- VeChain launches MaaS platform in collaboration with Gresini Racing, expanding its blockchain ecosystem to motorsports.
- The introduction of VeBetterDAO and B3TR tokens encourages sustainability, incentivizing participation in green and social activities.
The recent rise in the price of VeChain (VET), marking a 4% increase in the last 24 hours and maintaining an 8% rise compared to last week, can be attributed to several key factors stemming from its latest activities and developments on its blockchain.
New Product Launches and Strategic Partnerships
VeChain recently introduced a digital asset tokenization platform, MaaS (Marketplace-as-a-Service), in partnership with Gresini Racing, a champion MotoGP team. This partnership allows Gresini Racing to interact with its audience through NFTs and digital collectibles, which not only expands VeChain’s reach within motorsports but also demonstrates the versatility of its blockchain technology for real-world applications. These types of strategic collaborations underscore VeChain’s commitment to expanding its ecosystem and increasing its visibility in various sectors.
Development and Expansion of the VeChain Ecosystem
VeChain is not only focused on partnerships, but also on launching proprietary initiatives that strengthen its blockchain.
We're incredibly excited to announce the launch of our new #sustainability platform – VeBetterDAO – alongside two new tokens $B3TR and $VOT3!
VeBetterDAO is built to become the enabler of a cross-industry sustainability dApp ecosystem, driving adoption of Web3 tech across… pic.twitter.com/wFhxm30SeY
— vechain (@vechainofficial) February 28, 2024
For example, the recent introduction of VeBetterDAO, a sustainability platform developed in collaboration with the Boston Consulting Group. This platform incentivizes users to participate in sustainability activities, aligning with other VeChain efforts such as X-2-Earn.
The launch of B3TR tokens to incentivize participation in these sustainable activities has also contributed to VeChain’s interest and perceived value, thus promoting an increase in its price.
Related: VeChain’s RWA tokenization generates bullish momentum: EFP price targets 100 percent rise
Focus on Sustainability and Web Applications3
VeChain’s commitment to sustainability and the development of blockchain applications for the Web3 sector is reflected in its recent projects and launches.
We're excited to announce our new digital asset tokenization platform – MaaS – is now live with it's first enterprise user – MotoGP champions; Gresini Racing!
MaaS' launch is timely as we look ahead and build tools to onboard a rapidly tokenizing world, with projections of $16… pic.twitter.com/iN5yT1VKC3
— vechain (@vechainofficial) March 27, 2024
The VeBetterDAO platform and tokenization of digital assets with MaaS demonstrate a focus on creating solutions that not only benefit the crypto sector but also the world at large.
This focus on practical and sustainable applications of blockchain technology is likely to attract investors and users interested in the social and environmental impact, in addition to the financial potential.
You can read: VeChain treasury report: Positive outlook for PEFs amid $440 million asset holding
Market Recovery
The increase in VeChain’s price is also influenced by the overall recovery of the cryptocurrency market. After a period of bearish trends, the market is showing signs of recovery, which benefits cryptocurrencies with solid fundamentals and active developments such as VeChain.
The current price of VeChain (VET-USD) is $0.046063, up $0.000511 or 1.12% .
The market recovery amplifies the effects of VeChain’s positive internal developments on its price.
