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Solana launches NFT-only competition

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Solana Foundation calls for NFT projects to apply for its latest competition in the launch of the Solana NFT Showdown project. The competition will give opportunities for “creators to bring their business ideas to life.” Projects can cut across fashion, entertainment, gaming, and the creative industry.

Solana is a high-performance blockchain platform enabling the creation of decentralized applications and digital assets. It is built to achieve high transaction throughput and low fees. It has its own native cryptocurrency, SOL, which has seen significant price appreciation since its launch. It is popular among developers due to its fast transaction processing times and low fees.

NFTs, or Non-Fungible Tokens, are unique digital assets stored on a blockchain. They are created by minting them on a blockchain and can be bought, sold, and traded like any other asset. They have gained popularity in the art and collectibles industries but have also been used in sports and gaming.

Guidelines for submission 

According to the Solana Foundation, in the competition, projects will be judged based on their financial acumen, user-centric product thinking, creativity, innovative use of Solana technology, and real-world application. The legal viability of the project will not be part of the criteria for judges. Also, project winners will be selected based on their viable business plans and the product innovation they showcase.

Interested parties are required to submit their application as a PDF file on the website between June 5 and June 9, 2023, at 12 a.m. PST. The application is expected to contain the following: target audience, problems to be solved, business model and go-to-market strategy, community engagement and retention plans, and a mock-up of the collection’s art concept, which should also be developed on the Solana blockchain.

The winning projects will receive mentorship, office hours with the Solana team, workshops with industry experts and NFT community leaders, and creator tickets to Solana’s Breakpoint event in October 2023.

Read also;

Solana launches $1m funding for AI-based projects

Solana’s Feb. 25th Outage: The Inside Story

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