NFTs

NFTs have clear use cases for high-volume/value items such as event tickets, collectible sports cards, etc. They are ready for mass adoption

Cardano NFTs are

• Widely used
• Well known
• Used by high volume projects
• Used by high-value projects

in a variety of cases

Number of NFT projects proposed during the challenge

Variety of NFT types proposed for use (tickets, art-works, collectibles, creative, novel & new)

Success of the winning proposals

NFTs have caught the public imagination with recent news about high prices being paid for Artworks, Tweets and other collectibles. They have been talked about on "Saturday night live" and "The Ellen DeGeneres show".
NFTs also have the potential for high utility and usage. Ticketing, in-game currency, commemoratives and awards are all potential use cases that don't necessarily rely on scarcity and high value to make them useful. The ability to perform high-frequency, low-value transactions such as transport tickets can address challenges that other blockchains cannot address yet.
Unlike many others, Cardano's NFTs are first-class citizens of the Cardano ecosystem. Demonstrating them through Catalyst proposals and their implementation will help to establish the Cardano ecosystem's varied capabilities as its true strength.
What does success look like

• Cardano is known as the best ecosystem for NFT creation and use
• NFT marketplaces are thriving on Cardano
• NFT transactions are fast and frequent on the Cardano network
• Well-known NFT marketplaces are migrating or re-inventing themselves on Cardano
• Popular uses for NFTs are using Cardano but their users don't always know.
  Guiding questions
• What problems could be solved by Cardano's NFT capabilities?
• What existing NFT use cases could move to Cardano?
• What use-cases exist for NFTs that have not yet been explored?

Potential directions

• Knowledge base & Documentation
• How-to guides for NFTs on Cardano
• High-use NFT applications
• High-Value NFT applications
• Marketplace proposals
• Samples, recipes and templates
• Hackathons
  Budget
  US$200,000 in ADA: I can foresee having another NFT challenge when smart contracts arrive and it seems likely that many proposals will generate their own revenue fairly quickly.