VeChain is a blockchain-based platform founded in 2015 by Sunny Lu. The company mainly focuses on providing business solutions for a decentralized supply chain management.
In their segment VeChain is a world leader and their advanced technology holds some interesting surprises for the NFT world.
What does VeChain have to do with NFTs?
Back in 2016 VeChain was the first company to track the supply chain of each part of a luxury bag using a unique ID on the blockchain. If you are familiar with the concept of fungible and non-fungible tokens (NFTs) then you might notice that the working principle of an NFT is actually quite close to what VeChain did create.
Following claims of the VeChain Foundation, VeChain is one of the pioneers of NFTs with real world applications and offers one of the leading blockchain platforms.
So why are VeChain NFTs not more popular?
While the infrastructure for NFTs is definitely available, the adaptation of NFT projects is still lagging behind compared other blockchains. VeChains ecosystem was built with a focus on creating value by solving real life economic problems for established enterprises.
The blockchain is widely perceived as a service for this very application and most clients of VeChain are simply not interested in NFT focused projects.
On the other hand the infrastructure built for enterprises means that users also profit from VeChains leading technology:
Low gas fees
Fast transaction speed
High security
Stable protocol
So while VeChain NFT projects are still under the radar, users of the blockchain can actually benefit in many ways. Their NFT standard VIP181 was already launched back in early 2018 and CEO Sunny Lu stressed that they will continue pushing to attract more NFT projects to their platform.
Furthermore their target towards enterprises could definitely lead to an interesting development with more companies entering the NFT space.
Which VeChain wallet is the best?
In order to interact with NFTs on the VeChain blockchain we first need to install a wallet. Our wallet will not only hold our assets, that is for example NFTs and crypto, but also acts as an identifier on the network. For choosing a wallet I like to consider 3 things:
security
functionality
user-friendliness
If you are looking for the best functionality within the VeChain blockchain you should go for the official VeChainThor wallet for iOS, Google Play. Note however, that this wallet is not supported by most VeChain NFT marketplaces. Why is that?
Simply because VeChain released their new Sync2 wallet. And let me tell you - this wallet has great potential for mass adoption. The wallet runs on all browsers across all platforms making interacting with the VeChainThor blockchain easier than ever (and easier than on other blockchains).
Hardware wallet
If you want to go the extra step for maximum security you should invest into a hardware wallet like Ledger Nano. Using a hardware wallet your assets are stored offline making it impossible for hackers to steal them. The best thing: Ledger Nano can be easily integrated with the Sync2 wallet (and other wallets like MetaMask), so you can quickly interact with all major blockchains without having to worry about your assets.
Installing VeChainThor wallet
The VeChainThor wallet is the first official wallet designed by VeChain. It has to offer some great functionalities when interacting with the blockchain and NFTs, like:
iOS and Android support
Create and manage multiple wallets
Manage assets and collectibles (NFTs)
Discover dApps and NFT projects
Stake your VET in Nodes
Note: This wallet offers great functionalities, but is unfortunately not supported by most VeChain NFT marketplaces (yet?).
If you are only interested in buying/selling NFTs install the Sync2 wallet.
First we are going to install the app from the App Store iOS or Android. After agreeing to the terms and conditions and choosing a login we can create a new wallet. Choose a wallet name and a password and agree to the service agreement and privacy policy.
Next we will create our recovery phrase. The recovery phase is like a master password to your wallet and therefore should never be shared. Anyone who knows your recovery phrase has essentially full access to your assets.
Write down your recovery phase on a piece of paper and keep it in a safe place. Now confirm that you have written down your recovery phase by entering it again and you are good to go!
Installing the Sync2 wallet
Right now most VeChain marketplaces only allow interactions with the VeChain Sync2 wallet. Don’t worry though, the setup of the wallet is very quick and basically self explaining. If you still need some assistance with setting up the wallet, check out VeChains User Guide.
Important: Sync2 is still in early development and it is not recommended to be used as a daily usage wallet other than development purposes! Neither me nor VeChain can be held responsible for any lost funds. For more information on this click here.
How to get VET and VTHO?
Now in order to buy our first NFT on VeChain we need some money in our wallet. VeChain is a two-token system consisting of VET and VTHO. This separation has some economic related advantages but essentially you use VET to pay for the asset and VTHO to pay for the gas/ energy used in the transaction.
You can earn VTHO just by holding VET in your wallet, however for this purpose we are just going to buy some of both.
VET can be obtained on most major exchanges such as Binance, Crypto.com or Kucoin. To transfer our tokens to the Sync2 wallet, click on the wallet you want to transfer to and then on the QR-Code icon on the top right.
If you want to transfer to the VeChainThor wallet instead, the wallet address can be found by clicking on the top bar in the app.
Now that we have some VET as well as VTHO in our wallet we are ready to buy some NFTs on VeChain!
Finding good VeChain NFTs
Now the most crucial part before you throw out your money for a bunch of trashy projects is research. As mentioned before, NFTs especially on the VeChain blockchain are still in their infancy, making it hard to distinguish good from bad projects.
Many projects lack important information about their roadmap or their creators. While this article is no financial advice I still want to give you one good tip you should know for buying into any NFT project, as well as a website to collect valuable information about VeChain projects.
Take a look at the creators
This is arguably the most powerful thing that can separate good from bad projects.
Do the creators have a reputation? Are they active on Social Media? Do they maybe even have an education in the field of crypto/ blockchain?
If all you know about the creators is a nickname and maybe an NFT avatar, that is usually not a good sign. Think about it - someone who is standing in public also has a reputation to lose. Opposing that, someone who is acting anonymous might as well just take the money and leave without any consequences.
Project research
If you want a good site for doing project research check out VeCalender. On their website you can find most upcoming NFT projects on VeChain and be part of them even before the mint!
They also have some information on past projects so in any case it is worth a look if you want to get a quick overview of VeChain NFTs.
Another great platform for research is called myVeChain. It is a community driven project that offers a variety of articles and data and collaborates with a bunch of NFT projects on VeChain making it a valuable source of information.
The best VeChain marketplaces
But where to find these NFTs? Right now many projects are relying on their own marketplaces integrated into their project website. However this also means that only the specific project can be traded there. On the other hand there are already a couple of open marketplaces where people can buy and sell their NFTs. If you want to interact with these marketplaces make sure you have the Sync2 wallet installed.
VeSea
VeSea is one the first marketplaces that popped up on the VeChainThor blockchain. Right now they are focusing on partnerships with some of the major projects in on VeChain including:
VeKings
VeGhosts
Veysarum
Mad Ⓥ-Apes
You can browse the projects from the tab “collections”. The marketplaces does not offer the possibility to mint your own NFTs (yet), but if you are interested in collecting some VeChain NFTs, VeSea is a good place to start.
VIMworld
VIMworld is a marketplace where you can buy so-called “VIMs”. VIMs are different monsters and characters that you can interact with by, for example, feeding them. VIMworld offers a leaderboard to compare yourself to other players, a VIMdex (inspired by the Pokedex) and some events to hunt for treasure. VIMs can be bought with VET, but the game also uses their own token called VEED.
So if you are looking to interact with your NFTs, rather than just having them sit in your wallet, you should take a look at VIMworld.
World of V
World of V is the first gas-free NFT platform built on VeChain. From all marketplaces they also offer the greatest functionalities for artists and sellers. You can browse by top collectors and artists or filter by individual collections.
Compared to VeSea, World of V has a more “open” design, with higher focus on individual pieces and artists rather than collections.
As of today, World of V is also to my knowledge the only marketplace which lets you mint your own NFT on VeChain. If you are an artist and want to bring your piece(s) on a eco-friendly marketplace on a future proof blockchain, here is how you do it:
How to mint an NFT on VeChain using World of V
In order to transform your beautiful art into an NFT on VeChain, there are a few steps you need to take. Don’t worry though if you are a still a beginner or have never interacted with blockchains before, I will explain the process step by step:
Step 1: Install Sync2
In order to sign your NFT as being your own you need to install the VeChain Sync2 wallet. In a nutshell your wallet has a unique address that is used on the blockchain as a form of identification (kind of like an ID). This address is used to sign the contract with the blockchain that mints your NFT. Sounds complicated? The good thing is this process is done automatically. All you need to worry about for now is that you have Sync2 installed. If you need assistance with setting up Sync2, check out VeChains User Guide.
Step 2: Connect your wallet to World of V
Click on connect in the top bar of the World of V marketplace. It should automatically open the Sync2 wallet. Then just follow the instructions from the wallet. Finally enter your password and your wallet should be connected!
Step 3: Create a profile
In order to mint on World of V we need to create a profile first. Click on “Profile” and then “Update profile”. Fill in your information. Make sure to choose a unique name and add your social media accounts so people will recognize and remember you! After you are finished you are asked again to sign your profile with your wallet.
Note: In order to mint you need to add at least two out of four social media accounts (Discord, Twitter, Instagram, Facebook).
Step 4: Mint the NFT
Click on “Create NFT” in the top bar on World of V. Upload your artwork and give it a name and description. If you want to sell multiple versions of your piece, select “Multiple Editions” and specify an amount. You can also add a category or royalties. In this article I explain what royalties are and how to use them to your advantage.
Now you should be all set and ready to mint your NFT! After clicking on “MINT NFT” you will again need to sign the action with your wallet. As minting is usually a direct interaction with the blockchain it requires you to pay gas fees. On VeChain gas fees are paid with VTHO, so make sure you have some of those tokens in your Sync2 wallet. I explained how to obtain VTHO earlier in this article.
To mint a single NFT I paid around 4-5 VTHO which translates to ∼ 0.03 $. This is not a fixed price and depends on factors like network usage, but is nevertheless a very low price compared to other blockchains like Ethereum.
Other popular VeChain NFT Projects
One of the easiest ways of exploring projects on the VeChain platform is through the VeChainThor wallet app. The adaptation of VeChain NFTs is still in an early stage and so many projects are work in progress - and many are still to come!
VPunks
Arguably the most popular project on VeChain is VPunks (inspired by CryptoPunks). Even though the artwork is more copycat than original, the ecosystem behind VPunks is what makes people buy into the project.
VPunks is a collection of 10,000 NFTs with an ambitious roadmap including games, challenges, tokenization and staking. Their NFTs are sold directly on their own marketplace.
VeKings
VeKings is a collection of 9,999 individual viking themed NFTs. The team behind VeKings is a group of 5 friends managing everything from development to marketing and artworks. They also recently collaborated with VeSea where you can buy them now. Their discord server also has more than 2,500 users up to this date.
Conclusion
While VeChain is definitely lacking behind other blockchains in terms of NFT volume, their underlying technology is definitely not. VeChain is already the world leader in real life NFTs with their supply chain management solutions, meaning they have a great base for NFT support. Their focus on enterprises is what could also drive more companies into the NFT space, potentially driving more customers and money into the space.
As of today however, VeChains projects and NFT related platforms are far behind in development compared to blockchains like Ethereum, Solana or Tezos. Nevertheless I am excited to see whether or not VeChain can bring enough value into the NFT space to drive more people on their blockchain.
Do you think I missed an important project or you have a question? Write a comment and I will get back to you as soon as possible!
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