VeChain struggles in the NFT sector: can VORJ turn the tide?

VeChain struggles in the NFT sector: can VORJ turn the tide?

VeChain’s non-fungible token (NFT) metrics have been waning over the past month, with drops in trade count, trade volume, and unique addresses buying smaller amounts of NFTs. Will the recent launch of VORJ, a no-code Web3-as-a-Service platform, help revive VeChain’s NFT ecosystem?

Declining NFT metrics

Over the last 30 days, VeChain (VET) has seen a downturn in its NFT-related metrics. Data revealed a decline in VeChain’s total NFT trade count and trade volume in USD. Furthermore, there has been a drop in the number of unique addresses purchasing less than $1,000 worth of NFTs in recent weeks.

VET investors experienced a promising start to the second quarter of 2023, with the token price rising significantly. According to CoinMarketCap, VET’s price increased by over 4% in the past week. At the time of writing, VET was trading at $0.02599, boasting a market capitalization of over $1.8 billion.

VET’s demand in the derivatives market has also grown, signaling optimism. The token’s trading volume was relatively high, indicating increased interest from investors in trading VET. However, VET’s weighted sentiment has shifted towards negativity in recent weeks, suggesting a prevailing negative sentiment in the market for VET.

VORJ to the rescue?

VeChain’s NFT ecosystem could potentially rebound with the introduction of VORJ, the company’s new Web3-as-a-Service platform. VORJ is a no-code platform that allows users to create, deploy, and interact with smart contracts on the VechainThor blockchain. This launch could significantly benefit VeChain in the NFT space. Moreover, VORJ includes NFT APIs, offering aggregated data for NFT collections and tokens.

According to VET, VORJ simplifies Web3 asset creation with a user-friendly Web2 experience, managing transaction costs on its own and removing a significant entry barrier. As an Ethereum Virtual Machine (EVM) compatible platform, VORJ offers reliable and industry-standard OpenZeppelin smart contracts.

VORJ’s frontend supports popular token standards, including fungible ERC-20 and non-fungible ERC-721 tokens. This allows users to create Web3 digital assets with just a few clicks, eliminating the need to manage crypto assets for transaction costs. In its beta release, VORJ supports the creation of fungible ERC-20 contracts and non-fungible ERC-721 contracts through its front end.

Diving deeper into VORJ’s capabilities

In addition to smart contracts, VORJ comes with a variety of other features. The platform provides blockchain data APIs, giving users access to both current and historical block information, transaction details, and smart contract data. VORJ also includes NFT APIs, which deliver aggregated information on NFT collections and tokens.

The Carbon APIs within VORJ calculate the carbon costs associated with using specific contracts or addresses on the VechainThor blockchain. Meanwhile, Contract Push Notifications enable users to receive real-time updates about events occurring on smart contracts, as triggered by on-chain events. The platform also features a transaction executor module, which facilitates the creation of transactions on the VechainThor blockchain, and a contract deployer, which deploys user-configured smart contracts to VechainThor.

VET is making strides in the Web3 domain through VORJ, a platform that aims to simplify the creation, deployment, and interaction with smart contracts. Offering an array of features and a user-friendly approach, VORJ is an example of how the blockchain industry is evolving to accommodate a wider audience. As the saying goes, the proof is in the pudding – and with VORJ, it seems the recipe for success may be equal parts innovation and accessibility.

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