The OneOf launch has been one of the most covered Tezos stories in mainstream media. Many of the music, entertainment and tech media have covered it. For example, there have been articles in Rolling Stone, Variety, Billboard, Forbes and Engadget.
The interest is due to heavy-hitters in both the tech world and music industry joining forces to create an NFT platform catered towards non-crypto music lovers.
The fact that it’s run on a decentralized, permissionless blockchain is merely an enabler for the product being built, than a feature in itself.
Tezos’ unique qualities as an energy efficient blockchain is explicitly pointed out in all of these articles though, and a requisite to get many of the artists on-board.
Doja Cat said that she was excited to release her first collection, but was “mindful of environmental concerns and accessibility” to all of her fans. She added that she was happy to be working with OneOf, which was in the process of “addressing both of these issues.”
OneOf has been in the making for a couple of year and after closing a $63 million seed round, it is set to launch in June this year. Quincy Jones, John Legend, Doja Cat, TLC and the estate of Whitney Houston will be amongst 212 big-name NFT drops that are set up to drop on the platform in the coming 12 months.
OneOf is more than just a marketplace. It actively helps artists with their NFT drop. And for new up and coming artists, they designed the Emerging Artist Spotlight Program to help budding superstars reach the limelight. The first names to join this program include Laura Mvula, Barbara Doza and Erick The Architect.
OneOf will also include a secondary market. Here collectors can trade their music as NFTs. Not all NFT’s will be one-offs and the prices of the content on the platform will depend on scarcity and popularity.
The Emerging Artists Spotlight Program being one of the areas where collectors can try to spot early gems.
The choice for Tezos wasn’t purely based on environmental concerns. Although low energy consumption was an important factor, there is another obvious quality that makes Tezos a rising star. Scalability and low transaction costs.
It was stated:
“[The Dapper Labs team] came to the conclusion that Ethereum was just not able to scale and support NFTs,” says Dai. “Dapper was processing so many transactions that they actually slowed down Ethereum to a crawl.
[Ethereum] couldn’t process transactions fast enough. But also, because they were processing so many transactions, the cost skyrocketed.
Low transaction costs bring obvious advantages:
“Because we have the ability to not charge the artists minting or gas fees, the artists can sell NFTs at any price. It doesn’t matter if the artist sells one NFT for a million dollars or a million NFTs for a dollar — and the latter is oftentimes much better for some artists, especially artists that are just starting.”