Hi Carol! Sorry for the late reply. First of all, welcome to Steemit and Happy Chinese New Year!
This is an open challenge. Not sure who initiate this. There is no prize for this. But by joining and engaging with others will bring you more friends and rewards. There are many more challenges in steemit. Some with prizes some without.
For this sevendaybnwchallenge, all the rules are stated in my post, you can join this and nominate your friends to join too.
Happy Steeming!
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