Oxygen has announced it has ordered Best Ink, a new Project Runway-like reality talent competition series for tattoo artists that the network began developing late last year.

Former second-season American Idol finalist Kimberly Caldwell will serve as the host of Best Ink, which will feature tattoo artists living together and competing in a series of challenges that will showcase their artistic talents on real people.

According to the network, the challenges will include an "Emotional Life Passage Challenge" in which the artists will be required to design a tattoo commemorating a personal story or dramatic life moment, and a "Tribute Tattoo Challenge" in which they must design tribute tattoos for die-hard fans of musical icons.

The contestants will be competing for $100,000 and a cover and spread in Tattoo Magazine.

Tattoo artist Joe Capobianco and Sabina Kelly -- who is a pinup model and tattoo shop owner -- will serve as the series' judges along with an additional rotating guest judge.   

Best Ink is the second tattoo artist competition to be announced in the last month. Last month, Spike TV announced it will premiere InkMaster, a tattoo competition hosted by Dave Navarro, in January.

Best Ink is being produced by Bunim/Murray Productions with Jonathan Murray, Gil Goldschein and Rico Martinez serving as executive producers.