’s Tennis Association (WTA) and the Men’s Association of Professional Tennis Players (ATP).
The idea of Phygital is to ensure that physical objects have new digital capabilities such as anti-fraud and authentication.
For businesses, it can greatly enrich the customer journey, creating new insights into the product lifecycle and facilitating novel forms of engagement. For consumers, phygitals offer new ways to connect with brands and communities, while gaining true digital ownership of an item, protected by NFT + blockchain attributes. For high-value goods, phygitals preserve value by ensuring authenticity and provenance, solving fraud problems in secondary resale markets.
According to reports, the ATP tour exists as one of the largest events in Italy with an expected physical attendance of 500,000. This makes it the perfect place for the VeChain blockchain to be showcased to the world.
A stand was set up in the commercial area of the tournament by the joint efforts of Vechain, World of V, and EXPlus. Visitors at the event had the chance to digitize items by themselves. Also, a sustainably produced wristband was made accessible to in-person event attendees. They were equipped with QR Codes to send attendees to VeAces landing pages.
In the case of the IBI 2023 trophy, the NFT attached to the in-built NFC chip becomes proof of ownership, immutably assigned to the winner, serving as a certificate of authenticity that eliminates the potential for fraud. In doing so, vechain demonstrates blockchain’s ability to deliver unprecedented levels of information security vs contemporary solutions.
VeChain Working with Other Renowned Companies
VeChain is known for its innovative approach to supply chain management. Over the years, it has partnered with several companies including Walmart China, BMW, and DNV GL. In addition, VeChain is working with the Gui’an government in China as a technology partner. It has also partnered with Renault and Microsoft to design distributed car maintenance books to track the car’s history that cannot be changed or tempered.
VeChain is used by hospitals in Cyprus to efficiently manage health records to ensure that only the owners and authorized users access such data.
Its native token (VET) is used for smart contract transactions on the VeChain network between dApps (Decentralized Applications). VeChain is the curator of the world-leading smart contracts platform VeChainthor.
Through leveraging the capabilities of ‘trustless’ data (information without intermediaries), smart contracts, and IoT technologies, VechainThor has enabled solutions across a wide array of fields. Vechain now turns its attention to the greatest challenge of all — building digital ecosystems to drive sustainability and digital transformation at a global scale.
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VET is currently down by 2.9 percent in the last seven days, trading at $0.019181. Despite the slump, investors remain optimistic of the longterm prospect.
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