99designs, one of the largest communities for crowdsourcing design projects, has challenged its community to redesigning (what it calls) eBay’s “lame” new logo. Do you think you can do a better job? If so, you have 26 hours to submit your design to the contest for a chance to mock eBay and win yourself a slim $429. Update: Freelancer did this too! (h/t: Sankalp Agrawal)

We at TNW will surely miss eBay’s quirky Web 1.0 logo, but we didn’t find the redesign to be unsuccessful. Honestly, the new design is an improvement, if eBay wants to come across as a modern, trustworthy company. Here’s the original logo, followed by the new one:

Unfortunately, the 99designs community may have a harder time churning out a better design than you might think. Some of the submissions are absolutely terrible, while others are definitely worth a look.

Check out the contest via the link below, which has so far received some 1,200 entries. Do you have the chops to create something better? If you have a design to submit, make sure to share it with us in the comments! See the design brief here.

Redesign eBay’s Logo

Note: I’ve spoken out in the past over my distaste for crowdsourced design (spec work = one of the most miserable things ever), but exceptions can be made for “just for fun” competitions.