Music NFT Platform OneOf Raises $63M

Music-centric NFT platform OneOf has announced that $63M in funds have been raised, with a large bulk of the funds going towards artist rights. Additionally, funding will supply team expansion, building the platform’s existing technology, and supporting independent artists. OneOf is preparing to launch the environmentally-focused NFT platform on the Tezos platform.

The OneOf Launch

The emerging NFT platform is said to be bringing music from the likes of John Legend, Whitney Houston, Doja Cat, Jacob Collier, G-Eazy, and more as part of their initial collection. OneOf will look to empower artists by bringing to market collectible art, music, and experiences, with music being a major focal point. Fans are anticipated to be able to use credit or debit cards supporting over 135 fiat currencies, as well as a variety of stablecoins and cryptocurrencies, to purchase the NFTs on the platform. OneOf will be building the platform on the Tezos blockchain.

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OneOf & The “Green” NFT

In a recent interview, OneOf co-founder Lin Dai stated “we really can’t get ourselves comfortable enough to really commit to the Ethereum platform largely because of the environmental impact and the high gas fees”. While Ethereum 2.0 looks to arguably address these concerns, the firm’s timetable to launch is as early as next month. This led Dai and the OneOf team to Tezos, which is already utilizing proof-of-stake for increased environmental efficiency.

Accordingly, OneOf is looking to position itself as the “green” music NFT platform, with a focus on environmentally-conscious music consumers. In a public statement, music artist Doja Cat noted that she wanted to be “mindful of environmental concerns and accessibility”. OneOf has stated that they are working on partnering with an environmental cause partner as well.

Tezos (XTZ) is becoming an increasing name in entertainment and sport projects. | Source: XTZ-USD on TradingView.com

Pump Up The Jams

Dai’s fellow co-founders, media executive Joshua James and music industry veteran Adam Fell, partnered with legendary musician Quincy Jones and his production company, Quincy Jones Productions on the project.

With that in mind, environmental considerations are a clear focal point for OneOf. However, the company is also looking to taking a particularly artist-friendly stance. OneOf is planning to launch an “Emerging Artist Spotlight Program” to embrace independent artists. Additionally, the platform is pledging support zero-cost NFT minting for artists on the platform. Rather than charging artists a minting fee, the platform will solely take a commission of completed sales. As with many major NFT platforms, a secondary market will also exist for users to resell their collectables. Despite this, OneOf has emphasized accessibility by way of affordable price points for consumers as well.

Related Reading | The First Record Label Paying Music Artists In Crypto

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