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Celebrity VC fund unveils $1m NFT contest judged by Snoop Dogg and Mark Cuban

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Sound Ventures, a enterprise capital fund comprising celebrities, musicians, and a billionaire, are providing at the very least $1 million for the “most innovative” concept for a nonfungible token, or NFT over the following week.

Introduced on April 5, the occasion invitations anybody from around the globe to pitch their NFT undertaking to a workforce of eight judges earlier than April 12. In line with the competitors web page, it doesn’t matter if the pitches are little greater than an concept or a fully-fledged product already available on the market. The wording additionally suggests the contest’s winners could have the chance to work alongside Sound Ventures long-term.

“Those applying should be interested in building a company over the long-term,” the announcement says.

Engaged on NFTs? Pitch your concept LIVE to me @guyoseary @snoopdogg @3LAU @WhaleShark_Pro @MetaKovan @aplusk @ljxie. $1,000,000 can be invested to find/help essentially the most revolutionary. Apply by 4/12 https://t.co/cE2rb7md04

— Mark Cuban (@mcuban) April 5, 2021

As much as 30 finalists can be chosen to partake in a non-public stay pitch with the judges on April 21, simply over two weeks from now.

These chosen should not required to simply accept the funding and there are not any set phrases for the way the for the way funding can be distributed. The contest’s FAQ states: “Investment amounts and terms will vary by company.” 

It isn’t clear what number of pitches can be chosen from the 30 finalists, however the competitors web page suggests the investments throughout these chosen may complete greater than $1 million.

Sound Ventures’ co-founders, Ashton Kutcher and Man Oseary, will sit on the judging panel with the remaining six judges together with NBA Dallas Mavericks proprietor and billionaire Mark Cuban, rapper Snoop Dogg, EDM artist 3LAU, NFT investo Whale Shark and Metakovan, and Scalar Capital co-founder Lina Xie.

$1 million Sound Ventures Competitors Judges: Sound Ventures

Whale Shark and Metakovan, though not effectively often known as among the different judges, are among the most revered within the NFT area. The Whale Shark just lately tokenized a vault containing their NFT assortment, permitting traders to purchase into it. It at present has a market cap of just about $23 million. Metakovan, or Vignesh Sundaresan, is the winner of Beeple’s $69 million Christie’s public sale final month, and a distinguished NFT collector.

The contest was arrange by Sound Ventures’ co-founders, well-known Actor Ashton Kutcher and expertise supervisor Man Oseary. Oseary purchasers embrace U2 and long-time enterprise companion Madonna. The pair additionally run VC agency A-Grade Investments, which has a historical past of supporting profitable tasks corresponding to Airbnb, Foursquare, Shazam, SoundCloud, Spotify, and Uber.

Ashton Kutcher has already made a questionable identify for himself within the NFT sector auctioning a digital copy of a pocket book scribble in August 2020. The unique drawing was destroyed to showcase the benefits of digital over bodily artworks, with the funds raised stated to go in the direction of for ecological conservation non-profits.

Ashton Kutcher showcases his now-incinerated paintings

The paintings titled “The Eye of The Beholder” was bought for 20 ETH (at present value $42,600) within the public sale.

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