• VeChain has partnered with Federazione Italiana Tennis e Padel (FITP) to develop a phygital trophy for the WTA and ATP tour winners.
• The NFC chip embedded in the trophy is used to assign an NFT, providing authentication and anti-fraud capabilities.
• A stand was also set up at the tournament for visitors to digitize their items using VeChain technology.
VeChain’s New Partnership
VeChain has recently partnered with Federazione Italiana Tennis e Padel (FITP), creating a unique phygital trophy for the Women’s Tennis Association (WTA) and Men’s Association of Professional Tennis Players (ATP). This groundbreaking project connects physical objects with digital capabilities such as anti-fraud detection and authentication.
Benefits of Phygitals
Phygitals offer businesses new insights into product lifecycles, customer engagement opportunities, and fraud protection for high-value goods. Consumers gain digital ownership of their items that are protected by NFT + blockchain attributes when they use phygitals. At the IBI 2023 tournament, a stand was set up to allow people to digitize their items with VeChain technology, as well as providing sustainably produced wristbands equipped with QR codes that directed people to VeAces landing pages.
NFC Chip & NFT Attributes
The NFC chip embedded in the trophies is used to assign an NFT, serving as a certificate of authenticity that eliminates any possibility of fraud. This showcases blockchain’s unparalleled ability to provide information security compared to traditional solutions.
Impact on Market
Despite VeChain’s native token VET being down 2.9 percent in the last seven days, investors remain hopeful about this partnership and its real-world applications.
0The partnership between VeChain and FITP is revolutionary in connecting physical objects with digital capabilities such as anti-fraud detection and authentication through NFC chips and NFT attributes. It provides numerous benefits for businesses as well as consumers who can now have true digital ownership of their items that are protected by blockchain technology.