The rise of NFTs in the music industry has been rapid over the past several months, with seemingly every big artist breaking into the cryptocurrency art market. But the prevalence of NFTs have also caused some backlash among fans who have noted the massive amount of energy it takes to use cryptocurrency. But a new NFT marketplace aims to offer an environmentally-friendly option, and artists like Doja Cat, H.E.R., and Charlie Puth have already signed on.
OneOf is an NFT marketplace aimed specifically at musicians and their fans. The platform uses Tezos blockchain, which they claim in press materials uses “over 2 million times less energy than other networks such as Ethereum, and requires the same energy as sending out a tweet.” Along with reducing energy consumption, OneOf has committed to donating a percentage of their platform’s revenue from every sale to charity.
Doja Cat has already signed on to be one of the first artists to mint an NFT on OneOf’s platform. She initially announced her first collection of NFTs back in April, but is now minting them on OneOf after finding out about the devastating environmental impact on other platforms. “I cannot wait to release my first Juicy Drops collection,” she 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.”
Along with Doja Cat, H.E.R., and Charlie Puth, other artists that have signed onto OneOf’s platform include Quincy Jones, John Legend, TLC, Jacob Collier, G-Eazy, AURORA, The Kid LAROI, and Alesso. It was co-founded in partnership with Quincy Jones and Quincy Jones Productions, and raised over $63 million in funding so far.
OneOf officially launches to the public in June. Find out more information here.
Some of the artists covered here are Warner Music artists. Uproxx is an independent subsidiary of Warner Music Group.