The Solana Foundation is inviting aspiring creators to join its “NFT Showdown” competition! The goal is to elevate the quality of new NFT projects by encouraging artists to develop business plans for profile-picture collections that have real-world utility. The Head of Strategy at the Solana Foundation emphasized that the competition aims to encourage NFT brands to consider what it takes to achieve long-term success. Ultimately, it’s a refreshing approach that could help shape the future of NFTs! Let’s take a closer look.
Solana Foundation’s NFT Competition Shakes Up the Industry!
The Solana Foundation is shaking up the NFT world! Its “NFT Showdown” competition invites creators to pitch ideas for profile-picture collections with real-world utility. Austin Federa, Solana Foundation’s Head of Strategy, explained that the competition aims to change how NFT brands approach business planning before launching. And, ultimately, achieve long-term success.
While Ethereum has dominated NFT collections, Solana and other blockchain competitors are making waves. Magic Eden, an NFT marketplace, fully supports the initiative and are official partners, along with Okay Bears and Hyperspace. They said they are eager to bring new faces and ideas into the NFT ecosystem.
Get Ready to Pitch!
So, how can we enter the Solana Foundation’s NFT Showdown? The submission window for pitches is from June 5th to June 9th. You’ll need to submit your pitch in PDF format on the website. Your pitch should include your target audience, problems your product solves, business model, and market strategy. You’ll also need to include short and long-term community engagement and retention plans. Additionally, a high-level mock-up of your collection’s art concept is required.
Moreover, if your project is selected as a winner, you’ll receive various forms of support to help propel the viability of your business plan forward. This includes mentorship, office hours with the Solana team, and workshops with industry experts and NFT community leaders. You’ll also be eligible to receive Creator tickets to Solana’s Breakpoint event.
Winning the NFT Showdown will give you the unique opportunity to work with the Solana Foundation team and industry mentors on refining your business plan. Competing chains like Solana have made strides in the industry, challenging Ethereum’s historic dominance in top NFT collections. Ultimately, the NFT Showdown is a great opportunity for aspiring creators to join the Solana ecosystem. They can also contribute to its expansion, and showcase their creative vision to the world.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
Emily Neale
Emily is from the UK, currently living in Dubai. She’s fallen in love with web3 for its potential, innovation, and the opportunity it provides to connect with others around the world. Emily enjoys travel, reading, and good food.
