NFT based music platform OneOf, started by tech entrepreneur Lin Dai, digital media executive Joshua James, and music industry veteran Adam Fell, in partnership with Quincy Jones and Quincy Jones Productions has raised $63 million in a seed round from prominent tech and music industry investors.
Along with prominent tech VCs, environmental activist Bill Tai also participated in this round. Bill Tai was also an early investor in Zoom, Dapper Labs, Canva, Wish.com, Treasure Data, and more. Other investors include Suna Said of Nima Capital, seasoned tech investor Jack Herrick, ESG fund Sangha Capital, Jaeson Ma, founder of East-West Ventures and co-founder of 88rising, Tezos Foundation, and others.
OneOf aims to become the green NFT platform for music artists & fans and committing to $0 minting costs for all artists looking to launch NFTs on its platform. It aims to “break down economic barriers to entry” for musicians and artists and get them onboarded with NFT easily and in no time.
OneOf platform is built on the Tezos blockchain and minting an NFT on OneOf uses 2 million times less energy than platforms on the Ethereum Network. OneOf also donates a percentage of revenue from every sale to a charity of the artist’s choice, or an environmental cause partner.
OneOf CEO Lin Dai believes that blockchain has the ability to democratize ownership and bring economic empowerment to both artists and fans. Lin mentioned that the funding will be spent on expanding the team, building on top of the platform’s existing technology and supporting independent artists.
Primarily, a large part of the funding will go towards working with artists to secure rights to their art in the form of music that could potentially be collectible.OneOf CEO Lin Dai
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What is NFT?
NFTs or Non-fungible tokens are digital crypto assets that uses the same blockchain technology behind cryptocurrencies to turn anything from art to sports trading cards into virtual collector’s items that cannot be duplicated. However, they are very different from cryptocurrencies like Bitcoin, Ethereum, etc. from the fact that cryptocurrencies are fungible in nature, which means they can be broken down into smaller chunks and ownership can be transferred but NFTs are non-fungible means they can not be broken down or duplicated which makes them unique for artists, musicians and art lovers.