The Solana Foundation seeks to enhance the quality of new non-fungible token (NFT) projects by inviting aspiring creators to participate in the “NFT Showdown” competition, where they will pitch their ideas for profile-picture collections.
The contest motivates artists to create comprehensive business plans to generate collections with “real-world utility” in various industries, including fashion, entertainment, and gaming.
Solana Foundation’s Head of Strategy, Austin Federa, stated that the NFT Showdown aims to promote a change in how NFT brands formulate their business plans before launching. Projects are encouraged to consider the requirements for achieving long-term success as an NFT brand.
Solana competes with Ethereum in the NFT market
While Ethereum has been the go-to blockchain for top NFT collections, Solana has steadily gained traction as a rival chain.
The ten contest winners, to be announced in early June, will receive direct support from Solana. This will primarily involve comprehensive guidance from Solana and industry experts on achieving long-term success.
Magic Eden, an NFT marketplace partly known for facilitating trade for Solana-based collections, expressed full support for the contest. Tiffany Huang, Head of Marketing at Magic Eden, shared that the initiative aims to introduce new faces and ideas to the ecosystem and that they are eager to contribute to its growth.