Music NFT platform OneOf, co-founded in partnership with Quincy Jones, raises $63m in seed funding
Non-Fungible Token (NFT) platform OneOf has raised $ 63 million from prominent technology and music industry veterans in an initial round.
The platform was co-founded by tech entrepreneur Lin Dai, digital media manager Joshua James, and music industry veteran Adam Fell in partnership with Quincy Jones and Quincy Jones Productions.
Investors in the round included VC and environmental activist Bill Tai, one of the earliest investors in Zoom, Dapper Labs, Canva, Wish.com, Treasure Data, and others.
Other investors include Suna Said from Nima Capital, in which ESG fund Sangha Capital is involved, veteran tech investor Jack Herrick, the Tezos Foundation, Jaeson Ma, founder of East West Ventures and co-founder of 88rising and others.
OneOf, which describes itself as an “NFT platform specially designed for the music community”, The aim is to “dismantle economic barriers to market entry”.
The platform commits to $ 0 coin cost for all artists to start looking for NFTs on its platform.
Whitney Houston, Doja Cat, YOU, Quincy Jones, John Legend, TLC, Charlie Puth, Jacob Collier, G-Eazy, AURORA, Das Kind LAROI, Alesso and others All will post NFTs in the form of collectable music, art, and experiences on the OneOf platform, which will be available to the public in June 2021.
OneOf also plans to run an Emerging Artist Spotlight program to “Enforce influential new voices through financial and marketing commitments”.
The first artists in this program include Laura Mvula, Barbara Doza and Erick The Architect.
OneOf is based on the Tezos blockchain protocol and claims to be a “green” NFT platform that is “extremely user-friendly and environmentally friendly”.
According to OneOf, embossing an NFT on its platform using the Tezos blockchain uses “over 2 million times less energy than other networks like Ethereum” and “uses the same energy as sending a tweet”.
OneOf says it will also donate a percentage of its platform revenue from each sale to either a charity of the artist’s choice or to an environmental partner.
“Blockchain has the ability to democratize property and bring economic empowerment to artists and fans.”
Lin Dai, OneOf
“Blockchain has the ability to democratize property and bring economic empowerment to artists and fans,” said Lin Dai, CEO and co-founder of OneOf.
“We’re building a technology company with an artistic ethos and an environmentally conscious mission to bring hundreds of millions of non-crypto-native users to the blockchain through simple and exciting use cases like NFTs.”
“OneOf reduces the friction on creating a closer relationship between artists and their communities by using modern technology.”
Bill Tai added: “OneOf reduces the friction on creating a closer relationship between artists and their artists Communities through the use of modern technologies.
“Through the use Blockchain, meaningful experiences – so far not easy to deliver – can be activated One of.”
Doja Cat said, “I can’t wait to release my first Juicy Drops collection. However, I want to pay attention to it Environmental concerns and accessibility for all of my fans before we go live.
“I am pleased Now work with OneOf to address these two issues. “
Elsewhere in the NFT market, Bitski NFT platform recently raised $ 19 million for Series A from investors including Jay Brown, Roc Nation co-founder, Troy Carter, Jay-Z, Ari Emanuel, CEO of Endeavor , and 3LAU, which sold its own NFT collection for $ 11.6m in February.Music business worldwide