Quincy Jones, the renowned record producer and composer, has endorsed OneOf, a new NFT platform. Non-fungible tokens, or NFTs, have grown rather popular this year, since the technology enables fans of many fields to engage with their favorite celebrities in new ways while also profiting from the purchasing and selling of digital items.
NBA Top Shot is now one of the most prominent markets, with Dapper Labs creating a platform that allows people to purchase, sell, and trade basketball highlights known as “moments” on the Flow blockchain. Although this price has taken a fall in recent weeks, one Top Shot moment is believed to have been bought for as much as $208,000.
A Very Notable Cast
Jones is one of numerous musicians whose collections will be released on OneOf when it starts in June, as per Rolling Stone. NFTs are also said to be ready for Whitney Houston, Doja Cat, John Legend, TLC, Charlie Puth, Jacob Collier, G-Eazy, and Alesso.
Given that some of the most famous NFTs sell for hundreds of thousands of dollars, OneOf, which is intended for musicians and music fans, is intent on providing enthusiasts cheaper NFT choices. A NFT titled “Charlie Bit My Finger” just purchased for $760,999. The value of a video of a child biting his brother’s finger, which sold for over $750,000, which is how NFTs work.
Jones, together with digital media executive Joshua James and tech businessman Lin Dai, is a co-owner of the firm.
Dai was able to collect $63 million in capital from 88rising co-creator Jason Ma and Bill Tai, among others. The latter was one of Zoom’s first investors, as well as a backer of the abovementioned Dapper Labs.
This Platform Isn’t Compatible With Ethereum
OneOf, unlike other NFT sites, will be powered by the Tezos blockchain. There will be no need for minting charges as a result of this.
“[The Dapper Labs team] came to the conclusion that Ethereum was just not able to scale and support NFTs,” Dai stated. “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.”
Credit card payments will be accepted alongside Bitcoin transactions on the site.