NFT Crypto Collectibles Marketplace OneOf Secures $63 Million in Seed Round Funding

A new musician-centric NFT crypto-collectibles marketplace is making its way onto the Tezos blockchain, and its packaged projects consist of a range of notable artists, including John Legend, Quincy Jones, Doja Cat and the late Whitney Houston.

NFT Crypto Collectibles Marketplace OneOf Secures  Million in Seed Round Funding

A new musician-centric NFT crypto-collectibles marketplace is making its way onto the Tezos blockchain, and its packaged projects consist of a range of notable artists including John Legend, Quincy Jones, Doja Cat and the late Whitney Houston.

The OneOf NFT marketplace, announced today, was created in partnership with Jones and his Quincy Jones Productions and will launch in June, supporting credit and debit cards in over 135 fiat currencies as well as unspecified cryptocurrencies and stablecoins.

The platform will also feature NFT works from artists such as TLC, H.E.R, Charlie Puth, G-Eazy, Jacob Collier, Kid Laroi, Aurora and Alesso, as well as many more musicians.

OneOf has raised a $63 million seed round for this effort and will be created based on Tezos’ PoS blockchain. Using Tezos is considered a “green” alternative to minting NFTs on Ether. Ether currently uses an energy-intensive proof-of-work (PoW) consensus model with an estimated network-wide energy consumption comparable to that of the country of Singapore.

The environmental impact of Ether has been a common criticism during the rise of NFTs. These NFTs are similar to ownership contracts over digital products such as still images, video clips, tweets and interactive video game items. Bitcoin’s proof-of-work model has also come under increasing scrutiny recently, with Tesla announcing this month that it will no longer accept cryptocurrencies as a form of payment for its electric cars due to the ecological impact caused by mining.

Tezos relies on a PoS model that does not require mining, meaning that the entire network requires much less power than ethereum or bitcoin. OneOf claims that Tezos uses “2 million times less energy” than PoW networks like Ether, and those numbers match what Tezos itself claimed back in March.

Amid criticism of the environmental impact of certain blockchain platforms, the green label has been popping up in a growing number of NFT market announcements. Traditional magazine brand SPIN, for example, touts the eco-friendly nature of its NFTs. OneOf’s announcement today included a quote from rapper Doja Cat about “(hopefully) being mindful of the environment,” which is part of the reason she launched NFT through the new platform.

OneOf will charge artists a 0 minting fee and allow them to release low-priced NFTs or even release free collectibles for free. However, the platform will be developed exclusively for limited edition ” OneOf One” NFT releases. OneOf will donate a portion of the proceeds to a charity or “environmental partner” of each artist’s choice. The platform will also operate an “Emerging Artist Spotlight Program” to help introduce lesser-known musicians to potential new fans.

The $63 million seed round was led by veteran venture capitalist Bill Tai and Suna Said of Nima Capital, with participation from Tezos Foundation, Sangha Capital, East West Ventures founder Jaeson Ma and technology investor Jack Herrick.

As the value and interest around digital products surges in 2021, many well-known musicians have launched their own NFT collections and artwork, including The Weekend, Kings of Leon, Grimes, Weezer, Snoop Dogg, M.I.A, and Mick Jagger of The Rolling Stones. .

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