- Solana is playing a significant role in the rise of xNFTs.
- The well-known NFT platform MagicEden has expanded its backing for the upcoming NFT brand-focused competition.
Solana has gained a lot of attention from the crypto community lately due to its association with FTX and the success of NFTs like MadLads. The Solana Foundation recently launched a competition called the “Solana NFT Showdown” to support NFT brands that have real-world applications.
💥 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
The Solana Foundation has started an NFT pitch competition called “Solana NFT Showdown” that aims to bring NFT brands with real-world utility onto the Solana ecosystem. The contest combines visuals from popular animated series to unify NFTs with real value. Leading NFT marketplace, Magic Eden, is supporting the competition.
The Solana NFT Showdown competition urges participating brands to make use of cutting-edge Solana NFT technologies like state compression, trait swaps and xNFTs. The PoS network created hype around the executable non-fungible tokens (xNFTs) with the successful launch of MadLads. The deadline for pitch submissions from the NFT brands is set for June 9th.
In the past 24 hours, the price of SOL, Solana’s native token, dropped by more than 1% and is currently trading at $22.02. However, SOL has seen a recovery from the FTX situation and has recorded a year-to-date surge of 118%.
