The second installment of the #Freestyle50 challenge is officially back, and 300 Entertainment record label kicked off the campaign in style.

Kevin Liles, media mogul and co-founder of 300 Entertainment, joined forces with A-list producer, London On Da Track, and Verizon last year to start a freestyle competition, #Freestyle50. This year, 300 Entertainment hosted a lavish launch event to ring in this year’s start of the competition.

The official #Freestyle50 launch party was held last night at the Marquee venue in Manhattan. All guests were given the VIP treatment, as the party included an open bar, food, hip backdrops for all impromptu photoshoot needs, and endless opportunities to mingle within a room filled with music industry tastemakers, officials, artists and creatives. Various DJ’s, including Roc Nation’s DJ Camilo and Hot 97’s DJ Enuff, had the room all the way turned up before the main acts came on for their performance. This year, hip-hop OG, Busta Rhymes came through and had the crowd going crazy over his classic hits. 300 Entertainment’s very own Tee Grizzley was also a headliner and he performed his smash hit “First Day Out”. Last year, the talent lineup included New York natives, Dave East and A Boogie. Overall, the night was exciting, successful and truly set the tone for the heat that is sure to come from this campaign.

If you’re an aspiring rapper, this is your shot at making it big. The grand prize for the #Freestyle50 challenge winner is nothing short of a dream come true. The package includes a singles deal with 300 Entertainment, a track produced by London himself and $10,000 cash. Anyone who has bars can enter the #Freestyle50 competition by spitting their best lines over Tee Grizzley’s “No Effort” beat and uploading it to social media using the hashtag #Freestyle50Challenge. To be officially entered, you must tag @300Ent and @Verizon. For more official rules, click here.

Because the competition is taking place through social media, the opportunities are limitless, which is the essence of what Kevin Liles wanted for this effort. He says through the use of technology, the reach for this competition is now around the world. This means no matter what city you’re repping or how old you are, you should give it your best shot. Liles sees this campaign as something that is very personal to him. It is a way to celebrate the culture, but more importantly, each other. Since ultimately the goal is to impress Kevin Liles and his team, many people are wondering if there is a specific “it” factor that the label is looking for. When asked about this, Liles says “Just express yourself.” It’s as simple as that. “You might not get signed, but just express yourself. Just get it off your chest no matter where you are in life.”

Sway Calloway is set to host the grand finale, which will take place in Los Angeles next month and only eight lucky spitters out of thousands will be selected to be a part of it. Be sure to get your submission in soon, as this is surely the opportunity of a lifetime.