Summ3r launches the first incubation program empowering NFT entrepreneurs in the Sui ecosystem.

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23-11-10 17:30

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• Summ3r is an NFT business accelerator built on the Sui network. With the official support of Sui, "SUMM3R on Sui-NFT Incubation Program" is the first incubation program conducted by the accelerator.

• Recognized teams will be granted access to Summ3r's full Web3 expert network.

• All graduating teams that complete the program milestones will receive a $50,000 grant from the Sui Foundation.

Summ3r is an accelerator that focuses on providing support for creators. Today, it announced its new NFT incubation program aimed at supporting entrepreneurs in building high-quality startups with a focus on NFTs. The program is built on the Sui network, a unique network designed for developing the next generation of digital assets. This comprehensive program provides unprecedented industry expertise, insights, and resource access opportunities. By providing these resources to startup teams, it ensures that they are at the forefront of growth and success in the rapidly evolving NFT space.

NFT has opened up new avenues in art, collectibles, and digital ownership, providing creators with more control over their work and opportunities to profit from it. However, the potential of Web3 to change application and product development is still largely untapped. Despite many projects having strong communities and innovative ideas, capital investment is expected to significantly decline by 2023. Nevertheless, Summ3r expects that companies who understand the potential of NFTs (creativity, community, and loyalty) will be able to succeed in the long term. Startups from various industries such as AI, gaming, social media, and business will find their place in this plan.

J. Lindquest, CEO and co-founder of Summ3r, said, "After two years of planning and iteration, we are excited to launch a new method of startup incubation. Summ3r will bring more access and knowledge to Web3 entrepreneurs, helping them build sustainable businesses. We are curious to see which startups will propose the most innovative ideas and solutions to industry and real-world problems."

Sui development team Mysten Labs co-founder and chief product officer Adeniyi Abiodun said that "Sui's object-oriented architecture and breakthrough network primitives like Sui Kiosk can elevate NFTs beyond just collectibles and empower developers to find new use cases for these unique digital assets. We are proud to support the Summ3r NFT incubation program on Sui and excited to see the birth of the next generation of tools and communities."

"SUMM3R on Sui—NFT Incubation Program" focuses on expanding access and collaboration, providing a customized 6-week plan for each participating startup company. During this period, there will be more than 20 live broadcasts, Q&A sessions, and group discussions with Web3 industry experts and mentors, focusing on business expansion, strategy, marketing, community engagement, technical development, Sui ecosystem/dynamic NFT, partnership relations, and fundraising. At the end of the program, each successfully graduated startup team will receive a $50,000 grant from the Sui Foundation. They will also have the opportunity to showcase their work to a selected group of Web3 venture capital firms and foundations. After completion, the startup companies will receive continued support for 6 months, including mentor guidance and introductions to investors, trading platforms, and technology partners."

Any Web3 company that incorporates NFT as part of its business model is eligible to apply for the program. Companies that have achieved early milestones such as creating a minimum viable product, establishing a community, or showing signs of market traction are more likely to be accepted.

Interested parties can visit the "SUMM3R on Sui - NFT Incubation Program" website for more information and to apply.

About Summ3r:

Summ3r Accelerator aims to promote the development of the Web3 industry by integrating entrepreneurs, startups, investors, and industry leaders as mentors and coaches. Summ3r is deeply rooted in the Web3 foundation, aiming to expand its technological influence not only in developed countries but also in regions such as Africa, Latin America, and Southeast Asia to drive innovation and value. They connect Web2 and Web3 by understanding the opportunities and challenges of the Web3 industry.

About Sui

Sui is a unique Layer1 blockchain and smart contract platform that prioritizes the privacy and security of digital asset ownership, while remaining open to everyone. Its object-centric model is based on the Move programming language, supporting parallel execution, sub-second finality, and rich on-chain assets. Sui has horizontally scalable processing and storage capabilities, enabling low-cost support for a variety of applications with unparalleled speed. Sui represents a significant advancement in blockchain technology, providing a platform for creators and developers to build user-friendly experiences.