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Several great artists, including HER and Doja Cat, have thrown their support behind an NFT music platform sponsored by mogul Quincy Jones.
According to Variety, John Legend, Jacob Collier G-Eazy, and Kid Laroi have pledged to post greener, non-fungible tokens on OneOf.
“I can’t wait to release my first Juicy Drops collection,” Doja Cat said in a statement. “However, I want to consider environmental concerns and accessibility for all of my fans before we go live. I am glad to be able to work with OneOf now to address these two issues. “
Whitney Houston’s estate is also reported to include the late star’s name as well as TLC on the lineup. OneOf is touted as a “green” friendly blockchain technology company.
OneOf starts with $ 63 million seed funding.
The company says it will have a “$ 0 coin cost” 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 mark that “proves possession of an intangible object such as digital art. They work similarly to cryptocurrencies like Bitcoin in the sense that an NFT is a unit of data that is present on a blockchain. “
The token is very different from Bitcoin. “If you swap one NFT for another NFT, it is a completely different item. Therefore, NFTs are more like digital, unique trading cards. “
NFTs can represent digital files such as art, audio, videos, elements in video games, and other forms of creative work.
“Blockchain has the ability to democratize property and bring economic power to both artists and fans,” co-founder Lin Dai said in a statement. “We’re building a technology company with an artistic ethos and an environmentally conscious mission to help bring hundreds of millions of native non-crypto users to blockchain through simple and exciting use cases like NFTs.”
Named a major investor, Tai said, “OneOf is reducing the friction on creating a closer relationship between artists and their communities by using modern technology. By using blockchain, meaningful experiences that were previously not easy to deliver can be unlocked on OneOf. “