VeChain completes the first transaction to monetize inventory on the blockchain using NFTs.
Leading enterprise blockchain VeChain has recently minted an NFT worth about €1.5 million ($1,558,500) as part of an initiative to allow businesses to raise capital without debt by monetizing inventory on the blockchain.
The blockchain network iterated the achievement today in a Twitter post. However, the actual transaction occurred at the end of October. The tweet said that the NFT represents the inventory of an Italian automobile manufacturer.
ICYMI: We recently minted an #NFT worth €1.5million, representing actual inventory of an Italian automobile company.#VeChain & @SupplyMECapital are building new capital-raising models without debt & unleashing the power of NFT tech.$VET = Revolution.https://t.co/rvyHtxtnXD
— VeChain Foundation (@vechainofficial) November 28, 2022
It represents a significant milestone in the blockchain’s partnership with Supply@ME (SYME), a fintech company that focuses on helping companies monetize their inventory to raise capital. Together, they plan to launch “a full Inventory Monetisation Platform” by December with all the bells and whistles of the Web 3 space, as reported by The Crypto Basic in June.
“By deploying this, our companies together are able to limit a need for overproduction, promote sustainable global development, improve cashflow for businesses and create a new digital asset class which provides capital directly to the real economy,” VeChain Foundation CEO Sunny Lu said per a Fintech Finance report. “We look forward to launching – phase 2 of our alliance to involve our community and the rest of the crypto market into this disruptive initiative.”
Implementing this service on the VeChain network speaks to the enterprise chain’s flexibility, which has also been utilized in supply chain provenance in several industries. Most recently, it was tapped by the Chinese coffee brand Yongpu Coffee to do just that.
VeChain token (VET) holders are excited by the news, with some speculating that the automobile manufacturer could be Ferrari or Lamborghini.