Select Page

Jones, Whitney Houston, TLC, Doja Cat, John Legend, and extra will launch collections on the environmentally friendlier OneOf platform, which is scheduled to launch in June
Quincy Jones
Chris Pizzello/Invision/AP
NFTs might reshape the fan expertise — that’s, if NFT marketplaces had been user-friendly and the digital collectibles had been truly inexpensive. Business insiders inform Rolling Stone {that a} new market known as OneOf has been designed particularly for musicians and music lovers, and that it’s going to announce its plans on Tuesday to higher serve followers searching for cheaper NFT choices, together with kids and youngsters.
Quincy Jones, Whitney Houston, Doja Cat, John Legend, TLC, Charlie Puth, Jacob Collier, G-Eazy, Alesso, and different stars have already ready collections which can be anticipated to drop in tandem with OneOf’s launch someday in June, based on early press supplies reviewed by Rolling Stone. Jones can also be a companion and an proprietor within the firm. Adam Fell, Quincy Jones Productions’ president, co-founded OneOf with digital media government Joshua James and tech entrepreneur Lin Dai, who will even function its CEO. The corporate, which has been within the works for about two years, lately raised $63 million from a seed spherical; tech buyers embrace 88rising co-founder Jason Ma and Invoice Tai, one of many earliest buyers in Zoom. (Tai was additionally an early investor in Dapper Labs, which created CryptoKitties.)

Proper now, navigating the most well-liked NFT platforms — which are sometimes crammed with trading-related information and hard-to-parse worth tags primarily based on the Ethereum cryptocurrency — is a head-scratcher to say the least. A 12-year-old pop music fan could not know find out how to obtain a Metamask pockets to carry their virtual tokens. They most likely do know find out how to borrow mother or dad’s bank card for fundamental on-line buying, although, which is why OneOf will settle for bank cards in addition to crypto funds, Dai tells Rolling Stone. (YellowHeart additionally green-lit the usage of bank cards when it launched its market earlier this month.)
NFTs are additionally, for probably the most half, fairly costly. For months now, early adopters have made headlines with gross sales that soar up into the hundreds of thousands — and there are hardly ever any NFTs which have catered to price range customers searching for $10 or $25 choices (primarily on account of Ethereum’s minting prices, which might run creators as a lot as $150 per NFT; the NFTs then should be priced above that price, with a purpose to flip a revenue).
OneOf is not going to run on the Ethereum blockchain, so its staff says the platform would require zero minting prices, which they consider is an “industry-first commitment.” As an alternative, OneOf will run on the Tezos community. “[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. So, they spent the next two and a half years building their own blockchain.”
OneOf will nonetheless provide one-of-one tokens, however it additionally has a diamond tier, which holds one-of-five to one-of-twenty tokens; a platinum tier, which holds one-of-one-hundred to one-of-one-thousand tokens; and a gold tier, which holds one-of-ten-thousand to one-of-one-hundred-thousand tokens. The latter is, in fact, the lowest-priced tier.
“That is where we think we have something that’s really compelling for artists,” says Fell. “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.”

OneOf additionally believes its relationship with Tezos will win over skeptical celebrities with its extra environmentally pleasant performance. “One or two years ago, we ran a calculation and saw that Ethereum’s power consumption was going to be astronomical,” says Dai, who provides that it takes at present two days’ price of a U.S. family’s energy to mint a single NFT. He says he would reasonably “empower artists in fans in a responsible way.”
How precisely is Tezos completely different? Dai lays it out fairly merely: “Bitcoin is generation-one blockchain technology,” he says, explaining that its builders had been centered intensely on stopping assaults and protecting malicious sources from modifying data. “The proposed idea was to get super technical, specific computers that run on specialized chips that calculate mathematical problems impossible to calculate by regular computers. It’s so hard that it costs a lot. Generation two is basically Ethereum. Ethereum is more programmable, but that makes it a little more prone to attack.” He says that the generation-two concept was additionally primarily based on computational arithmetic, however builders lowered the edge in order that graphics processing items (GPUs) might remedy the issues. “It’s more efficient, but now you have thousands or millions of computers or graphic cards trying to mine Ethereum. It still requires computational power as a barrier to verifying transactions,” Dai says.
The third-generation concept has been round for six to eight years. “Pretty much all new blockchains are built on this third group of ideas,” Dai says. “It’s called ‘proof of stake.’ Ethereum and Bitcoin run on ‘proof of work,’ meaning that computers have to work very hard to maintain the network. But computers don’t have to work very hard: The verifiers can stake assets — their blockchain tokens — for the privilege of verifying a transaction. They’re putting up collateral. So, if you misbehave, your collateral gets taken by the network. The bigger the network gets, the more collateral you have to put up, and the more impossible it is to attack. That’s far more efficient. The actual recording and verifying of the transaction takes very little computational power; it’s the mathematical problem that Ethereum and Bitcoin force you to solve before you are allowed to verify a transaction that’s unnecessary. Even Ethereum agreed that ‘proof of stake’ is the future, and they’ve been working on evolving.”

Tezos additionally makes use of a singular “liquid proof of stake,” which Dai claims is much more environment friendly. Consequently, Dai says his staff’s NFTs require the identical quantity of power that it takes to ship out a tweet, which he estimates is about two million instances lower than networks like Ethereum. It’s nonetheless not fairly inexperienced, although, so OneOf is promising to donate 5 % of its platform income from each sale to both a charity of the artist’s alternative or an environmental trigger companion. “This is one of the big reasons why Quincy and I got involved,” says Fell. “We knew that there were plenty of artists that wouldn’t adopt the platform unless it was environmentally conscious. This solution got the artists really excited.”
Quincy Jones additionally received concerned due to his connection to entrepreneur and OneOf co-founder Joshua James, who was near Jones’ brother rising up. Jones’ sister-in-law prompt that Fell and James meet over a decade in the past, when Fell had simply began working at Quincy Jones Productions. Once they lastly did, James had some radical concepts and Jones didn’t even know what an NFT was. “These guys were really early on it,” Fell says. “When they told us about the money they’d raised, the environmentally conscious approach they were taking, and the democratization they were pursuing by allowing artists at any level of success to use these NFTs to benefit their careers, we got really excited. That was an easy thing to articulate to Quincy, because he cares deeply about artists and musicians.”
When requested about different gamers, Fell confirms that there are different music-industry buyers behind OneOf however says he can’t reveal their names simply but.
OneOf can also be engaged on a highlight program for rising artists. “We’re identifying artists at the early part of their careers that we really believe in,” says Fell. “We’re helping them with things like financial support in the form of advances and marketing support when they decide to release NFTs. It sounds a little bit like a label, except that we don’t own the thing. We’re making these deals extremely flexible.” Barbara Doza and Erick The Architect are first up.
And the OneOf staff helps design many of the artists’ NFT drops themselves, reasonably than serving simply as a market. OneOf already has 212 big-name NFT drops locked in for its first 12 months.

Dai says OneOf believes it may well do music NFTs and experiential NFTs higher than its rivals, most of which have centered on digital artwork in the previous couple of months. Whereas a few of the OneOf drops will embrace audiovisual parts — significantly from musicians who already double as painters and graphic designers — he thinks musicians and visible artists ought to do what they do greatest, respectively. “Musical artists are experimenting with dropping art on other platforms [but] we think, ultimately, that’s not what the fans want to collect,” Dai says. “If I had a sound recording of Andy Warhol singing ‘Happy Birthday,’ that’s pretty cool, but it’s not as collectible as his painting of the Campbell’s soup.”
In This Article: music industry, NFT, Quincy Jones
Need extra Rolling Stone? Sign up for our newsletter.
E-newsletter Signup
Have a Tip?
Comply with Us
Alerts & Newsletters
Rolling Stone is part of Penske Media Company. © 2022 Rolling Stone, LLC. All Rights Reserved.


trakya nakliyat hayır lokması