On the 31st of October, 2022, VechainThor Blockchain in collaboration with Supply@ME announced the first inventory monetization NFT that was minted worth €1.6 million.
The world's most valuable #NFT with real-world application by @SupplyMECapital has been minted on the #VeChainThor #blockchain.
This #NFT turns EUR1.6million of inventory for a global vehicle manufacturer into cashflow the enterprise can now use. https://t.co/WmDaVkQRDg
— VechainInsider (@vechaininsider) October 31, 2022
According to the announcement, the NFT with a real-world application was minted for a global vehicle manufacturer, that converts their inventory into cashflow they can utilize for production. This reduces the amount of capital trapped in unsold inventories, giving early adopters an edge in their competitive industries.
Supply@ME is a fintech company, that connects manufacturers of all forms to sources of funds, allowing them to monetize inventory sitting in their warehouses. This provides a more efficient and cost-effective alternative to traditional banking loans, without incurring debt and interest.
They also allow investors access to transparent insight into the inventories and their subsequent trading activities. This gives investors access to a new for on asset class. All of this is done with the right proprietary technology on the VechainThor blockchain.
The VechainThor Blockchain is a supply and logistics blockchain built to track the movement of items throughout their supply time. It operates by using smart chip systems like NFC chips and QR codes to connect with the real world.
Though that may not sound as revolutionary or complicated as Bitcoin, it still plays a vital role in authenticating real-world items. Within the fashion industry, the value of counterfeit items exceeds $400 billion. Thus it is difficult to verify the authenticity of an item branded as Gucci or Prada.
With the assistance of the VechainThor blockchain, manufacturers can record each item on an immutable blockchain, allowing their customers to confirm the authenticity of each item. With the rebranding from VEN to VechainThor, the project was open to a host of dApp possibilities.
The partnership between Supply@ME and Vechain is set to see further monetization transactions on inventories worth $8.5 million. According to Alessandro Zamboni, the CEO of Supply@ME, the effects of Covid and the high mounting costs of business have necessitated the need to unlock the cash potential sealed in unsold inventories.
And they look forward to offering entry into the vast inventory monetization market to more investors.
