OneOf raises $63M for new Green NFT platform for musicians

Sustainable expertise firm OneOf has raised $63 million in seed funding to finance its new Green NFT platform for musicians, providing additional proof that the market for nonfungible tokens stays sizzling.

Several traders and enterprise capitalists participated within the seed spherical, together with Bill Tai, Sun Said of Nima Capital, Sangha Capital, Tezos Foundation, Jack Herrick and Jaeson Ma of East West Ventures.

Built on the Tezos protocol, OneOf is a market for artists and followers to faucet into digital collectibles. The firm claims that minting NFTs on Tezos makes use of over 2 million instances much less vitality than main networks like Ethereum. Artists wishing to mint an NFT on Tezos pays zero value for their itemizing, whereas customers will have the ability to pay for their collections in over 135 fiat currencies.

OneOf additionally plans to donate a portion of its gross sales to an environmental trigger or a charity of the artist’s selecting.

Artist Doja Cat mentioned he’s “happy to be working with OneOf” in addressing accessibility and environmental points on the identical time.

“Blockchain has the ability to democratize ownership and bring economic empowerment to both artists and fans,” mentioned Lin Dai, OneOf’s CEO and co-founder. “We are constructing a expertise firm with an artist-first ethos and eco-conscious mission to assist introduce a whole lot of tens of millions of non-crypto native customers to blockchain by means of straightforward and thrilling use circumstances akin to NFTs.”

Euphoria surrounding NFTs seems to have cooled over the previous few weeks because the cryptocurrency markets tanked. Prior to the selloff, NFTs and DeFi had been among the many hottest developments within the cryptocurrency market.

Despite the current pullback, the longer term for NFTs seems to be brilliant. A new trade forecast from the Invezz publication pegged NFTs at a market capitalization of $470 million by October as buying and selling quantity surges practically 40%.

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