Yes, it'll have 2 badges, but you may only get one of them.
Level 1 badge is given if you complete the event by uploading 5 images, while level 2 badge will be given if you draw/commission an artwork. Level 2 is an upgrade to level 1, and as such looks pretty much the same, but with minor changes to make it look cooler.
Note: you don't need to get level 1 badge to get level 2. If you qualify for level 2 - you'll be given that.