Music NFT marketplace OneOf raises more than $8 million in funding

OneOf, a music non-fungible token (NFT) marketplace, has attracted strategic investments totaling more than $8 million, according to a press release.

Participants included Amex Ventures (the venture arm of American Express), Snow Hill Ventures, Sangha Capital, Chain Link Crypto Fund and others. With this round, OneOf’s total funding exceeded $72 million.

“As the Web3 market matures and consolidates, we see significant opportunities in shaping new business models that enable creators of all forms and sizes—from the world’s largest brands to new independent artists—to realise the real potential of this technology,” said Lin Dai, CEO of the platform.

OneOf positions itself as an “eco-friendly NFT platform” based on the Tezos blockchain, designed for the music community.

In spring 2021 the platform announced the raising of $63 million. The round included eco-activist Bill Tai, Jack Herrick, Suna Said of Nima Capital, Sangha Capital and the Tezos Foundation.

In November OneOf struck a partnership with the American National Academy of Recording Arts and Sciences to release NFTs for the 64th, 65th and 66th Annual Grammy Awards.

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In February, rapper Snoop Dogg announced plans to turn his Death Row Records into the first NFT label, whose artists would be active participants in the metaverses.

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