VeChain completes the first transaction to monetize inventory on the blockchain using NFTs.

Leading enterprise blockchain VeChain has recently minted an NFT worth about €1.5 million ($1,558,500) as part of an initiative to allow businesses to raise capital without debt by monetizing inventory on the blockchain.

The blockchain network iterated the achievement today in a Twitter post. However, the actual transaction occurred at the end of October. The tweet said that the NFT represents the inventory of an Italian automobile manufacturer.

(By Ammara)