market One of NXT sets its sights on disrupting the industry with its goal of improving the fan experience. The platform was designed to cater to musicians and their fans, even children and teenagers, through a user-friendly experience.
Crypto as a whole, not just NXT, carries many negative connotations, including being highly complex and environmentally harmful. But Oneoff wants to change this through its eco-friendly and charitable ethos and with help from Glitterati.
Oneoff calls on the stars
OneOff is backed by music industry mogul Quincy Jones, who has garnered the support of many popular artists. The list includes property by Doja Kat, John Legend, TLC, Charlie Puth, Jacob Collier, G-Easy, Alesso and Whitney Houston.
The project has been two years in the making and recently raised $ 63 million in a seed round with the support of Bill Tai. Thai Is a Silicon Valley venture capitalist, including several tech startups including Zoom and Dapper Labs, which created cryptocurrencies.
One of Describes itself as “a green NXT platform created for music artists and fans”. Running on Tezos network, it leverages low fees and its proof-of-stake consensus mechanism to provide a better all-round experience for users and the environment.
“Deeply committed to a sustainable blockchain future, Oneoff will donate one percent of the revenue from every sale to an artist’s charity of choice, or an environmental cause partner.”
The majority of the NXT ecosystem runs on Ethereum, which suffers from it High gas tariffMake casting and transfer expensive. Ethereum also operates on a proof-of-work chain, meaning that the mining process is energy-intensive. OneOf claims to be 2 million times more energy-efficient than other Ethereum-based NFT marketplaces.
Instagram wants to join non-fungibles
Latest market The data OpenSea shows interest in NFT is declining. March 2021 was the best-selling month of the platform so far, with $ 150 million. But the following month saw a 38% drop in sales.
“On OpenC, a major NXT marketplace, monthly sales were $ 93.6 million in April, compared to about $ 150 million in March, $ 95 million in February, and $ 8 million in January.”
Similar patterns were reported by both Nifty Gateway and NBA Top Shot.
Despite this, as is evident from the recent holding of NXT itself Crypto crash Specifically gaming-related items, some argue that NXT is a better investment than cryptocurrency.
The China report claims that the NXT sector is booming there. Not only this, Alibaba launched a digital art auction last week.
Add to that rumor Add instagram Coming up with their own platform, and it is clear that NXTs still appeal at the board level.
The social media giant is said to be in the early stages of designing its NXT platform. The firm has explicitly approached the artists to invite them to the panel discussion.