Quincy Jones is getting into the NFT business, but he’s doing it eco-friendly style. The long-time musician and producer announced his newest venture: an NFT platform for musicians called OneOf. It’s already garnered the support of artists such as John Legend, H.E.R., Jacob Collier, Kid Laroi and Doja Cat.
“I cannot wait to release my first Juicy Drops collection,” Doja Cat 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.”
Minting costs for for artists will be $0, and using the platform for content could costs artists as low as $5 or, in some cases, it’s complete free. Unlike other current NFT sites, the focus will not be on catching the eye of high-bidding collectors. Instead, Jones’ platform will focus on giving fans the chance to access special content from their favorite artists. Other acts that have signed on include Charlie Puth, G-Easy, TLC, Alesso, Aurora, the estate of Whitney Houston, and Jones himself.
OneOf will utilize Tezos blockchain protocol which mints NFTs using “2 million times” less energy than other networks such as Ethereum and it “requires the same energy as sending out a tweet.” The concern around the environmental effects of NFTs and other cryptocurrencies continues to increase, as the energy needed to mine them now threatens to launch us further into the climate crisis.
OneOf is co-founded by Lin Dai, Joshua James, and Adam Fell—the president—who has also been an early investor in companies such as Spotify, Clubhouse, Uber, and Wayfair.
“Blockchain has the ability to democratize ownership and bring economic empowerment to both artists and fans,” says Dai 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.”
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“I cannot wait to release my first Juicy Drops collection,” Doja Cat 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.”I got to this part before I was able to snap out of it. None of this makes a lick of sense to me. The concept? Sure. Why anyone would spend millions to own a meme? Not so much.
I am too old to understand why anybody wants a non-fungible token. Good luck with this new thing that I don’t understand.
None percent of this article made any sense.
NFTs are this year’s POGs…… It’s Alf, but in NFT form….
I see they’re trying to recapture that magic of the early 2000s, when Steve Jobs briefly tricked everyone into paying for music again.
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I have only the vaguest understanding of what an NFT is, and zero understanding of why it’s worth more than $0. But I feel like it’s some sort of scam that the people being scammed are directly asking for, which means I feel like there should be some way for me to get in on that action.
Nft is still new concept of most of the people.