NFT
In an effort to “amplify the quality” of new non-fungible token (NFT) projects, the Solana Foundation is inviting aspiring creators to pitch their idea for profile photo collections to the company.
Dubbed the “NFT Showdown,” the competition aims to encourage artists to devise comprehensive business plans aimed at creating collections that provide “real-world utility” for the fashion, entertainment, and gaming industries, among others. .
“The NFT Showdown is designed to encourage a shift in how NFT brands design their business plans prior to launch,” Austin Federa, head of strategy for the Solana Foundation, said in a statement. “Projects should consider what it takes to achieve long-term success as an NFT brand.”
While Ethereum has long dominated the NFT space as the blockchain of choice for top collections, rival chains such as Solana are gaining ground.
With an entry period scheduled for early June, the 10 contest winners will be awarded direct support from Solana. This primarily includes extensive guidance from Solana and industry experts on how to achieve “long-term success,” the foundation said in a statement.
Magic Eden, an NFT marketplace known in part for trading Solana-based collections, said it fully supports the competition. “For the past 18 months, we’ve supported Solana creators entering the space and collaborated with hundreds of projects that sold out on Magic Eden,” said Tiffany Huang, head of marketing at the NFT marketplace. “This initiative is about getting new faces and ideas into the ecosystem, and we’re excited to see how we can play our part in expanding the ecosystem.”