Yahoo Finance OneOf wants to sell you a John Legend NFT
It will begin operations in June.
An NFT platform backed by Quincy Jones and designed to cater exclusively to musicians is launching today. OneOf describes itself as a “green” NFT platform, and counts Jones, John Legend, Doja Cat and the estate of Whitney Houston as early partners. In June, these artists, and many more, will be able to release collectible music, art and “experiences” through the platform. This will range from wider drops of NFTs for fans through to what is described as "headline-making 'OneOf One' collectibles."
OneOf’s business model is reliant upon collecting a commission on every transaction made on its marketplace. That’s in contrast to other platforms, which charge artists a fee to “mint” their NFTs or take transaction fees instead. The company says that the system is built upon the Tezos blockchain, which uses the lower-power proof of stake instead of proof of work, a far more energy-intensive system which has caused significant concern.
(For a far greater explanation of the environmental footprint of blockchain products and their energy consumption, please read our lengthy explainer on the topic.)
In a statement, Doja Cat said that she was excited to release her first collection, but was "mindful of environmental concerns and accessibility" to all of her fans. She added that she was happy to be working with OneOf, which was in the process of "addressing both of these issues."
Beyond initial sales, the platform will also host a secondary market that, much like NBA Top Shot, will enable users to resell their purchased NFTs. (With OneOf, naturally, taking a cut of that fee as well.) The company added that it will accept credit and debit cards in over 135 fiat currencies as well as a number of “top cryptocurrencies and stablecoins.”
As part of the sales pitch to musicians, OneOf says that some of the money it makes will be donated to “an environmental cause partner” or a charity of the artist’s choice. In addition, the company will develop an Emerging Artist Spotlight Program to help budding superstars reach the limelight. The first names to join this program include Laura Mvula, Barbara Doza and Erick The Architect.
Despite a number of high-profile figures and artists piling in to the nascent NFT space, you can count the amount of notable musicians who have sold NFTs on three hands. That includes Grimes, Kings of Leon, Shawn Mendes, Deadmau5 and the estate of rapper M.F. Doom. But OneOf is hoping that its environmental credentials, low cost of entry and focus on donating a portion of the proceeds of every sale to a charity of the artists’ choosing will change things.
