NFT businesses are the way to go for the next generation of entrepreneurs. However, the path to making it big in the industry is too narrow for newcomers. Here comes the Solana Foundation with its first-ever NFT Brand Pitch competition. It has two major objectives: help participants to develop business plans that are sustainable, and help them build a network with judges who hail from across the NFT ecosystem.
💥 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
First things first, the window to submit the NFT business plans opens in early June 2023. However, interested participants may want to keep track of the official social media handles of the Solana Foundation for any relevant updates.
They must prepare a business pitch for the NFT community judges. This must include the targeted community, the problems that will be solved, the business model, the product’s vision, and plans to provide an immersive and engaging experience to the community. Obviously, these are the fundamentals that competitors in the NFT Brand Pitch competition must address. Depending on the extent to which they wish to entice experts to join their NFT business, a detailed proposal may include many more specifics.
Next comes the creation of the mock-up. This refers to the kind of NFT collection that they will be presenting following the successful pitch. Finally, participants in the NFT Brand Pitch must submit a PDF during the submission window.
The NFT Brand Pitch will go live on NFT Showdown, a place where creators, brands, and communities come together to build NFT brands with some real-world impact. These can be in any category, like fashion, entertainment, or gaming, among many others.
Projects submitted by NFT participants will be evaluated on the following factors:
- Business acumen
- User-centric approach
- Impact on the real world
Winners of the NFT Brand Pitch will gain access to mentorship and workshop sessions conducted by industry experts, along with Solana Breakpoint tickets and a lot more.
Per the FAQ section of the NFT Showdown, the pitches can be submitted between June 5, 2023, and June 9, 2023. The window will close on the final day at 12 a.m. PST. NFT Brand Pitch comes to light with the support of brands like Dialect, Backpack, and Magic Eden, to mention a few.
Creators with an inclination toward the business segment are more likely to benefit from the pitch competition. The Solana Foundation will not accept products that already exist.
SOL was last seen exchanging hands for $21.76. Per SOL price prediction, the price could touch the capped mark of $48.07 by the end of 2023. What brings this close to reality is a competition like this where the Solana Foundation is not just engaging with its community but also encouraging the community to think beyond their personal space.
Hence, following a user-centric approach has been placed as one of the evaluation factors. Keep an eye on early June 2023, for that is when the window to submit the NFT brand pitch goes live at the Solana Foundation.