The crypto space is becoming all the more competitive with new and innovative projects and announcements every day. Crypto companies are increasingly joining forces with other projects in the field. Recently, the NFT multi-chain platform XP.Network. The network signed a partnership with VeChainThor. This new integration might bring this NFT bridge a viable solution towards real-world adoption of NFTs and enhancing inter-chain connectivity.
Many of the start-ups in the crypto industry are directed exclusively towards the DeFi sector. However, VeChainThor is a blockchain project that has a predominant focus on solving issues revolving around the real-world economy. The protocol has created specific solutions and infrastructures that could help the user to spend the digital currency without the underlying structural issues. This blockchain project makes use of a specific model known as proof-of-authority, which helps enterprises to have a frictionless financial system.
VeChain follows a two-token system on the network. VTHO is the energy token that fuels transactions and smart contracts on the blockchain. VET, on the other hand, is the token used as a store of value and for inter-chain exchanges. Currently, there are more than 66 billion VET tokens with a market capitalization of $5 billion. Reports on VET’s movements in price in the last 24 hours show an 11% hike. Although the token currently trades at $0.044, a potential bullish sentiment could push it close to $1, making it an optimal choice for long-term entries. Check out this comprehensive and statistically-backed review to know more about VeChain currencies and forecasts.
The tools available on VeChain address the adoption hindrances of the DeFi sector systematically in businesses. VeChain has partnered with some very prominent names in business, including BMW, Walmart China, Bayer China, BYD Auto, Shanghai gas, ASI Group, etc. The chain also directs significant interest towards research, innovation, and development as well. The very design and the vision of the blockchain have also placed it as one of the most profitable projects for 2022.
XP.Network is one of the few NFT multi-chain bridges available in the DeFi sector. According to the platform, the partnership will be a milestone in the project’s journey towards making NFTs an accessible area for users across blockchains. XP has already signed several blockchain networks for NFT bridging, and this list includes but is not limited to Ethereum, Solana, Avalanche, Algorand, and Elrond. Moreover, the bridging network is also in talks to integrate the popular NFT marketplaces available with the intention to not just widen but also to build a universal gateway for them.
The partnership will help XP.Network with real-world applications as both projects are driven by the same goal. VeChain’s impressive history of partnerships will play a key role in expanding the NFT market and exploring new use cases. The deal would also have a huge impact on VeChain’s interoperability with the forerunners of blockchain technology like Ethereum and Polygon.