SINGAPORE, May 20, 2021 /PRNewswire/ — NFTs have taken the world by storm, witnessing the rise of NFT adoption, with digital artwork auctions fetching as much as $70 Million USD and NFTs even being included in the Oscars 2021 gift bag and making headlines in the media. More recently, eBay Inc. allowed the sale of NFTs for digital collectibles like trading cards, images and video clips on its platform – the first e-commerce company to tap into the NFT frenzy.

With artists, celebrities, producers and other creatives adopting NFTs in droves, we see the emergence of NFTs as a new mainstay for arts, culture and collectibles, but the technology is capable of far more. NFTs have the potential to positively impact every aspect of our daily digital lives, unlocking and sustainable value for enterprises. This is where VeChain’s Enterprise NFT (eNFT) Ecosystem comes into play.

eNFTs – A Fortress of Enterprise Value

An eNFT is made to allow all stakeholders, including enterprises and users, to reach consensus on the issuer, owner and transfer history of an NFT through the utilization of public blockchain. By designing and developing eNFTs with clear purpose, the enterprise gains the capability to map every single digital asset on a traceable, decentralized ledger, no matter whether product, service or even business process.

The process of tokenization is the key step to joining the upcoming eNFT value network. eNFT technology makes it possible for enterprises to change the way that their assets are circulated and traded, even creating new service areas, expanding and enhancing product claims and allowing businesses to trustlessly detail their attributes. eNFTs also maximize the value of their corresponding assets, providing a layer of trust and transparency around an item or service. This will eventually change the way enterprises engage with end-users and drastically enhance user engagement and experience.

VeChainThor – The Best Choice For Enterprise NFTs

When it comes to enterprise-tier blockchain infrastructure, the VeChainThor public blockchain is widely considered the best-in-market. With an impressive array of real world and matured solutions, VeChain is completely unique in its level of real-world delivery. In addition, VeChain has demonstrated:

Reliable underlying technology: VeChainThor’s ‘Proof of Authority’ (PoA) consensus is far more ecologically sustainable, with massively reduced environmental burden vs PoW. The platform has repeatedly proven to be one of the most practical and robust solutions for building enterprise-grade public blockchain solutions. VeChainThor delivered unique infrastructure-level blockchain tools with VeChain ToolChain™, a one-stop data BaaS platform, tailor-made for rapid development of enterprise applications on VeChainThor. With VeChain ToolChain™, enterprises can focus on building business solutions rather than be hindered by technical challenges.

Seamless integration with IoT: eNFT applications can directly and easily use VeChain’s NFT standard protocol and its enterprise-level API. It is even more powerful when integrated with IoT devices such as NFC chips. Enterprises can easily attach NFC chips to products with valuable information registered and verified on blockchain, enabling the tokenization of valuable assets.

World-leading professional services: Since 2015, VeChain has worked shoulder-to-shoulder with hundreds of enterprises, no matter whether SME or Fortune 500. Our numerous successful use cases speak for themselves and place VeChain in a unique position versus any other blockchain protocol. Enterprise users can easily access professional services from VeChain’s strategic partners, including DNV and PwC. For instance, Tag Trace Trust, one of DNV’s digital product, allowing the enterprise to issue a statement, certificate of conformity or product passport to share the quality, performance and environmental impact of products and assets. These processes will become the backbone of the digital economy and VeChain is the pioneer.

"eNFT ecosystem will provide a revolutionary platform for the next era of value networks, providing unlimited scope for the digital assets of enterprises. VeChainThor opens a new door for traditional industries, unlocking latent value through the exploration of adoption of blockchain technology." Dr. Peter Zhou, Chief Scientist of VeChain said.

About VeChain Foundation

As a leading enterprise friendly public blockchain platform, VeChain began in 2015 and aims to connect blockchain technology to the real world by providing enterprises with blockchain solutions suitable for their business needs and to build a trust-free and distributed business ecosystem platform for business value. With strong independent development capabilities, and the professional compliance guidance of our strategic partners, PwC (one of the world’s top four accounting firms) and DNV GL (a leading global assessment and certification society), VeChain has established partnerships with many leading enterprises in various industries, including Walmart China, Bayer China, BMW, BYD Auto, PICC, H&M, ENN, Shanghai Gas, LVMH, D.I.G, ASI etc.For more information, please visit the official website www.vechain.com

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