Sound Ventures, a venture capital fund made up of celebrities, musicians and a billionaire, is offering at least $ 1 million over the next week for the “most innovative” idea of a non-fungible token.
The event, announced on Monday, invites anyone from around the world to present their NFT project to a team of eight judges before April 12th. According to the competition side, it doesn’t matter whether the pitches are just an idea or a full-fledged product already on the market. The wording also suggests that competition winners will have the opportunity to work with Sound Ventures for the long term.
“Those who apply should be interested in building a company for the long term,” the announcement said.
Working on NFTs? Present 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
Up to 30 finalists will be selected to attend a private live pitch with the judges on April 21 in just over two weeks.
The selected people do not have to accept the investment and there are no set conditions for the distribution of the investment. The FAQ of the competition states: “The investment amounts and conditions vary depending on the company.”
It is not clear how many seats will be selected from the 30 finalists, but the competition site suggests that investments in the seats selected could be in excess of $ 1 million.
Sound Ventures co-founders famed actor Ashton Kutcher and talent manager Guy Oseary will be with the remaining six judges, including NBA Dallas Mavericks owner and billionaire Mark Cuban, rapper Snoop Dogg, EDM artist 3LAU and NFT investor Whale Shark, sit on the jury and MetaKovan and Linda Xie, co-founder of Scalar Capital.
Whale Shark and Metakovan, while unknown as some of the other judges, are some of the most respected in the NFT space. Whale Shark recently tagged a vault with its NFT collection for investors to get involved in. It currently has a market cap of nearly $ 23 million. MetaKovan, or Vignesh Sundaresan, is the winner of Beeple’s $ 69 million Christie auction last month and is a noted NFT collector.
The competition was launched by Sound Ventures’ Kutcher and Oseary. Oseary’s customers include U2 and long-term business partner Madonna. The couple also run VC firm A-Grade Investments, which has long supported successful projects such as Airbnb, Foursquare, Shazam, SoundCloud, Spotify and Uber.
Kutcher has already made a dubious name for himself in the NFT space, auctioning off a digital copy of a notebook in August 2020. The original drawing was destroyed to demonstrate the advantages of digital over physical works of art. The collected funds are to be used for ecological purposes, nature conservation non-profit organizations.
The work of art, entitled “The Eye of the Viewer”, was sold in the auction for 20 ethers (ETH) (currently USD 42,600).