The crew at VeChain Foundation has recently made an announcement regarding the launch of a $1 million grant program to stimulate the development of its enterprise NFT ecosystem. The grant program is targeted towards driving the mass adoption of NFTs created on the VeChainThor blockchain by attracting developers of NFT marketplaces.

VeChain Foundation Launches Grant Program to Develop NFT Ecosystem 

The recently launched program will be funding NFT projects on VeChainThor such as token bridges, Defi apps, marketplaces, open-source tools, and more.

Individuals who are interested in participating in the Grant Program are invited to apply through the GitHub repository of VeChain, which further breaks down the specific categories for the eNFT grant program.

The specific categories are:

• Decentralized applications such as gaming, DeFi, NFT, etc.
• Infrastructures such as explorer, status dashboard, node services, etc. 
• Tools/libs for testing
• Enterprise applications
• Interoperability 
• Tools/libs for frontend development 
• Research projects such as tokenomics, privacy, governance, etc. 
• Wallet integration

In addition to this, it should be noted that each successful application stands the chance of acquiring a maximum amount of $30K in funding distributed through digital dollars of the Tether (USDT).

Understanding Enterprise NFT Ecosystem

In accordance with the information provided by the team at VeChain, enterprises are going to be a key driving force of NFT adoption going forward. Hence, there is a requirement for the development of an Enterprise NFT ecosystem on the VeChainThor blockchain. 

Discussing further the ecosystem, it will be bringing together the developers, the enterprises, the creators, and the artists.

Talking about the reasons to collaborate with enterprises in the non-fungible token industry, it was highlighted by the VeChain Foundation that enterprises:

• Will be bringing a level of quality to the non-fungible token industry thus comforting the ecosystem
• Will be ensuring that the ownership of the NFTs is genuine and enforced since their reputation is at stake.
• Have the international reach to bring new customers to the NFT ecosystem.