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Solana is pushing for more after it turned heads when it presented Saga, the first dedicated Web3 smartphone. The Solana Foundation is haunting for more than just equipping the community with a new smartphone. It has launched an initiative focusing on non-fungible tokens (NFTs). It aims to strengthen the quality of new NFT projects. The “NFT Showdown” is a competition that invites contestants to develop innovative business plans and create collections with real-world utility.
💥 Welcome to the @Solana NFT Showdown!
The Solana Foundation is hosting its first NFT brand pitch competition to help creators develop sustainable business plans and connect with top judges from across the NFT ecosystem.
Details below 👇 pic.twitter.com/QUfBsyXe9N
— Solana Foundation (@SolanaFndn) May 4, 2023
Nonetheless, contestants have until early June, to submit their projects. Their projects should notably involve NFTs in fashion, entertainment, gaming, or other industries. The Solana Foundation will select and offer maximum support to 10 winners on their goal to achieve long-term success in the crypto space. Further, this will include expert advice from industry leaders and network access. Additionally, Solana hopes to improve the quality of new projects in the creator industry using the NFT showdown contest.
Further, Austin Federa, Solana Foundation’s head of strategy, has noted via the Block that:
The NFT Showdown is designed to encourage a shift in how NFT brands design their business plans before launching. Nonetheless, projects should consider what it will take to achieve long-term success as an NFT brand.
However, Magic Eden, a community-centric NFT marketplace that trades Solana-based collections, has supported the idea. Tiffany Huang, Magic Eden’s Head of Marketing, asserted that the project would bring new people into the ecosystem and generate new ideas.
How to be part of the NFT Showdown Contest
To become a contestant, creators must submit their ideas on the NFT Showdown website. This will occur from June 5 to June 9, when the submission windows for submitting project ideas will be open. Notably, the project should be described in a PDF document. It should include the project’s target audience, issues it addresses, business model, and strategy for entering the market. Further, it should indicate the real-world application of the product, short and long-term community engagement and retention plans, and a mock-up of the collection’s art concept.
Nonetheless, any creator interested in or inspired by NFTs can participate in the contest. However, existing projects will not be accepted. Notably, the evaluation of projects will be solely based on the contestant’s creativity, focus on users, employing Solana tech, and real-world use of the product. Those selected as winners will get to work with industry experts who will guide them to make their projects real. Apart from that, the winners will also receive creator tickets to Solana’s Breakpoint event, which will be held from October 30 to November 3.
Solana faces competition in the NFT Space.
However, Solana faces competition from Avalanche and SUI, which launched recently. SUI can handle up to 300,000 transactions per second and is what Solana has been occupying for some time.
On the other hand, the Ethereum network has been most people’s choice in NFT projects, as it is stable and secure. Ethereum is among the most popular networks. It was the first to introduce the concept of smart contracts. The infrastructure for most digital assets was built for and remains compatible with Ethereum and Ethereum-related protocols. Nonetheless, because of Ethereum’s significance and positioning in the crypto market, a wide selection of NFTs is available on the Ethereum blockchain.
However, the market might change if the Solana NFT countdown progresses and succeeds. Solana has lower gas fees, faster transaction speeds, and is more environmentally friendly than Ethereum. Additionally, the cost to create NFTs on Solana is reduced as its network is less popular than Ethereum, so the demand to buy NFTs on Solana is not that high.
It is worth noting that Ethereum is popular and has a secure option. However, Solana is a newer network with the potential for high speed and low fees.
Read More:
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- One of Solana’s most valuable NFT collections was just acquired by a DAO of NFT holders
- Solana going green with real-time data on network carbon emissions
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