Sound Ventures, a Venture Capital or VC Fund, comprising artists, celebrities, musicians, and billionaires, is offering at least $1 million for the “most innovative” idea for a nonfungible token, or NFT over the next week.
If the NFT idea is innovative enough, Snoop Dogg, Mark Cuban, Ashton Kutcher, and other celebrities will invest $1 million into it as part of a Shark Tank-style contest.
Celebrity VC fund to Invest in Your NFT Idea
Announced on April 5, the event invites participants from across the world to pitch their NFT project. A bench of eight judges will determine the results till April 12.
As the competition page reads, it doesn’t matter if the pitches are little more than an idea or a fully-fledged product already on the market. The wording also suggests the contest’s winners will have the opportunity to work alongside Sound Ventures long-term.
The announcement says:
“Those applying should be interested in building a company over the long-term,” Up to 30 finalists will be selected to partake in a private live pitch. The selected candidates are not required to accept the investment and there are no set terms for how the investment will be distributed.
The contest’s FAQ states: “Investment amounts and terms will vary by company.”
Selection of Pitches is Not Finalized Yet
The number of pitches that need to be selected from the finalists is not clear yet. The competition page suggests that the investments across those selected could total more than $1 million.
Ashton Kutcher and Guy Oseary, Sound Ventures’ co-founders, will sit on the judging panel with the remaining six 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.
Whale Shark and Metakovan, although not well known as some of the other judges, are some of the most respected in the NFT space. The Whale Shark recently tokenized a vault containing their NFT collection, allowing investors to buy into it. It currently has a market cap of almost $23 million. Metakovan, or Vignesh Sundaresan, is the winner of Beeple’s $69 million Christie’s auction last month, and a prominent NFT collector.
The contest is set up by Sound Ventures’ Co-founders, famous Actor Ashton Kutcher and talent manager Guy Oseary. The pair also run VC firm A-Grade Investments, which has a history of supporting successful projects such as Airbnb, Foursquare, Shazam, SoundCloud, Spotify, and Uber.