NFT or a non-fungible token is a unit of digital data that may be a piece of coupon, art, or even a digital video that gives the unique proof of ownership over it without actually holding it in your hands. In other words, NFTs are innovative digital identifiers that verify the ownership and existence of digital collectibles.
To promote innovative ideas involving NFTs, the Celebrity Venture Capital fund, Sound Ventures, has announced to sponsor a $1 million Shark Tank-style reality show called “NFTs: The Pitch.” The contest has been organized by Hollywood celebrity Ashton Kutcher and entertainment talent manager Guy Oseary who has leading clients like Madonna, U2, and Maverick. The duo has also supported successful projects like Shazam, SoundCloud, Airbnb, Foursquare, Spotify, and Uber. There will be a total of 8 judges in the competition, including Ashton Kutcher, Guy Oseary, billionaire Mark Cuban along with NFT-producing musicians like3LAU and Snoop Dogg, pseudonymous NFT art collectors like Whale Shark and Metakovan, and Scalar Capital co-founder Linda Xie.
The competition is currently accepting applications for a pitch session that is scheduled to be held on April 21. Anyone from any corner of the world can pitch their NFT projects, irrespective of whether it is just an idea or an innovative product that they want to launch in the market. The pitch is to be submitted to the team on or before April 12, and the applicants must be interested in launching their company over the years to come. However, the company does not guarantee investments for every idea pitched in the event- only the best innovative ideas will win the investments, and also, the amount and term of investments will vary according to the company’s decisions. The names of the finalists will be declared on April 16, and a maximum of 30 finalists will participate in the live pitch session that is to be virtually held on April 21. The winners of the competition will also have the opportunity to work with Sound Ventures in the long run.
The competition is mainly aimed at promoting crypto innovations, and there is no better idea than NFTs. However, this is not the first time these celebrities have invested in such crypto projects; Cuban, along with his partners at Sound Ventures, have previously invested in a $9 million Series A round for an NFT art marketplace called ‘SuperRare.’ He has also invested in an NFT backed social media platform called “Nifty’s” as well as the DeFi platform “Esprezzo.”