Blockchain platform VeChain has announced a multi-year partnership with the Internazionali BNL d’Italia (IBI), an Italian tennis tournament. The partnership will see phygital trophies introduced for the first time in ATP history at the IBI 2023 event in Rome, which runs from May 8 to May 21. Phygital refers to the process of assigning digital identities to physical objects using NFT, NFC, and blockchain technologies. For the IBI 2023 winners, the VeChain-powered NFTs will be introduced to worldwide businesses and users through real-world applications.
One of Italy’s largest sporting events, the IBI draws an average of 500,000 attendees throughout the tournament. The partnership offers VeChain a high-profile opportunity to demonstrate the real-world applications of its technology when it is employed for the phygitalization application. The IBI winners will receive phygital trophies incorporating VeChainThor’s technology, providing proof of ownership via a built-in NFC chip. The NFTs will act as the certificate of authenticity, eliminating any chances of fraud and showcasing the potential of blockchain technology to deliver enhanced data security.
Beyond the IBI 2023, VeChain is working on phygitalizing the global art market with Art Blocks part of The Fabricant. The partnership will create a library of digital artworks with embedded copyrights for artist exclusivity, allowing creators to control the distribution of their work.
Phygital technology holds significant potential for revolutionizing how physical objects are managed and identified. From providing an immutable record of ownership, reducing the likelihood of fraud, and introducing new marketing opportunities, the benefits of phygital offerings extend far beyond the realm of sports. The partnership between VeChain and IBI offers a glimpse into the future of such applications.
The growing adoption of phygital technologies is driven by their benefits in numerous industries. Fusing physical and digital identities offers a new level of convenience and functionality, empowering users with better ways to interact with and understand the world around them. With a myriad of potential use cases, industries can utilize phygitals to optimize their operations and foster innovation.
Phygitals also offer an innovative solution for combating counterfeits, providing a level of data security that can be used to track the origin and ownership of objects. By incorporating blockchain and NFC technology, objects can be verified with absolute certainty. This application can significantly help mitigate the risk posed by fraudulent goods, ensuring the authenticity of objects and instilling consumer confidence in the marketplace.
In addition to IBI’s phygital trophies, VeChain has also introduced the possibility for attendees to win phygital prizes. Users can claim VeAce NFT from a designated landing page once the tournament starts on May 8. Through partnerships like these, VeChain and its collaborators are helping the general public understand real-life use cases that can radically change society. The IBI collaboration exemplifies this approach, illustrating how VeChain can apply blockchain technology to novel applications, even in the world of tennis.
As phygital technology becomes more ubiquitous, it will undoubtedly transform the way various industries operate. The incorporation of blockchain technology in applications like VeChain’s partnership with IBI is evidence of the growing integration of these innovative tools into everyday life. As such, the continued development and adoption of phygital technologies will contribute to a more interconnected and innovative society.
