If your NFT idea is unique and fresh enough, a venture capitalist., Calvin Cordozar Broadus Jr, Mark Cuban, and other celebrities could invest $1 million into it as part of a Shark Tank-style contest.
Sound Ventures, a venture capital fund comprising celebrities, musicians, and a billionaire, are offering at least $1 million for the “most innovative” idea for an NFT over the next week.
On 5 April as per the announcement, the event invites all people from all over the world to pitch their NFT project to a team of 8 judges before 12 April. As per contents rules, it doesn’t matter if the pitches are little more than an idea or product already on the market. Also, the winner will get the opportunity to work alongside Sound Ventures long-term.
“Those applying should be interested in building a company over the long-term,” as per the announcement
As per the announcement, Up to thirty finalists will be selected to partake in a private live pitch with the judges on 21 April.
For them there are not any set conditions for how an investment will be allocated and those selected are not required to accept the investment. The contest's FAQ states: “Investment amounts and terms will vary by company.”
The competition page says the investments across those selected could total more than One million dollars. But it is not clear how many pitches will be selected from the thirty finalists.
Sound Ventures' co-founders, Ashton Kutcher and Guy Oseary will sit on the judging panel with the other 6 judges including NBA Dallas Mavericks owner and billionaire Mark Cuban, rapper Snoop Dogg,
EDM artist 3LAU, NFT investor Whale Shark and Metakovan, and Scalar Capital co-founder Lina Xie.
Metakovan and Whale Shark, although not well known as other judges, are some of the most respected in the NFT space. The Whale Shark recently tokenized a vault containing their Non Fungible tokens collection, Enabling investors to buy into it. It recently has a market cap of approx $23 million. Metakovan is the winner of Beeple’s $69 million Christie’s auction the previous month and a well-known NFL collector.
The contest was set up by Sound Ventures' co-founders. Oseary clients include U2 and long-term business partner Madonna. The pair are also run Venture Capital firm A-Grade Investments, which has a history of helping successful projects such as Airbnb, Foursquare, Shazam, SoundCloud, Spotify, and Uber.
The American actor has already kept a questionable name for himself in the NFT sector, auctioning an internet copy of a notebook writes in August Last year. The original drawing was destroyed to showcase the advantages of digital over physical artworks, with the funds increased said to go ahead ecological conservation non-profits.
The NFT “The Eye of The Beholder” was sold for 20 ETH (currently worth $42,600) in the auction.