New $1M NFT Contest Announced By Celebrity VC With Snoop Dogg As Judge
Sound Ventures stands as a unique venture capital fund, as it consists of a billionaire, celebrities, and musicians. As it stands now, Sound Ventures is offering a minimum of $1 million for the “Most innovative” idea for a new non-fungible token. This offering will throughout the next week.
A Brand New Competition
The event itself was announced on Monday, it inviting anyone from any part of the world to pitch their respective NFT projects to eight judges before the 12th of April, 2021.
Working on NFTs? Pitch your idea LIVE to me @guyoseary @snoopdogg @3LAU @WhaleShark_Pro @MetaKovan @aplusk @ljxie. $1,000,000 will be invested to discover/support the most innovative. Apply by 4/12 https://t.co/cE2rb7md04
— Mark Cuban (@mcuban) April 5, 2021
The competition page makes it clear that this pitch can be as little as an idea, all the way up to a fully-fledged product already available on the markets at large. Another key thing to make note of is the fact that the announcement’s wording hints at the contest winner being given the chance to work long-term with Sound Ventures, and stated that everyone applying for this fund will need to be planning to build a long-term company.
According to the announcement, a total of 30 finalists will be chosen, who will all then be mandated to do a private live pitch with the judges. This will occur in just over two weeks from now, on the 21st of April, 2021.
Big Names Involved
Another important stipulation is that the finalists that were selected will not be mandated to accept investment, and there are no set terms of how such an investment will even be distributed. As part of the FAQ for the contest, it stipulates that these terms and amounts for said investment will be done in terms of the company at large.
Ashton Kutcher stands as a famous actor in his own right and is one of the co-founders of Sound Ventures. He will judge these pitches alongside Guy Oseary, a talent manager, as well as six other judges. Many of these judges need no introduction, such as Snoop Dogg, the legendary rapper, Mark Cuban, the owner of the NBA Dallas Mavericks, MetaKovan, and Whale Shark, both NFT investors, 3LAU the EDM artist, as well as Linda Xie, the co-founder of Scalar Capital.
Heavyweights In NFT Space
Now, Metakoven and Whale Shark aren’t very well known in the mainstream space as the other heavyweight judges but are highly-respected figures within the NFT space at large. Whale Shark, in particular, had managed to tokenize a vault containing their collection of NFTs, which allowed other investors to start buying into it. This tokenized vault already boasts a market cap just shy of $23 million.
Now, it was Oseary and Kutcher’s doing that set up the competition for Sound Ventures. Oseary in particular boasts U2 as a client, among others, and boats a long-time business partnership with Madonna.