- According to one expert, VeChain dominates the IoT market with a 35% share of the $5.2 billion market, beating out other contestants like IOTA and Ethereum.
- VeChain also reportedly has a 6% share of the real-world asset tokenisation sector, which, according to a BCG report, is projected to hit $16 trillion by 2030.
The tokenisation of real-world assets and the Internet of Things are two of the highest-potential markets for blockchain technology, and according to one market expert, VeChain is dominating the latter and is off to a good start in the former.
IoT has been touted as one of the key technologies shaping the next few decades. According to the latest data, there are nearly 19 billion interconnected IoT devices today, and the number is set to surge to 40 billion by the end of the decade. However, IoT doesn’t work without blockchain for enhanced security, decentralised identity for autonomy and device-to-device micropayments.
According to one expert, VeChain has taken an early lead in IoT, boasting a 35% share of the market.
🌐 VeChain: A Dominant Force in RWA & IoT Markets 🌐
VeChain (#VET) is strategically positioned at the intersection of #RWA (Real World Assets) and #IoT (Internet of Things), leveraging blockchain to drive transparency and efficiency in global supply chains.
🔹 Ranked 3rd in… pic.twitter.com/Ay1q3EIDFD
— CryptoExpertise (@RichBitLord) October 29, 2024
Blockchain in IoT is still at a very nascent stage. One report says that the sector was only worth $280 million last year. However, by 2032, it will surge to $21 billion at a staggering compounded annual growth rate of 54%.
This massive growth will be spurred by the rise of IoT use in asset management, where it will be used to organise and track assets.
On the consumer side, transportation will be the biggest growth area for IoT. Already, the technology is being used to automate traffic lights, direct traffic, analyse traffic data, and more. With smart cities and self-driving cars becoming increasingly popular, IoT will be at the heart of this critical sector.
VeChain in Tokenization
The expert adds that VeChain has also been making inroads into the tokenisation of real-world assets (RWAs). This sector is even more lucrative, with a report by the Boston Consulting Group estimating that the sector will unlock over $16 trillion in global GDP by the end of the decade. VeChain reportedly enjoys a 6% share of this market.
The benefits of tokenisation can’t be overstated. For one, it introduces liquidity into assets that have traditionally been notoriously illiquid. For instance, by tokenising real estate, users can sell fractional shares of a property, allowing them to raise funds quickly without having to sell an entire property. These shares can also be traded on the secondary market easily. Additionally, retail investors would no longer need to raise millions to purchase property as they can purchase the number of tokens within their budget.
To boost tokenisation, VeChain has partnered with BCG, one of the world’s largest consultancies. Together, they are making it easier than ever for clients to tokenise any asset, from equities and government bonds to fiat currencies and real estate.
VET changes hands at $0.02241, trading sideways over the past day for a $1.82 billion market cap.
