The firm says that by building on Tezos it can provide a more environmentally sustainable marketplace .
Music-focused non-fungible token ( NFT ) platform OneOf has raised $ 63 million to support what it calls its mission to become a more environmentally sustainable marketplace for artists and fans .
Participating investors in the impressive seeded player fund circle included environmental activist Bill Tai, Nima Capital ’ mho Suna Said, Sangha Capital, technical school investor Jack Herrick and the Tezos Foundation .
OneOf ’ south chopine, which is built on the Tezos blockchain, will launch next month. Its first set of collectible releases is said to include music by the late Whitney Houston, Doja Cat, Quincy Jones, Jacob Collier and G-Eazy. Fans will be able to use credit or debit cards in over 135 decree currencies, equally well as cryptocurrencies and stablecoins, to purchase NFTs, said the firm .
OneOf CEO Lin Dai told CoinDesk the fund will be spent on expanding the team, building on top of the platform ’ s existing technology and supporting mugwump artists. The company is besides to run an “ Emerging Artist Spotlight Program, with the first gear artists to include Laura Mvula, Barbara Doza, and Erick The Architect.
“ Primarily, a boastfully part of the financing will go towards working with artists to secure rights to their art in the form of music that could potentially be collectible, ” said Dai .
OneOf is marketing its clientele as environmental, social and government ( ESG ) friendly and targeting environmentally conscious music consumers. It was co-founded by Dai, alongside digital media executive Joshua James and music diligence veteran Adam Fell, in partnership with Quincy Jones and Quincy Jones Productions.
Using Tezos ’ blockchain engineering, OneOf claims minting an NFT uses two million times less energy than other proof-of-work networks such as Ethereum. It ’ mho besides aimed to be cheaper, with the firm pledging to support zero-cost NFT mint for artists using the platform .
By using OneOf, artists will be able to create NFTs at more “ low-cost price points to be accessible to all fans, ” the firm said in a press release Tuesday.
“ We in truth can ’ thymine get ourselves comfortable enough to truly commit to the Ethereum platform largely because of the environmental impact and the high gasoline fees, ” Dai said in an consultation .
NFTs – cryptanalytic tokens used to link possession and other rights to assets like art and collectibles, or even tweets – are becoming increasingly popular in the music industry as a way to engage with fans. Back in March, rock set Kings of Leon trotted out “ aureate tickets ” for front man row seats as partially of an NFT album let go of .
Rapper Post Malone has besides launched a concert streaming service, AUX Live, that mints NFTs and is said to bring together artwork and feel .