NFTs have come a long way since the first “Quantum” NFT was minted in 2014. In recent years, NFTs rapidly expanded in number and value in gaming, collectibles, and art. The craze about NFTs peaked in March 2022 with the US$69m sale of Beeple’s digital collage Everydays: the First 5000 Days at Christie’s Auction House. While the enthusiasm around NFTs has deflated with the recent crypto market crash, NFTs still present the vast potential for value creation assuming that related legal and environmental challenges can be addressed. Since NFT ownership is easy to certify and transfer, and its underlying blockchain is programmable, this new technology can be used to create markets in a wide spectrum of areas and provide value for its holder besides just ownership. As such, NFTs applications are emerging in education, healthcare, government, retail, metaverse, and more.
Against this background, we would like you to build a new product leveraging NFT technology. Your product should address one of the global challenges we face today. For guidance, please refer to the UN Sustainable Development Goals to achieve a better and more sustainable future for all. SDGs address global challenges – including poverty, inequality, climate change, environmental degradation, peace, justice and more.
Some questions that you could think about:
- What are the global challenges that NFTs can solve?
- What are one or several issues that businesses, entrepreneurs, and/or individuals face today that you think are critical and need to be addressed and can be addressed by your product?
- What is one killer product that can help businesses, society, and individuals to meet the challenges of today’s world?
In teams of 2-5 people, you are invited to develop a product that addresses a specific challenge or group of challenges in this space. As a part of your proposal, we would need a clear articulation of the problem, and the ways in which your product solution addresses it, empowering and supporting the solutions of the future. The solution must be validated by your user research. The product can be tangible or intangible, but it must be a product of some sort.
The primary evaluation metrics are as follows, with a more specific scoring criteria to be shared with the competing finalist teams in advance.
Product Concept and Design
- Clear articulation of the product and the challenge it addresses
- Critical functions and features targeting specific users
- Clearly identified user journey and understanding of user needs
- Well thought out user friendliness and user experience features
- Concept validation through user testing, prototyping, etc.
- Clear target segmentation
- Clear understanding of budgetary and resource constraints, as well as mitigations
- Risks & trade-offs of scale up
- Adequate KPIs and success metrics clearly defined
- Presentation of the product succinctly and to time
- Vivid product presentation, including product details, product design, etc. (e.g. create either a prototype, mock design, 3D model or anything that can showcase your product)
|SUBMISSIONS OPEN||Sept. 8, 2022||Gather your perfect team and register here. Navigate here to see the problem statement and what we’re looking for (problem statement will only be released on launch date)|
|SUBMISSION DEADLINE||Oct. 7, 2022||Submissions Close / Deadline|
|TOP 4 ANNOUNCEMENT||Oct. 17, 2022||Finalist Teams Announced. A jury of product managers will select the top four teams as finalists for the final competition.|
|ONGOING MENTORSHIP||Oct. 18 – Nov. 17, 2022||Receive one-on-one coaching from industry leaders such as Google, Accenture Strategy, and others.|
|KEYNOTE & FINAL PRESENTATION||Nov. 18, 2022 or Nov. 21, 2022 (To be confirmed soon)||Use the mentorship opportunity to make final changes to your submission and present it at the finals!|
The submission should note the following points.
- The final presentation should be in the form of a PDF, no more than 10 pages (excluding cover page, agenda and appendices).
- Each team can have 2-5 students. Members must be from the same school/university and at least 50% of members are required to be MBA students. Members must be current students, or graduated not more than 3 months earlier than the submission date.
- Visualization is key. The judges would want to see a live demo, mock design or anything that can bring your product to life.
- Presentations are great, keep it to the PDF deliverable for the initial submission. For the final round, Videos are even better and it is strongly recommended to incorporate them into your presentation (Kickstarter style).
- Put the user in the center. The judges want to see what the user thinks and feels about the areas you are addressing and what they think about the product. Please provide user research.
- For further details and discussion please join the INSEAD Product Games Telegram Channel or email us at [email protected]
Take a look at our FAQs page, you may find the answer to your questions.