If your NFT idea is innovative enough, Snoop Dogg, Mark Cuban, Ashton Kutcher and other celebrities could invest $1 million into it as part of a Shark Tank-style contest.Sound Ventures, a venture capital fund comprising celebrities, musicians and a billionaire, is offering at least $1 million for the “most innovative” idea for a nonfungible token over the next week.
“Those applying should be interested in building a company over the long-term,” the announcement says. Up to 30 finalists will be selected to partake in a private live pitch with the judges on April 21, just over two weeks from now.
Those selected are not required to accept the investment, and there are no set terms for how the investment will be distributed. The original drawing was destroyed to showcase the advantages of digital over physical artworks, with the funds raised said to go toward ecological conservation nonprofits.The artwork titled “The Eye of The Beholder” was sold for 20 Ether (ETH) (currently worth $42,600) in the auction.