VeChain incentivizes mass adoption of its enterprise NFT ecosystem with a $1M grant program
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VeChain incentivizes mass adoption of its enterprise NFT ecosystem with a $1M grant program

Saudu Clement
Saudu Clement

In a bid to attract developers to its enterprise NFT (eNFT) ecosystem, VeChain has launched a $1 million grant program. The initiative aims to drive the mass adoption of NTF projects created on the VeChainThor blockchain.

To build such an ecosystem, we need as many applications and projects as we can get, including NFT marketplaces, token bridges, DeFi applications, open-source tools, and more. The compounding effect of more tools will exponentially increase the development progress of the eNFT ecosystem.

Developers will not be getting up to $1 million per project. Instead, VeChain has capped the funding at $30,000 per project to ensure transparency and equal distribution.

Interested developers can apply through the project’s Github repository, which provides details on the specific categories that can access the eNFT grant. Some of the categories include decentralized apps, wallet integration, interoperability, enterprise applications, tools for frontend development, and research projects.

VeChain believes that enterprises will become major stakeholders in driving NFT adoption. And this is why it forayed into the NFT space with the development of an Enterprise NFT ecosystem on the VeChainThor blockchain. eNFT connects artists, creators, developers, and enterprises.

NFT appears to be the latest gold mine. Apart from artists who are selling their work as non-fungible tokens, crypto companies such as Binance are trying to establish market dominance by jumping on the train early.