As the NFT mania rages on, a new Shark Tank-like competition is set to debut with a number of high-profile judges.
NFTs: The Pitch is a go following a $1 million funding round by Sound Ventures, a major venture capital firm founded by Guy Oseary and famed actor and entrepreneur Ashton Kutcher. Both execs will appear as judges on a panel that also includes billionaire Dallas Mavericks owner Mark Cuban, iconic hip-hop artist Snoop Dogg, and electronic music producer 3LAU, among others.
Details on the contest's format and distribution plan are scarce at this time. Variety reports that on April 21st, finalists will participate in a live virtual pitch session with the judges. However, the discussions will not be streamed live to the public, according to the competition's website.
"Throughout my career I’ve researched, invested in, and even personally incubated innovative ways to help artists reach their full potential," said Oseary. “NFTs are a groundbreaking chapter for talent to continually protect and monetize their IP via smart contracts, and have applications that touch all categories."
In February 2021, 3LAU opened the floodgates of the NFT world when the dance music vet and cryptocurrency pundit broke the record for sales by selling 33 unique items for a total of $11,684,101. That drop has since been eclipsed by renowned digital artist Beeple, who sold an NFT for a staggering $69.3 million in March.
To find out more about the explosion of NFTs, or non-fungible tokens, and their collision course with the EDM community, read our interview with the founders of Nifty Gateway, one of the space's most popular marketplaces.
You can read more about NFTs: The Pitch here.