VeChain is incentivizing large-scale adoption of its enterprise NFT ecosystem through a $1 million grant program created on the VeChainThor blockchain.
The Cost for Each Developer Not to Exceed $1M
To attract developers to join the NFT ecosystem (eNFT), VeChain has launched a $1 million grant program. The plan aims to encourage 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.”
For each project, the cost to the developer will not exceed $1 million. On the contrary, VeChain has capped the funding limit for each project at $30,000 to ensure transparency and fair distribution.
Interested developers can apply through the project’s Github repository, which has detailed information on specific categories of eNFT funding that can be accessed. Some of these categories include decentralized applications, wallet integration, interoperability, enterprise applications, front-end development tools, and research projects.
Enterprises to be Major Stakeholders in Promoting NFT Adoption
VeChain believes enterprises will be the key players in promoting the use of NFT. Because of this, it has set foot in the NFT field with the development of the NFT ecosystem for businesses on the VeChainThor blockchain. eNFT connects artists, creators, developers and companies.
NFT appears to be the newest gold mine. Crypto companies like Binance not only sell the artist’s works as an irreplaceable sign but also try to establish market dominance by driving early.