Sustainable technology firm OneOf has raised up to $63 million in seed funding to fund its new Green NFT platform for musicians. This funding round indicates that the market for non-fungible tokens (NFTs) is still hot.
This soon-to-be-launched platform will publish NFTs from artists like H.E.R, Quincy Jones, Charlie Puth, Whitney Houston, Doja Cat, John Legend, AURORA, The Kid LAROI, Alesso, TLC, Jacob Collier, G-Easy, among others.
A few venture capitalists and investors participated in the seed round. The included Sangha Capital, Tezos Foundation, Bill Tai, Sun Said of Nima Capital, together with Jack Herrick and Jaeson Ma of East West Ventures.
Powered by the Tezos protocol, OneOf will operate as a marketplace for artists and fans to invest in digital collectibles. The firm alleges that minting NFTs on Tezos uses up to 2 million times less energy than the major networks like Ethereum. All the artists that want to mint on Tezos will pay nothing for their listings, while the users can pay for their collections in more than 135 fiat currencies.
OneOf also said that it will donate some of its sales to an environmental-focused cause or a charity that the artists will choose. Artist Doja Cat is happy to be working with this platform to solve accessibility and environmental issues simultaneously. Lin Dai, OneOf’s CEO and co-founder said:
“Blockchain has the ability to democratize ownership and bring economic empowerment to both artists and fans. 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.”
The euphoria surrounding NFTs seems to have cooled down in the past several weeks as the crypto markets plunged. Before the selloff, DeFi and NFTs had become the hottest trends in the crypto sector.
Nonetheless, despite the recent pullback, the future for the non-fungible tokens seems bright. A new sector projection from some publications placed NFTs at a market cap of $470 billion by October as the trading volume increases by around 40%.