Quincy Jones-backed OneOf Music NFT platform claims to run with ‘2 million times’ less energy and looks to expand green credentials – MarketWatch

quincy jones backed oneof music nft platform claims to run with 2 million times less energy and looks to expand green credentials marketwatch

Quincy Jones-backed OneOf Music NFT platform claims to run with ‘2 million times’ less energy and looks to expand green credentials – MarketWatch

Music NFT

OneOf, the “green” nonfungible token platform built for the music community and backed by producing phenomenon Quincy Jones and others, has been tapped as the preferred NFT partner by the Right Here, Right Now Global Climate Alliance.

New Music NFT Platform

The Right Here, Right Now program operates in 10 nations and has organizing roots at Rutgers University. The program, for instance, works with the United Nations Human Rights operation to advocate for action to protect vulnerable people around the world suffering from the effects of climate change, including flooding and severe storms.

So far, the partnership appears to be a pledge from OneOf for partial proceeds from the sale of its music NFTs to be given to the Right Here, Right Now effort, according to a release published Wednesday. The advocacy group says its climate change pledge is aligned with the Paris accord and the U.N. 2030 sustainable development goals. Each artist that partners with OneOf will also have the option to design NFTs to directly benefit Right Here, Right Now and United Nations Human Rights.

In May, OneOf revealed more about its NFT platform, which operates on the non-profit Tezos Foundation blockchain protocol. OneOf said then it launched with $63 million in seed money. It has also said it will filter some of its proceedings to artist charity picks.

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OneOf says its primary mission is to be the leading blockchain technology platform committed to environmental sustainability, while connecting artists and mainstream music fans — rather than collectors — who want NFTs. In addition to Jones, an investor and artist on the platform, major names so far committed include the late Whitney Houston, John Legend, Doja Cat and H.E.R., the company says.

Read: EBay to allow NFT sales on its platform

As for those environmental credentials, the OneOf platform claims that it requires over 2 million times less energy than minting an NFT on platforms such as Ethereum. Minting an NFT on OneOf takes the energy equivalent of sending out a tweet, compared to the 3.6 days of average household electricity used by most platforms built on Ethereum, OneOf claims.

Read: Sotheby’s will accept bitcoin or ether for $15 million diamond sale

No doubt, the energy consumption of bitcoin BTCUSD, +1.79%, Ethereum and other proof of work-based blockchain networks has drawn greater scrutiny in recent months.

Some estimates from the University of Cambridge place bitcoin’s current annual energy consumption at 130TWh, a continuous draw of 15 gigawatts of electricity. If bitcoin were a country, its annual energy consumption would place it between the mid-sized countries of Ukraine and Argentina, the researchers say. Some estimates of Ethereum’s annual energy consumption place it at around 26TWh, a draw of 3 gigawatts, comparable to Ecuador, a country of 17 million people.

By contrast, the energy used annually by validators of the Tezos network is estimated in the range of 60MWh, a continuous draw of roughly 7 kilowatts. That is according to Tezos’s own claim.

Lin Dai, a OneOf co-founder and the platform CEO, previously was involved in the launch of TAP Network, a blockchain tech company that worked with Warner Music Group WMG, +2.83%, Uber UBER, -3.44% and other clients, Variety reports.

“Blockchain has the ability to democratize ownership and bring economic empowerment to both artists and fans,” Dai said at the time of the May launch.

“We are building a technology company with an artist-first ethos and eco-conscious mission to help introduce hundreds of millions of non-crypto native users to blockchain through easy and exciting use cases such as NFTs,” he said.

In May, the OneOf platform said it would operate with “$0 minting costs” for artists and its NFTs could cost as little as $5 “or even free.”

Other artists associated with the platform, at least as of the May announcement, include Jacob Collier, Kid Laroi, Charlie Puth, G-Easy, TLC, Alesso and Aurora.

Read: Good news: ‘Charlie Bit My Finger’ will stay on YouTube after selling for $760,999 as an NFT

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