Blockchain has revolutionized the global economy, and, as of today, the road to economic success lies in the mass adoption of the technology. The platform of VeChain is leveraging its partners, members, and stakeholders to reach the consensus of realizing the manifold benefits of the advanced blockchain technology. In recent times, there has been a skyrocketing surge in the public awareness of blockchain technology due to an exponential increase in the number of crypto markets. Traders and investors across the world are pouring in to invest in crypto assets. Currently, one of the most popular cryptocurrency assets is a non-fungible token or NFT. NFT is making headlines in mainstream media, some of which are the inclusion of NFTs in the Oscars and sales of $70 million at digital artwork auctions.
In the world of arts and collectibles, NFT is the latest trend. However, experts believe that NFT can go way beyond the space of art and culture and be of immense value in enterprises and businesses. VeChain focuses on the development of Enterprise NFT or eNFT to facilitate business and commerce through the adoption of blockchain technology. One can use eNFT to reach a definite consensus regarding the transaction history, ownership, and issuance of the NFT. The two significant effects from NFT include recognizing NFT as a member of the highly tradable asset class and the fundamental transformation in the ways of designing products and engaging users for the adoption of blockchain technology. Thus, NFTs are more accessible and more liquid due to many potential buyers and the relative convenience for trading.
The platform of VeChain is working on mass adoption to create a sustainable value chain for eNFTs. To this end, the platform is focusing on the points given below:
- The object that is associated with eNFT needs to have a substantial inherent value.
- The ownership of the NFT has to be enforceable.
- Services like DeFi, stablecoins, and marketplaces have to be incorporated to facilitate secure and scalable NFT trading.
VeChainThor is indeed the most suitable choice when it comes to the development of eNFTs. It is the best blockchain-driven platform that can urge enterprises to adopt eNFT for business execution. The reasons behind the suitability of the infrastructure of VeChainThor are mentioned below:
- The POA consensus of VeChainThor is one of the most feasible solutions for developing enterprise-grade blockchain technology. The consensus model offers a high throughput by permitting the nodes to make the best of the network bandwidth for fast transactions. The platform is also seeking to deploy POA 2.0 to amplify network security.
- In order to preserve the sustainability of the platform, VeChain provides a well-designed and unique economic model of dual token use that does away with the drawbacks of a single token system. The model ensures fast and low-cost transactions and native support of fee delegation.
- Moreover, the implementation of VIP-181 offers enterprise-grade APIs for a variety of NFT-based functions.