‘Inexperienced’ NFT Platform Raises $63 Million to Launch Music Collectibles on Tezos

In short

  • OneOf, a brand new musician-centric NFT platform based mostly on Tezos, will launch in June.
  • The platform will function NFTs impressed by Whitney Houston, Quincy Jones, and different standard musicians.

A brand new musician-centric market for non-fungible token (NFT) crypto collectibles is coming to the Tezos blockchain, and it’s packing tasks type an array of well-known artists—together with John Legend, Quincy Jones, Doja Cat, and the late Whitney Houston.

Introduced in the present day, the OneOf NFT marketplace was based in partnership with Jones and his Quincy Jones Productions agency, and can launch in June with help for credit score and debit playing cards throughout greater than 135 fiat currencies, together with unspecified cryptocurrencies and stablecoins.

The platform may also function NFTs from artists together with TLC, H.E.R, Charlie Puth, G-Eazy, Jacob Collier, The Child Laroi, Aurora, and Alesso, with additional musicians to return.

OneOf has raised a $63 million seed spherical for the trouble, and might be based mostly on the Tezos proof-of-stake blockchain. Utilizing Tezos is billed as a “inexperienced” different to minting NFTs on Ethereum, which at the moment makes use of an energy-intensive proof-of-work consensus mannequin that has estimated network-wide energy consumption corresponding to the nation of Singapore (through Digiconomist).

The environmental affect of Ethereum has been a typical criticism amidst the rise of NFTs, that are like deeds of possession to digital gadgets, comparable to nonetheless photographs, video clips, tweets, and interactive online game gadgets. Bitcoin’s personal power-hungry proof-of-work mannequin has equally acquired elevated scrutiny of late, with Tesla saying this month that it’ll now not settle for the cryptocurrency as cost for its electrical vehicles as a result of ecological affect of mining.

Tezos depends on a proof-of-stake mannequin that requires no mining, which suggests the general community requires considerably much less energy than Ethereum or Bitcoin. OneOf claims that Tezos makes use of “over 2 million instances much less vitality” than proof-of-work networks like Ethereum, and the numbers match what Tezos itself has claimed as not too long ago as March.

Amidst criticism over the environmental affect of sure blockchain platforms, the inexperienced tag has proven up in increasingly bulletins for NFT marketplaces. For instance, legacy journal model SPIN has touted the eco-friendly nature of its NFT drops. OneOf’s announcement in the present day features a quote from rapper Doja Cat about “[wanting] to be conscious of environmental issues” as a part of the rationale she’s launching NFTs by way of this new platform.

OneOf will cost artists $0 for minting charges, and permit them to launch low-priced NFTs—even free collectibles, in the event that they please. Nevertheless, the platform will focus on restricted version “OneOf One” NFT drops. OneOf will donate a share of income to both a charity chosen by every artist or an “environmental trigger associate.” The platform may also function an Rising Artist Highlight Program to assist introduce lesser-known musicians to potential new followers.

The $63 million seed spherical was led by veteran enterprise capitalist Invoice Tai together with Suna Mentioned of Nima Capital, with participation by the Tezos Basis, Sangha Capital, East West Ventures founder Jaeson Ma, and tech investor Jack Herrick.

Many well-known musicians have launched their very own NFT collectibles and paintings amidst 2021’s surge in worth and curiosity across the digital gadgets, together with The Weekend, Kings of Leon, Grimes, Weezer, Snoop Dogg, M.I.A, and the Rolling Stones’ Mick Jagger.

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