Most NFT marketplaces operate on the Ethereum blockchain, which runs on a “proof-of-work” model. In this model, computer “miners” race to validate transactions to be added to the blockchain, and earn cryptocurrency as a reward. Although the system is meant to discourage tampering with the blockchain, it sucks up an enormous amount of energy in the process. The exact amount is widely disputed and difficult to quantify, but Digiconomist estimates that the Ethereum network has nearly the same annual carbon footprint as the country of Jordan.
By contrast, OneOf is built on the Tezos blockchain protocol, which uses a “proof-of-stake” model. Long hailed as a potential solution to these environmental problems, proof-of-stake means that miners lock up some of their own cryptocurrency in the network to show their commitment to keeping the ledger accurate. As a result, OneOf claims that the Tezos blockchain uses 2 million times less energy than other networks. OneOf also promises to donate a percentage of the platform’s revenue from every sale either to a charity of the artist’s choice or to a charity focused on the environment.
Further, OneOf says that thanks to the low transaction costs of the Tezos blockchain, OneOf is able to make “minting” an NFT — essentially, listing the NFT on the marketplace — completely free. (Usually, minting requires paying for “gas,” the fluctuating price for writing data onto a blockchain that can cost anywhere from $40 to $150 per NFT.) OneOf hopes this will allow artists to list their NFTs at more affordable prices for fans.
Even if minting NFTs is easy and environmentally-friendly for artists, many fans new to the crypto space may by confused by the process of purchasing cryptocurrency and set up a digital wallet. That’s why OneOf will allow fans to transact with debit and credit cards in more than 135 fiat currencies, in addition to cryptocurrencies. It will also launch an “Emerging Artist Spotlight Program” to highlight up-and-coming artists on the platform.
OneOf was co-founded by Dai alongside Joshua James, who co-founded ZIG Media and Basecamp Productions and is now OneOf COO; and Quincy Jones Productions president Adam Fell, a OneOf board member. The company’s seed funding round investors include venture capitalist and environmental activist Bill Tai, 88rising co-founder Jaeson Ma and Nima Capital founder/CEO Suna Said.
Artists and fans can pre-register and learn more about OneOf at oneof.com.
