The Solana Foundation aims to enhance the quality of new non-fungible token (NFT) projects by inviting aspiring creators to pitch their ideas for profile-picture collections in the “NFT Showdown” competition. This contest encourages artists to develop comprehensive bu...
The Solana Foundation aims to enhance the quality of new non-fungible token (NFT) projects by inviting aspiring creators to pitch their ideas for profile-picture collections in the “NFT Showdown” competition.
This contest encourages artists to develop comprehensive business plans to create collections with “real-world utility” in the fashion, entertainment, and gaming industries.
Austin Federa, Solana Foundation’s Head of Strategy, emphasized that the NFT Showdown is designed to foster a change in how NFT brands develop their business plans before launching. The goal is to consider what it takes to achieve long-term success as an NFT brand.
Competing with Ethereum in the NFT space
While Ethereum has historically been the preferred blockchain for top NFT collections, competing chains like Solana have made strides in the industry.
With a submission window set for early June, Solana will directly support the ten contest winners. This assistance will primarily consist of extensive guidance from Solana and industry experts on achieving long-term success.
Magic Eden, an NFT marketplace recognized for facilitating trading for Solana-based collections, has fully supported the competition. Tiffany Huang, Head of Marketing at Magic Eden, said the initiative is about bringing new faces and ideas into the ecosystem, and they are excited to contribute to its expansion.