• Donny Willis

If you have any NFT suggestions? Guy Oseary, Ashton Kutcher, Mark Cuban, and Snoop Dogg Is All Ears

Whale Shark, Metakovan, and 3LAU will serve as judges for a new $1 million competition called 'NFTs: The Pitch.'

In a new competition called NFTs: The Pitch, many well-known personalities from the music, film, and sports industries are investing $1 million in NFT business ideas.

Guy Oseary, Madonna's longtime manager and regular investor, will be joined by actor-investor Ashton Kutcher, Mark Cuban, owner of the Dallas Mavericks and a Shark Tank investor, and rapper Snoop Dogg. Whale Shark, Metakovan, and 3LAU, all NFT innovators, are also judges.

According to Oseary, who invests in startups with Kutcher through their venture fund, Sound Projects, the contest would consider any concept or existing product.

"Someone may have a small amount of money. There's a possibility they have a deck. They may have a scribbled idea on a napkin. It's not all about going to the peak to help the environment "he observes. "You have to support the little guys as well."

Oseary says he's already invested in "a couple of the best NFT platforms on the market," but doesn't elaborate.

The application period runs from Monday, April 5 to Friday, April 12. On April 16, the finalists will be informed. The judges will then consult with 30 finalists for virtual pitch sessions on April 21. A pot of around $1 million will be split among a number of winners; the size of the investments and terms given will differ.

NFTs are "non-fungible" tokens that have been attached to digital objects such as visual artwork and digital trading cards. They are one-of-a-kind, unlike a cryptocurrency or fiat currency. Musicians like Deadmau5, Shawn Mendes, Grimes, and 3LAU, who raised $11.6 million from 33 NFTs, have sparked a degree of excitement not seen since Bitcoin burst into the public consciousness in 2017. Other artists, including Kings of Leon and The Weekend, quickly piled into NFTs by selling audio-visual works and digital artwork on platforms including OpenSea, Rarible, and Nifty Gateway.

The data that is permanently stamped onto an NFT is one of the main differences between it and a physical object. When an artist creates an NFT, they embed data into a "smart contract" that determines how much money the artist will get when the NFT is resold. In this way, NFTs are "the polar opposite" of the current trend of artists "selling off their life's work," according to Oseary, who is referring to songwriters selling their catalogs to a new group of well-funded investors such as Hipgnosis and Round Hill. A songwriter will receive a large payment today, but they would not be entitled to any income if the investor sells their catalog for a profit.

NFTs and smart contracts have benefited artists, according to Oseary "The concept of taking care of artists in the future has become more commonplace. That it isn't even questioned is what I admire about it."

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