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Monday, February 26, 2024

Solana NFT Showdown to Crown NFT Brands with Real Utility

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  • Solana is one of the key ecosystems to boost the emergence of xNFTs.
  • Popular NFT marketplace MagicEden extends its support for this NFT brands-centric pitch competition.

Solana gained ample traction among the crypto community in recent times. From its speculative link to SBF’s FTX to the top-selling MadLads, the Ethereum Killer ecosystem conquered the community’s attention. On Thursday, Solana Foundation kickstarted an NFT pitch contest — “Solana NFT Showdown” — to aid NFT brands with real-world utility.

💥 Welcome to the @Solana NFT Showdown!
The Solana Foundation is hosting its first NFT brand pitch competition to help creators develop sustainable business plans and connect with top judges from across the NFT ecosystem.
Details below 👇 pic.twitter.com/QUfBsyXe9N

— Solana Foundation (@SolanaFndn) May 4, 2023

Combining the visuals of nostalgic Manga series, anime and other animated series, the organization signified its mission to unify real utility NFTs from the creators’ economy onto the Solana ecosystem. As a support of this contest, leading NFT marketplace and Solana NFT supporter Magic Eden joins in to aid the NFT Showdown.

Brands competing in this contest are encouraged to utilize the latest and top-pinned Solana NFT technologies such as state compression, trait swaps and xNFTs. Notably, with the incubation of MadLads, the PoS network triggered the hype around executable non-fungible tokens (xNFTs) — the next NFT generation. June 9 is set as the deadline for the submission of pitches from the impending NFT brands.
On the other hand, the native token SOL registered a more than 1% drop in price in the last 24 hours. At press time, the PoS cryptocurrency traded at $22.02, as per CoinMarketCap. But on a wider perspective, SOL did display a recovery from the FTX contagion by recording a surge of 118% year-to-date.

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