Marketplace OneOf sets its sights on disrupting the NFT industry with its goal of reforming the fan experience. The platform was designed to cater to musicians and their fans, even children and teenagers, through a user-friendly experience.
Crypto as a whole, not just NFTs, carries many negative connotations, including being overly complex and environmentally damaging. But OneOf seeks to change that through its eco-friendly and charitable ethos and by enlisting help from the glitterati.
OneOf Calls On The Stars
OneOf has the backing of music industry mogul Quincy Jones, who has secured the support of a string of popular artists. The list includes Doja Cat, John Legend, TLC, Charlie Puth, Jacob Collier, G-Eazy, Alesso, and Whitney Houston’s estate.
The project has been two years in the making and recently raised $63 million in a seed round with backing from Bill Tai. Tai is a Silicone Valley venture capitalist involved with numerous tech startups, including Zoom and Dapper Labs, which created CryptoKitties.
OneOf describes itself as “A green NFT platform built for music artists and fans.” Running on the Tezos network, it takes advantage of low fees and its Proof-of-Stake consensus mechanism to offer a better all-round experience for users and the environment.
“Deeply committed to a sustainable blockchain future, OneOf will donate a percentage of revenue from every sale to a charity of the artist’s choice, or an environmental cause partner.”
The majority of the NFT ecosystem runs on Ethereum, which suffers from high gas fees, making minting and transfer expensive. Ethereum also operates on a Proof-of-Work chain, meaning the mining process is energy-intensive. OneOf claims to be 2 million times more energy-efficient than other Ethereum-based NFT marketplaces.
Instagram Looking To Get In On Non-Fungibles
The latest market data from OpenSea shows interest in NFTs is cooling. March 2021 was the platform’s best-ever sales month, bringing in $150 million. But the following month saw a 38% slump in sales.
“On OpenSea, a major NFT marketplace, monthly sales were $93.6 million in April, having hit almost $150 million in March, compared to $95 million in February and $8 million in January.”
A similar pattern was reported by both Nifty Gateway and NBA Top Shot.
Despite that, as evidenced by NFTs holding their own during the recent crypto crash especially gaming-related items, some argue that NFTs are a better investment than cryptocurrency.
Reports from China claim the NFT sector over there is booming. So much so that Alibaba launched a digital art auction last week.
Add to that rumors of Instagram coming out with their own platform, and it’s clear that NFTs still hold appeal at the board level.
The social media giant is said to be early stages of designing its NFT platform. The firm has apparently reached out to artists inviting them to a panel discussion.