Green web3 tech startup OneOf bags over $8M in funding for its sustainable NFT marketplace for iconic musicians, athletes, and brands
Last month, OpenSea said it was laying off 20% of its workforce to reduce costs amid a prolonged slump in crypto-asset markets. The world’s largest NFT marketplace also saw the sales of non-fungible tokens (NFTs) on the Ethereum blockchain network fell in June to $700 million, down from $2.6 billion in May and a far cry from January’s peak of nearly $5 billion.
But while some have pronounced the premature death of the nonfungible tokens (NFTs), the sector continues to attract investments from big tech companies and new investors even as tech moguls and celebrities flock to the space.
Venture capital firms also see this period as a time to invest in promising tech startups with the potential to get huge returns when the recession is over. One of these startups is OneOf, a green Web3 company and provider of sustainable NFT marketplace for iconic musicians, athletes, and brands.
Today, OneOf announced it has raised over $8 million in a strategic round to accelerate the development of its environmentally sustainable NFT marketplace and support its growth in the music, sports, and brand verticals. The round, which brings OneOf’s total funding to-date to over $72 million, was backed by investors including Amex Ventures, Mirabaud Lifestyle Impact and Innovation Fund, Snow Hill Ventures, Sangha Capital, Chain Link Crypto Fund, and others.
Existing investors include famed environmentalist and VC Bill Tai’s Actai Unicorn Fund, Galaxy Digital, Nima Capital, Sangha Capital, Recharge Capital, Andromeda Capital, Sanctor Capital, Tezos Foundation, and others.
Founded in 2021 by technologist and entrepreneur Lin Dai (CEO), digital media executive Joshua James (COO), and music industry veteran Adam Fell (CSO), OneOf is a new green NFT platform deeply committed to a sustainable and inclusive blockchain future.
OneOf’s platform supports NFTs on multiple energy-efficient blockchains, connecting fans and collectors to iconic musicians, athletes, and brands. The startup said it aims to bring the next 100 million non-crypto-native fans into Web3 by removing the technical frictions and allowing fans to pay for their NFTs with credit/debit cards as well as major cryptocurrencies. Minting an NFT on OneOf’s platform uses up to 2 million times less energy than proof-of-work networks, and for its users, purchasing NFTs costs $0 in blockchain gas fees.
Iconic musicians, athletes, and brands (such as Doja Cat, The Notorious B.I.G, Wayne Gretzky, Muhammad Ali, Grammys, Warner Music Group, iHeart Media, Duke Basketball, Sports Illustrated, Anheuser-Busch and Gatorade) partner with OneOf to explore ways to bring green and sustainable NFTs to millions of non-crypto native fans worldwide.
“We are excited and humbled by the belief and overwhelming support from our new and existing investors and partners to continue executing towards our mission of bringing the next 100M users into the NFT and blockchain space,” said Lin Dai, CEO of OneOf. “As the Web3 market matures and consolidates, we see great opportunities in creating new commerce models, enabling creators of all shapes and sizes, from the biggest global brands to the newest independent artists, to unlock the real world potentials of this new technology.”
“A growing number of creators and consumer brands are experimenting with NFTs leading to the rise of a new spend category, new business ideas, and new loyalty and membership models,” said Margaret Lim, Managing Director of Amex Ventures. “We believe that the investment in OneOf will help American Express stay close to the developments in NFT-powered commerce and lead to the development of new customer engagement models for our Card Members.”
OneOf is launching a set of NFTs accessible to American Express Card Members as part of an event hosted by American Express. From July 29 until August 21, American Express will hold an exclusive pop-up event inspired by color theory and therapy for its Card Members: The American Express Summer in Color Oasis, at Lucca Beach inside the Mandarin Oriental in Bodrum, Turkey. Throughout the three-week activation, OneOf will offer American Express Card Members attending the experience a complimentary NFT collectible designed by renowned Turkish artist Selay Karasu, whose works have previously been featured at Burning Man, MOMA NYC (Museum of Modern Art), Art Basel and CERN Particle Physics Laboratory.