Join the Mission- Telos Launches Mission NFT Challenge
Following the massive success of our EVM hackathon, we are excited to announce that Telos Foundation will host another contest for our community; but this time, we’re calling upon imaginative digital artists to showcase and integrate their work into one of the fastest-rising digital asset classes in the history of tech. As you may have guessed, we’re referring to NFTs — an immutable asset that has generated tens of billions in revenue in the last year alone. As a result, NFTs have inserted themselves into countless industries, from art to music and even gaming.
Our upcoming Mission NFT Challenge will be the first step in providing creators with a more seamless way to create and mint their designs.
This is a significant step for Telos as the Mission NFT Challenge marks the beginning of a long and fruitful partnership with Byt.io, a leading NFT Marketplace that has recently added Telos EVM integration. Like us, our colleagues at Byt realize the true potential NFTs have to redefine what it means to “own” a digital asset in an era of copycats and rampant unauthorized reproduction. Participants in the Mission NFT Challenge will have the opportunity to sell their creations on Byt and additional secondary marketplaces such as Tofu NFT and AreaX.
The competition is open to all digital designers, whether or not they have experience in creating NFTs. So, fear not those new to this space who are unsure of the process or technical aspects! One of our principal objectives in this endeavor is to demonstrate just how easily a novice can take their first steps in minting an NFT when utilizing Telos. Later in this article, we will also delve into other unparalleled benefits, such as the lighting-quick speed and meager costs of operating on Telos.
Voting Process and Prize Pool
The contest opens for registration on Monday, May 9th, 12:00 pm EST, and participants can submit their projects by Friday, June 24th, 12:00 pm EST.
Public Voting on the submissions will take place between Monday, May 23rd, 12:00 pm EST. to Thursday, June 30th, at 12:00 pm EST. Twenty finalists will be announced on Friday, July 1st, at 12:00 pm EST, and the top five winners will be selected and announced on Tuesday, July 5th at 11:00 am EST.
The five winners of our Mission NFT contest will win a prize of 25,000 TLOS each; a bonus “Gooey’s Choice” prize of 50,000 TLOS will be awarded by our in-house NFT curator, The Big Gooey. The public voting round will take place on the TaiKai Network. TaiKai, which is also built on Telos, is the platform that enabled us to run the Telos Spark EVM Hackathon competition successfully.
Digital creators can use the following link to learn more about the requirements to participate in our Mission NFT contest: (ad link to guidelines and requirements)
Judging Criteria: The Big Three
While the public round of voting will be decided entirely by our community and each person’s individual preference, our panel of judges will “sharpen the pencil” and select their top 5 based on more specific criteria. Of course, like virtually any competition that revolves around creative design, the artistic appeal is one of the primary attributes taken into consideration. However, since their inception, NFTs have evolved past simply serving as a collectible item, with utility becoming a key area of focus for many new collections. Therefore, our judges will also base their picks upon the utility of each submission and what benefits it can provide for holders.
Lastly, our judges will analyze which NFT entries show the most promise to foster more growth as a collection within the Telos ecosystem. This will give projects with the most interesting and robust communities the edge in being picked as one of our final five winners. Please note that the winner of the “Gooey Pick” will have the added bonus of working closely with The Big Gooey in bringing their NFTs to market.
Making a Positive Impact in the NFT Space
While the NFT craze has all but revolutionized numerous sectors to create new and thriving economies, this unique sector has not come without several pain points that continuously plague users. Chains such as Ethereum are notorious for astronomical gas fees and lagging transaction times due to front-running, which was on full display recently during Yuga Lab’s Otherdeed NFT land sale. Throughout the course of the weekend sale, a staggering $180mil worth of Ethereum was burned in gas fees alone, with some users paying up to $3950 in gas for an NFT worth one-tenth of that amount. Still, those who were successful in obtaining an NFT during this debacle were considered “lucky,” as those who weren’t able to mint were left with nothing more than a bill for an outrageous transaction charge.
The situation described above is fundamentally contrary to the core values we hold at Telos. Moreover, it does nothing to incentivize aspiring NFT consumers or creators with limited capital from entering the space and, in many cases, forces users to leave it altogether. Adding to this problem are environmental concerns due to energy usage needed to mint on other chains, which has been the subject of much scrutiny lately in DeFi and political circles.
Building the Gold Standard in All DeFi Protocols
From day one, Telos has remained committed to creating the most user-friendly network in all of DeFi. We accomplished this with our ground-breaking EVM, which features unprecedented speed, low costs, and a negative carbon footprint on all transactions. We are committed to our community in upholding this standard as we offer NFT creators a new platform to mint their collections almost instantly and with total gas fees adding up to just a few cents per NFT (yes, you read that correctly). Needless to say, this is a far cry from the hundreds- and in some cases thousands — of dollars, one could likely spend when utilizing another network.
Eco-Friendly. Efficient. Affordable. These are the pillars upon which the Telos NFT ecosystem is built and will ultimately help facilitate the mass adoption we collectively strive for. We wish every participant in our Mission NFT contest the best of luck, and we look forward to creating a more inclusive and improved NFT space with you all.
About Telos
The Telos EVM is the most powerful and scalable Ethereum Smart Contract platform available today, built to power Web 3.0. Telos features a robust, third-generation, ESG compliant evolutionary blockchain governance system inclusive of smart contracts, advanced voting features, and flexible and user-friendly fee models. Telos supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications through development grants. Come build with us.
