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Several major artists including H.E.R., and Doja Cat, have thrown their support behind an NFT music platform backed by mogul Quincy Jones.
According to Variety, John Legend, Jacob Collier G-Eazy and the Kid Laroi have all signed up to release more environmentally friendly non-fungible tokens on OneOf.
“I cannot wait to release my first Juicy Drops collection,” Doja Cat said in a statement. “However, I want to be mindful of environmental concerns and accessibility to all of my fans before we go live. Happy to now be working with OneOf, who is addressing both of these issues.”
The estate of Whitney Houston is also reported to be adding the late star’s name to the lineup, as well as TLC. OneOf is being touted as a “green”-friendly blockchain technology company.
OneOf is launching with $63 million of seed funding.
The company says it will have “$0 minting costs” for artists using the platform and that NFTs could cost as little as $5 “or even free” for artists using OneOf.
So, what is an NFT?
According to The Hub.News, an NFT is a token that “proves ownership of an intangible item, like digital art. They work similarly to cryptocurrencies like Bitcoin in the sense that an NFT is a unit of data that exists on a blockchain.”
The token differs hugely from Bitcoin. “If you trade an NFT for another NFT, it represents a completely different item. Therefore, NFTs are more like digital, one-of-a-kind trading cards.”
NFTs can represent digital files such as art, audio, videos, items in video games, and other forms of creative work.
“Blockchain has the ability to democratize ownership and bring economic empowerment to both artists and fans,” said co-founder Lin Dai in a statement “We are building a technology company with an artist-first ethos and eco-conscious mission to help introduce hundreds of millions of non-crypto native users to blockchain through easy and exciting use cases such as NFTs.”
Said Tai, named as one of the key investors, “OneOf is lowering the friction to a more engaging relationship between artists and their communities by leveraging modern technologies. By using Blockchain, meaningful experiences – previously not easy to deliver, can be unlocked on OneOf.”