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OneOf Raises $63 Million For Green NFT Music Platform

OneOf Raises $63 Million For Green NFT Music Platform
  • OneOf raised $63 million in a recent seed funding round.
  • The platform aims to offer green music NFTs on Tezos.
  • Also, OneOf aims to make NFTs cheaper and more accessible to the general public.
  • Artists set to mint NFTs on OneOf include Whitney Houston, Doja Cat, and more.

OneOf raised $63 million in a recently closed seed funding round. OneOf intends to use the funds to launch a green non-fungible token (NFT) music platform on Tezos.

Fund participants included famous environmentalist Bill Tai, Nima Capital’s Suna Said, tech investor Jack Herrick, Sangha Capital, and Jaeson Ma, founder of East West Ventures and 88rising co-founder.

The seed fund will go towards building the OneOf platform which aims to connect fans and collectors with their favorite artist. Notably, the OneOf team intends to make the platform both eco-friendly and inclusive.

To achieve this goal, OneOf will leverage Tezos functionality which includes lower NFT minting fees. In fact, Tezos will enable OneOf artists to mint NFTs at no cost ($0). In comparison, minting NFTs on Ethereum, for example, can cost over $150. Additionally, the lower minting costs will allow artists to sell their NFTs for far less. The lower NFT prices will in turn make NFTs more accessible to a wider user base.

Another factor that will make OneOf more inclusive is that the platform will support debit and credit card purchases. Meaning, fans will have the option to use over 135 fiat currencies to purchase NFTs on the platform.

Tezos also helps OneOf address another key concern. Lately, the excessive crypto energy consumption has increasingly become a cause for concern. In fact, environmentally focused NGO Greenpeace recently stopped accepting Bitcoin donations due to its negative impact on the environment.

With this in mind, OneOf is building its NFT platform to be eco-friendly. Specifically, Tezos is one of the most energy efficient blockchains. Minting an NFT on Tezos uses about 2 million times less energy compared to Proof of Work (PoW) networks like Ethereum.

In addition, OneOf intends to donate a portion of its NFT proceeds to either the artist’s charity of choice, or one of the platform’s environmental cause partners.

Artists set to release NFTs on OneOf include superstars like Whitney Houston, Doja Cat, H.E.R, John Legend, TLC, Charlie Puth, Quincy Jones (who is one of the platform founders), and more. Speaking on working with OneOf, Doja Cat said,

I cannot wait to release my first Juicy Drops collection! However, I want to be mindful of environmental concerns and accessibility to all my fans before we go live. Happy to be working with OneOf who is addressing both of these issues.

Also, OneOf will enable artists to release NFTs in the form of collectible music, art, and unique experiences on the platform.

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Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.