Tezos-Powered NFT Platform Raised $63M To Launch Music Collectibles

A tezos-powered NFT platform raised $63 million to launch music collectibles on the blockchain as we read about OneOf in our Tezos news.

OneOf is a new musician-centric NFT platform that is based on tezos and will launch in June and will feature NFTs inspired by Quincy Jones, Whitney Houston, and other musicians. The Tezos-powered NFT platform is coming to the blockchain and it is a project that will feature well-known artists like John Legend, Doja Cat, and many more, as per the announcement by the platform.

OneOf will not run on the #Ethereum #blockchain, Its team says the platform will require zero minting costs,.
So #OneOf will run on the #Tezos network. Quincy Jones Is Backing a New #NFT Marketplace Designed for Music Fans – Rolling Stone https://t.co/JnJQezWe6X

— TezosTime (@TezosTime) May 25, 2021

OneOf NFT marketplace was founded via a partnership with Jones and Quincy Jones Productions firm and will launch in June, providing support for credit and debit cards across more than 135 fiat currencies as well as stablecoins. The platform will feature NFTs from artists like TLC, Charlie Puth, G-Eazy, TLC and Jacob Collier, and many more.

OneOf raised a $63 million seed round for the effort and will be based on the Tezos PoS blockchain. Using Tezos is seen as a green alternative to minting NFTs on Ethereum which now uses energy-intensive proof of work consensus model that has estimated power consumption compared to a country of the size of Singapore. The environmental impact of Ethereum is a common problem amidst the rise of NFTs which are like deeds of ownership to digital items like still images, video clips, and tweets. Bitcoin’s POW model has also been under scrutiny lately with Tesla announcing that it will no longer accept the cryptocurrency as a payment method for its cars because of environmental concerns.

Tezos relies on a PoS model which requires no mining, which also means that the overall network requires less power than ETH or BTC. OneOf claims that Tezos uses more than 2 million times less energy than proof of work networks like Ethereum with the numbers matching what Tezos claimed back in March. OneOf will charge artists $0 for minting fees and will allow them to release a now priced NFT but the platform will also specialize in limited edition NFT drops. The platform will also donate a chunk of revenue to a charity chosen by the artists.

The $63 million seed round was led by Veteran Venture Capitalist Bill Tai along with Suna Said from Nima Capital, along with other participants.