Marketplace OneOf is aiming to disrupt the NFT industry to reform the fan experience. The platform is designed to provide a user-friendly experience for musicians and their fans, even children and teenagers.
Crypto as a whole, not just NFTs, has many negative connotations, including the fact that it is too complex and polluting. But OneOf tries to change this through its eco-friendly and charitable ethos and with the help of the Glitterati.
OneOf is calling the stars
OneOf is sponsored by the music mogul Quincy Jones, who has secured the support of a number of popular artists. The list includes the estate of Doja Cat, John Legend, TLC, Charlie Puth, Jacob Collier, G-Eazy, Alesso, and Whitney Houston.
The project lasted two years and recently raised $ 63 million in an initial round with support from Bill Tai. Tai is a Silicone Valley venture capitalist involved in numerous technology startups, including Zoom and Dapper Labs, who founded CryptoKitties.
OneOf describes itself as “a green NFT platform for music artists and fans”. It runs on the Tezos network and leverages the low fees and proof-of-stake consensus mechanism to provide a better overall experience for users and the environment.
“OneOf is deeply committed to a sustainable blockchain future and donates a percentage of the revenue from each sale to a charity of the artist’s choice or an environmental partner.”
Most of the NFT ecosystem operates on Ethereum, which suffers from high gas fees, making coinage and transfer expensive. Ethereum also works with a proof-of-work chain, which means that the mining process is energy intensive. OneOf claims to be 2 million times more energy efficient than other Ethereum-based NFT marketplaces.
Instagram is looking for non-fungibles
The latest market data from OpenSea shows that interest in NFTs is cooling. March 2021 was the platform’s best sales month to date, at $ 150 million. However, there was a 38% drop in sales in the following month.
“On OpenSea, a major NFT marketplace, monthly revenue was $ 93.6 million in April, after reaching nearly $ 150 million in March, compared to $ 95 million in February and August 8th Million dollars in January. “
A similar pattern has been reported by both Nifty Gateway and NBA Top Shot.
Even so, some argue that NFTs are a better investment than cryptocurrency, as evidenced by NFTs holding their own during the recent crypto crash, especially those related to gaming.
According to reports from China, the NFT sector is booming there. So much so that Alibaba launched a digital art auction last week.
Add to this rumors that Instagram is coming out with its own platform, and it’s clear that NFTs are still gaining popularity at board level.
The social media giant is said to be in the early stages of developing its NFT platform. The company has apparently approached artists whom they have invited to a panel discussion.