Solana Foundation launches NFT Showdown Contest

The Solana Foundation has launched an initiative that focuses on non-fungible tokens (NFTs) and aims to “strengthen the quality” of new NFT projects. Called “NFT Showdown,” Solana’s idea is basically a competition that invites artists to come up with innovative business plans and create collections with “real utility” in fashion, entertainment and gaming. With the NFT Showdown competition, Solana hopes to improve the quality of new projects in the creator ecosystem.

Solana Foundation Chief Strategy Officer Austin Federa stated:

“The NFT Showdown is designed to encourage a shift in the way NFT brands design their business plans prior to launch. Projects should consider what it takes to achieve long-term success as an NFT brand.”

The idea has been supported by Magic Eden, a community-centric NFT marketplace that offers trading for Solana-based collections. According to Magic Eden’s marketing manager Tiffany Huang, the project will bring new people into the industry and generate new ideas.

How to participate in NFT Showdown?

To become a contest participant, creators must submit their ideas on the NFT Showdown website when the submission window opens (dates for submitting project ideas are from June 5th to June 9th). The project must be described in a PDF document. It should include the project’s target audience, issues it addresses, business model, strategy to enter the market as well as the real application of the product, short- and long-term community engagement and preservation plans, and a kind of mock-up of the collection’s art concept.

All creators who are inspired by and interested in NFTs can participate. Existing projects will not be accepted.

Evaluation of projects will be based on their business acumen, creativity, focus on users, use of Solana technology and real use of the product. Those selected as winners will get a chance to work with industry experts who will provide guidance to make their projects a reality. In addition, winners will also receive Creator tickets to Solana’s Breakpoint event which will be held from October 30th to November 3rd.

Solana vs Ethereum in the NFT Space

The Ethereum network has been the choice for most NFT projects as it is stable and secure. Ethereum is one of the most popular blockchains and has been 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. Due to Ethereum’s popularity and positioning in the market, the widest selection of NFTs is available on the Ethereum network. But everything could change if Solana succeeds in the NFT Showdown.

Solana has lower gas fees, faster transaction speeds and is more environmentally friendly than Ethereum. Also, the cost of creating NFTs on Solana is greatly reduced as the network is not nearly as popular as Ethereum, which means that the demand to buy NFTs on Solana is not as high.

To summarize, Ethereum is the more popular and secure option. But when it comes to high speed and low fees, Solana is a newer network with great potential.

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