John Legend, Doja Cat, Quincy Jones, and Whitney Houston’s Estate are all early partners in the OneOf music NFT platform.
The new platform will launch in June, offering artists the ability to release collectible music, art, and ‘ experiences ’ through the platform. OneOf is taking some inspiration from NBA Top Shots to create wide drops of music NFTs for fans and ‘ headline-making OneOf collectibles .
OneOf collects a deputation each clock time a transaction takes seat on its marketplace. That ’ s slenderly different from early platforms, which charge artists a tip to mint their NFTs. The platform besides consists of a junior-grade marketplace, where fans can trade their NFTs – OneOf receiving a cut of the sales each time. The party says it will accept credit and debit cards, equally well as several “ circus tent cryptocurrencies and stable coins. ”
The platform is besides starting an Emerging artist Spotlight Program to help “ champion influential new voices through fiscal and market commitments. ” Artists character of the initial curl include Laura Mvula, Barbara Doza, and Erick the Architect. The platform has besides committed to donating a percentage of its chopine tax income from every sale to a charity of the artists ’ choice or an environmental charity partner.
Investors in the latest seed funding round include Bill Tai, Dapper Labs, Canva, Wish.com, Treasure Data, and more. The $63 million funding will be spent on expanding the team, building on top of the platform’s existing technology, and supporting independent artists.
“ Primarily, a large contribution of the financing will go towards working with artists to secure rights to their art in the shape of music that could potentially be collectible, ” says OneOf CEO Lin Dai. The Tezos blockchain was chosen as the backbone of the project because minting NFTs on its blockchain uses two million times less energy than older proof-of-work cryptocurrencies like Bitcoin and Ethereum .
Most NFT platforms presently operate on Ethereum. The mint cost that platforms charge helps cover the ‘ natural gas ’ price for creating transactions on the Ethereum network. That ’ south something the Tezos blockchain minimizes, supporting zero-cost NFT mint for artists who use the platform .
“ We actually can ’ triiodothyronine get ourselves comfortable enough to in truth commit to the Ethereum platform largely because of the environmental affect and the high natural gas fees, ” Dai says .