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The competition, run by My Destination in conjunction with international associated, including Hotels.com, Travelex and Viator, opened on Monday and closes on March 31.
The winner would have six months to travel the world - with all expenses paid - blogging, meeting locals in each destination and taking part in ''challenges'' ranging from visiting a landmark, tasting a local delicacy, staying with a family and experiencing ''adrenaline pumping'' activities.
The successful entrant would create their own itinerary and blog for My Destination throughout the trip, keeping their family, friends and people around the world up-to-date with their adventures.
After completing the challenges and blogging tasks, the prizemoney would be waiting for the winner on their return, to spend on anything they wanted.
Destination Queenstown chief executive Graham Budd said the competition was a great opportunity to showcase Queenstown to a global audience.
''Who better to unearth the best things to do in Queenstown than the people that live here?''It's a great chance for locals to generate image-rich Queenstown content which will be shared around the world.
''I encourage as many locals as possible to either enter or engage in the voting process to help us reach the final top 10.
''It would be great for a Queenstowner to take out the title and win the trip of a lifetime for their efforts,'' Mr Budd said.
Tourism Queensland's ''Best Job In The World'' winner Ben Southall would preside over the entrants as a guest judge.
Mr Southall said winning the competition in 2009 was a ''life-changing experience'' and he was looking forward to helping choose the winner of the ''Biggest, Baddest Bucket List''.
''I haven't looked back since winning in 2009 and I'm delighted to see an amazing travel blogging opportunity that really looks to get under the skin of so many destinations around the world.''
To apply for the competition people had to create a video application in English, up to three minutes long, speaking about their favourite destination in the world - be it where they live, where they had their best holiday or the place they've always dreamed of visiting.
The video then needed to be uploaded, with a completed application form and travel blog-style entry to www.mydestination.com/bbb.
The video and blog entry could be of two different locations.
Ten candidates would be chosen for the voting short list - five picked by My Destination and five selected by ''the world''.
A final round of voting would open on April 12, the top three finalists would be selected on April 26 and the winner announced on May 7, before the ''trip of a lifetime'' beginning on June 8.