How NFT music marketplace OneOf is simplifying crypto

i OneOf

Amid the fervor round NFTs, two pertinent points got here into focus: whether or not the method of making tokens will be sustainable at scale, and whether or not the hype and inflated worth tags typically related to NFTs will wind right down to on a regular basis, reasonably priced transactions.

The founders at OneOf consider they’ve the reply for each.

Launching immediately, OneOf is a marketplace connecting music artists and their followers.

OneOf operates on the Tezos blockchain that, in line with Tezos, makes use of 2 million times less energy than different networks. For comparability, a single transaction on the extra fashionable Ethereum blockchain consumes the same amount of energy wanted to energy a typical U.S. residence for one and a half days. OneOf claims minting an NFT via its marketplace makes use of the identical vitality as sending a Tweet.

OneOf additionally has a tiered system for digital items, which creates a wider vary of shopping for choices. NFTs are nonetheless largely related to the astronomical gross sales that dominate headlines. Whereas OneOf does supply pricier 1-of-1 gross sales, artists have the choice of promoting items that run the gamut all the way in which to 1 of 100,000 tokens as little as $1, all of which will be bought both via crypto or commonplace debit and bank cards.

“We’re on this greater image thought of, how can we get the subsequent 100 million non-crypto customers onto the blockchain ecosystem?” says Lin Dai, cofounder and CEO of OneOf. “If you consider the earliest use circumstances, it’s actually round hypothesis. You buy a coin after which it’ll rise in worth. We didn’t assume that was going to be the way in which to usher within the watershed second for normal adoption of blockchain.”

[Image: courtesy of OneOf]

“We had an ethos going into it, which is that we needed 16-year-olds to have the ability to join and buy an NFT in lower than three minutes,” provides Joshua James, cofounder and COO. “Funding a crypto pockets can take hours, even if you’re an knowledgeable at crypto.”

What’s additionally serving to OneOf’s mission for mass adoption is its roster of expertise. At launch, OneOf is working with main artists together with Doja Cat, H.E.R., John Legend, Jacob Collier, Charlie Puth, Whitney Houston’s property, and Quincy Jones, who’s additionally a backer.

“You may think about with the quantity of issues that come Quincy Jones’s means—we are saying no to 90+% of what is available in our doorways,” says Adam Fell, cofounder and board member of OneOf, and president of Quincy Jones Productions. “Since music streaming, nothing has come to us that we thought was actually paradigm shifting till [NFTs].”

Along with OneOf taking a extra sustainable method to NFT transactions and specializing in garnering a wider set of customers, Fell says one other deciding issue for Jones to get on board, and what could possibly be interesting for skeptical customers, is the truth that OneOf has been in growth for greater than two years, effectively earlier than the hype of NFTs stormed the zeitgeist.

“I believe our motivation is maybe just a little completely different than a number of the different platforms that the majority lately pivoted their enterprise to grow to be NFT platforms,” Dai says. “We care in regards to the 100 million non-crypto native customers—educating them and bringing them into the fold, breaking down know-how and financial limitations, versus a whole lot of different platforms the place their major enterprise mannequin is catered to crypto whales.”

For its first drop immediately at midday EST, OneOf is partnering with the iHeartRadio Music Competition for an NFT giveaway contest. The primary artist-backed drop will probably be Doja Cat’s in early September. Whereas there aren’t any particulars but on what Doja Cat’s sale will include, OneOf, in a means, will be seen as merch 2.0 for artists.

“There’s all types of progressive ways in which you should utilize NFTs to be merch,” Fell says. “You can also make it in order that you need to be in a sure geographical space, i.e., a competition, to say sure merch. You may gamify that merch, which ends up in completely different experiences or completely different perks, or the flexibility to purchase particular bodily issues.”

“The concept is how can we make [OneOf] straightforward and the way can we make it sort of enticing to the non-crypto followers?” Dai provides. “And music is extra highly effective than sports activities in some methods. What NBA Prime Shot has carried out has actually confirmed that NFTs round a ardour level can actually rally a fan base.”