- The VeChain Foundation has announced a Million Dollar Grant Program for the eNFT Ecosystem.
- This grant aims to use NFTs in a large-scale installation, helping businesses solve problems such as traceability and tampering.
- The price of VET looks optimistic as it approaches a broad area of demand that could help provide a stable basis for the next step.
The VeChain Foundation has presented an extensive grant program to foster its implementation and impact in the real world. The price of VET has recently reached a high level of demand and looks set to rise.
eNFT, revolutionizing blockchain mass adoption
On April 28, VeChain announced a $ 1 million commitment to developers and projects that can add value to the Enterprise NFT Ecosystem (eNFT) and its derivatives.
As the DeFi and NFT industries are booming, VeChain believes this grant will help implement its own VET token and the recent introduction of the VeThor token (VTHO).
To create such an ecosystem, we need as many applications and projects as possible, including NFT marketplaces, token bridges, DeFi apps, open source tools, and more. The combined effect of more tools will exponentially increase progress in the development of the eNFT ecosystem.
In addition, the grant program does not restrict NFT developers, but allows them to expand in other aspects such as DeFi applications, token bridges, and cross-chain tools.
The cost of vocational training will rise
VeChain price disrupted the structure of the short-term market, setting a high on April 27. Since then, VET has dropped nearly 16% to a 4-hour demand zone that ranges from $ 0.190 to $ 0.198.
Over the past 24 hours, buyers in the region have kept the VeChain price from falling, indicating buyer’s interest. Thus, traders can follow the path of bouncing from this barrier to the swing top at $ 0.251.
However, the recent high of $ 0.224 could ease the buying pressure. Thus, it is imperative to cross the highest peak in order to retest $ 0.251.
4-hour EFP / USDT chart
While the 4-hour demand zone appears to be a viable obstacle to a rebound, a potential surge in selling pressure could easily reverse it. A breakout of the $ 0.186 level would disprove the bullish thesis and initiate a sell towards the 2-hour support area in the $ 0.154 to $ 0.175 range.