Marketplace OneOf sets its sights on disrupting the NFT industry with its goal of reforming the fan experience. The platform was designed to cater to musicians and their fans, even children and teenagers, through a user-friendly experience.
Crypto as a whole, not just NFTs, carries many negative connotations, including being overly complex and environmentally damaging. But OneOf seeks to change that through its eco-friendly and charitable ethos and by enlisting help from the glitterati.
OneOf Calls On The Stars
OneOf has the backing of music industry mogul Quincy Jones, who has secured the support of a string of popular artists. The list includes Doja Cat, John Legend, TLC, Charlie Puth, Jacob Collier, G-Eazy, Alesso, and Whitney Houston’s estate.
The project has been two years in the making and recently raised $63 million in a seed round with backing from Bill Tai. Tai is a Silicone Valley venture capitalist involved with numerous tech startups, including Zoom and Dapper Labs, which created CryptoKitties.
OneOf describes itself as “A green NFT platform built for music artists and fans.” Running on the Tezos network, it takes advantage of low fees and its Proof-of-Stake consensus mechanism to offer a better all-round experience for users and the environment.
“Deeply committed to a sustainable blockchain future, OneOf will donate a percentage of revenue from every sale to a charity of the artist’s choice, or an environmental cause partner.”
The majority of the NFT ecosystem runs on Ethereum, which suffers from high gas fees, making minting and transfer expensive. Ethereum also operates on a Proof-of-Work chain, meaning the mining process is energy-intensive. OneOf claims to be 2 million times more energy-efficient than other Ethereum-based NFT marketplaces.
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