In brief
A new musician-centric market for non-fungible token ( NFT ) crypto collectibles is coming to the Tezos blockchain, and it ’ s packing projects form an array of long-familiar artists—including John Legend, Quincy Jones, Doja Cat, and the late Whitney Houston .
Announced today, the OneOf NFT marketplace was founded in partnership with Jones and his quincy Jones Productions firm, and will launch in June with subscribe for credit and debit cards across more than 135 decree currencies, along with unspecified cryptocurrencies and stablecoins .
The chopine will besides feature NFTs from artists including TLC, H.E.R, Charlie Puth, G-Eazy, Jacob Collier, The Kid Laroi, Aurora, and Alesso, with foster musicians to come .
OneOf has raised a $ 63 million seed round for the feat, and will be based on the Tezos proof-of-stake blockchain. Using Tezos is billed as a “ park ” option to minting NFTs on Ethereum, which presently uses an energy-intensive proof-of-work consensus model that has estimated network-wide might consumption comparable to the country of Singapore ( via Digiconomist ) .
The environmental shock of Ethereum has been a common criticism amidst the rise of NFTs, which are like deeds of possession to digital items, such as distillery images, video clips, tweets, and interactional video game items. Bitcoin ’ s own power-hungry proof-of-work model has similarly received increase examination of deep, with Tesla announcing this calendar month that it will no longer accept the cryptocurrency as payment for its electric cars due to the ecological shock of mine .
Tezos relies on a proof-of-stake model that requires no mine, which means the overall network requires significantly less power than Ethereum or Bitcoin. OneOf claims that Tezos uses “ over 2 million times less energy ” than proof-of-work networks like Ethereum, and the numbers match what Tezos itself has claimed ampere recently as March .
Amidst criticism over the environmental shock of certain blockchain platforms, the park tag has shown up in more and more announcements for NFT marketplaces. For exemplar, bequest cartridge holder brand SPIN has touted the eco-friendly nature of its NFT drop. OneOf ’ s announcement today includes a quote from rapper Doja Cat about “ [ wanting ] to be mindful of environmental concerns ” as share of the reason she ’ s establish NFTs through this new platform .
OneOf will charge artists $ 0 for minting fees, and allow them to release low-cost NFTs—even rid collectibles, if they please. however, the platform will specialize in limited edition “ OneOf One ” NFT drops. OneOf will donate a share of tax income to either a charity chosen by each artist or an “ environmental cause partner. ” The platform will besides operate an Emerging Artist Spotlight Program to help introduce lesser-known musicians to electric potential new fans.
The $ 63 million seed cycle was led by seasoned venture capitalistic Bill Tai along with Suna Said of Nima Capital, with participation by the Tezos Foundation, Sangha Capital, East West Ventures laminitis Jaeson Ma, and technical school investor Jack Herrick .
many long-familiar musicians have launched their own NFT collectibles and artwork amidst 2021 ’ s surge in value and sake around the digital items, including The Weekend, Kings of Leon, Grimes, Weezer, Snoop Dogg, M.I.A, and the Rolling Stones ’ Mick Jagger .
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