In a recent interview with the Chris of the @CheekyCrypto team, Jake C, the Communications Lead at VeChain, expounded on how VeChain, an L1 blockchain, is employing NFT (Non-Fungible Tokens) and NFC (Near Field Communication) technologies to redefine the landscape of commerce. This discussion highlighted some novel concepts and unraveled how VeChain has been operating behind the scenes to reshape commercial transactions, particularly in luxury goods and sustainability.
Check out what our Comms Lead, Jake, had to say about how #vechain’s #NFT+NFC technologies are changing the face of commerce in an interview with the @CheekyCrypto team this past weekend!@solomon_grundle #crypto #blockchain #web3 https://t.co/kq0A5UIKk7
— vechain (@vechainofficial) July 27, 2023
According to Jake, Vechain has been at the forefront of marrying sustainability with commercial functionality for quite some time. Jake recounted how the company started with sustainability-focused projects, like its partnership with electric vehicle manufacturer BYD. By developing a Carbon Credit ecosystem, VeChain allegedly incentivized environmentally friendly behavior through smart contracts that calculate carbon offset and reward individuals accordingly. This, according to him, marked the beginning of VeChain’s journey toward using blockchain technology to incentivize ecological responsibility.
However, VeChain’s vision doesn’t stop at sustainability. Jake spoke about the team`s recent partnership with Boston Consulting Group, one of the top two global management consultants, to launch VeChain’s new white paper. This paper expands on the “blockchain biosphere,” using blockchain to foster a series of centralization and gamification strategies, all aimed at fostering ecological conservation while propelling commercial growth.
Jake also shed light on VeChain’s pioneering work with NFTs since 2018. He highlighted the broader applications of NFTs beyond the conventional understanding of them as merely digital artworks. VeChain, in collaboration with DNV, a global certification authority, has been leveraging NFT technology to issue ISO certifications, demonstrating a practical application of NFTs in enhancing operational efficiency and credibility in business.
The most exciting revelation in the interview was the synergy of NFC technology with NFTs. Jake explained how VeChain had developed proprietary NFC chips embedded into products to provide proof of authentication. According to people familiar with the matter, this feature of NFC, coupled with NFTs, presents a unique solution to the problem of counterfeiting in the luxury goods sector.
VET, VeChain`s underlying token, is changing hands at $0.01858, a 0.27% surge in the past 24 hours, as per CoinMarketCap. The VET/USD crypto pair has a trading volume of 0.27%, a 4.41% rise in the same timeframe. Additionally, VeChain has a market value of $1,348,989,900, a 0.04% increase in the past 24 hours.
