- The first-ever phygital trophy awarded to the winners of the WTP tour and ATP tour.
- This was part of a partnership agreement between VeChain and FITP.
It was recently reported that a unique trophy designed for the Women’s Tennis Association (WTA) and the men Association of Tennis Professionals (ATP) would be presented for the first time in the tournaments’ history. This is made possible thanks to a partnership between VeChain and the Federazione Italiana Tennis e Padel (FITP).
Today history is being made, again!
Yesterday the winner of the WTA tour received the first-ever #Phygital trophy for #IBI23, thanks to the collaboration between FITP and #vechain.
Today it will be the winner of the ATP tour to receive this one-of-a-kind cup embedded with NFC… pic.twitter.com/9Lj5b4YhjX
— vechain (@vechainofficial) May 21, 2023
Over the weekend, history was made as the winners of the WTA tour and the ATP tour received a phygital trophy as promised. These are physical trophies embedded with an NFC chip with an assigned NFT. Phygital is just the portmanteau of the words “physical” and “digital”. This is said to provide incredible capabilities for brands, businesses, and consumers by ensuring that physical objects with new digital capabilities are enriched, and this includes authentication and anti-fraud.
For companies, it can greatly enrich the customer journey, creating new insights into the lifecycle of products and facilitating novel forms of engagement. For consumers, phygitals offer new ways to connect with brands and communities while gaining true digital ownership of an item, protected by the attributes of NFT + blockchain. In the case of high-value goods, phygitals preserve value by guaranteeing authenticity and provenance, solving fraud issues within secondary resale markets.
ATP is one of the largest events in Italy with expected physical attendees of nearly 500k. This was a perfect atmosphere to showcase VeChain to the world. The IBI 2023 trophy had an NFT attached to the in-built NFC chip and served as proof of ownership. This shows the ability of blockchain technology to demonstrate an interesting level of information security vs contemporary solutions.
VeChain, World of V, and EXPlus Hosted Booth
Vechain, World of V, and EXPlus hosted a booth in the tournament commercial area. This was to showcase the power of blockchain across different sport-related phygital items. Visitors to the booth had the opportunity to phygitalize items themselves. Also, the blockchain-powered experience was enjoyed by in-person attendees at the event via sustainably produced bracelets. This had QR codes that led them to the landing pages of VeAces.
Prior to the event, it was announced that 150 people would be selected at random to receive phygital sports caps and tickets to the 2023 ATP Finals in Turn, Italy. Online attendees were not left out as they took part in competitions to win phygital prizes.
Phygital goods enrich experiences, creating something tangible, immersive, and unique. For brands, it greatly enriches the customer journey, creates new insights into the lifecycle of products, and facilitates novel forms of engagement. For consumers, phygitals offer new ways to connect with brands and communities while gaining immutable ownership of an item, protected by the attributes of NFT + blockchain.
VeChain is reportedly working with other partners to introduce real-world blockchain applications to transform society in the future. VeChainthor has enabled solutions across different fields by taking advantage of the capabilities of trustless data, smart contracts, and IoT technologies. Currently, it is building a digital ecosystem to push sustainability and digital transformation to the masses.
Investors are currently bullish on VeChain (VET), however, the price has fallen by 0.9 percent in the last 24 hours to trade at $0.019301.
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