More celebrities are getting into the non-fungible Token (NFT) game and Quincy Jones is among the latest in the music industry to come forward and back a newly-launched NFT music platform that’s reshaping the fan experience.
According to Variety, OneOf — co-founded by Lin Dai, Joshua James, and Adam Fell — announced that in addition to the music mogul’s investment, other musicians supporting its platform include Doja Cat, H.E.R., John Legend, the estate of Whitney Houston, TLC and many more.
All of these artists supporting the platform are gearing up to release their own upcoming collections of green-friendly non-fungible tokens to give their fans access to new exclusive content.
“I cannot wait to release my first Juicy Drops collection,” Doja Cat said in a statement reported by Variety. “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.”
Similar to other platforms, OneOf wishes to offer music fans a low-cost way of accessing NFTs for authentic content and not just big-ticket auctions aimed at collectors. This way, the environmentally-safe platform is giving consumers more economic freedom and also giving artists more ownership over their intellectual property.
“Blockchain has the ability to democratize ownership and bring economic empowerment to both artists and fans,” co-founder Dai said 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.”
According to OneOf, the platform will have “$0 minting costs” for its artists using the platform, meaning NFTs could cost as little as $5 “or even free.”
Variety reports that the company is launching with $63 million in seed funding from backers like Quincy Jones and Quincy Jones Productions, VC and environmental activist Bill Tai, Suna Said of Nima Capital, tech investor Jack Herrick, Tezos Foundation, East West Ventures founder Jaeson Ma and others.
In addition to its launch, OneOf will reportedly donate a percentage of its profits from music releases on the platform to environmental charities or artists’ own charitable causes.
For more information about OneOf, visit its website.