NFTs are the new “it” girls of the tech scene. Everyone is talking about them, but what are they? NFTs, or non-fungible tokens, function as a type of digital asset and represent ownership of a virtual item.
Earlier this week Los Angeles-based NFT platform OneOf announced its launch with $63 million in seed funding.
OneOf’s NFT platform is built specifically for the music industry and will launch to the public in June. OneOf will offer a range of collectible music, art and experiences to purchase on its platform and the artist contribution list is already stacked.
Top-billing musicians like Doja Cat, Quincy Jones, John Legend and H.E.R. have already signed on to the platform. Jones himself is a co-founder of the company and contributed a significant amount to its seed.
Every artist looking to launch NFTs on OneOf’s platform can do so without worrying about minting costs. “Minting” is crypto-speak for the process of creating and then selling an NFT. OneOf doesn’t charge artists any fees associated with minting. Instead, the platform enables artists to create and price their NFTs however they choose. Minting costs for other blockchains, like Ethereum for example, can cost upwards of $150 per NFT.
“Blockchain has the ability to democratize ownership and bring economic empowerment to both artists and fans,” Lin Dai, co-founder and CEO of OneOf, said in a statement.
NFTs on OneOf are built on Tezos blockchain protocol. Tezos uses over two million times less energy than other blockchain networks and essentially requires the same amount of energy used to send out a tweet, according to OneOf.
“I want to be mindful of environmental concerns and accessibility to all of my fans before [my new collection] goes live. Happy to now be working with OneOf, who is addressing both of these issues,” Doja Cat said in a statement.
Fans on OneOf will be able to make purchases with credit or debit cards in over 135 currencies, including crypto.
“We are building a technology company with an artist-first ethos and eco-conscious mission to help introduce hundreds of millions of non-crypto native users to blockchain through easy and exciting use cases such as NFTs,” Dai continued.
Additional investors Nima Capital, Sangha Capital and the Tezos Foundation participated in the round, among others.
