Monetary prizes are cash awards given to individuals or groups for achieving specific goals or winning competitions. These prizes can be offered in various fields, such as science, literature, sports, and the arts. They serve as incentives to encourage participation and recognize outstanding achievements. Organizations, governments, and private entities often fund monetary prizes to promote innovation and excellence. Examples include the Nobel Prize for significant contributions to humanity and the XPRIZE for breakthroughs in technology. These awards not only provide financial rewards but also enhance the visibility and credibility of the recipients' work.