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The Next 100 Million |  Nasdaq

By Lin Dai, CEO, OneOf

I’m a nerd, an entrepreneur, and a father of a toddler. Exactly 1 year ago today, backed by the legendary Quincy Jones, OneOf emerged from over 2 years of stealth mode and planted our flag in the emerging NFT landscape. The past year has been nothing but breathtaking for this fledgling industry, the likes of which I have never experienced before.

For all fans

When the prolific “Kite VC” Bill Tai (20+ public releases, 7 unicorns in 2021 alone including Zoom, Dapper Labs, etc.) showed me Crypto Kitties in 2017 at the Ocean Gala with Sir Richard Branson, a light bulb on. NFT is a brand new use case for blockchain that could be fun and understandable for the masses.

Cryptocurrency scares my mom. Overnight millionaires, lambo culture, hacks, volatilities and central bank vilification make sensational headlines that the mainstream media can’t get enough of, both of which have emboldened a new era of 49er to panning for gold, but also made my mother shake her head and say “It’s not for me”. But I figured NFTs would be different as we embarked on a mission to create a use case for blockchain for the masses, something that isn’t “scary” to the average consumer.

The $69 million sale of Beeple NFT was a watershed moment in NFT history, legitimizing the technology but also drawing speculators into the space like never before. NFTs quickly replaced ICOs for “Currency Entrepreneurs,” and “Lazy-mint” transferred astronomical transaction fees to buyers who compete in “gas wars” for the chance to flip and profit. Newcomers lured by the promise are often shilled and left with the bag. Even expert users are not immune. I recently had dozens of conversations at VeeCon with friends and leaders in the NFT space, which is shocking all one of them experienced some kind of hack or rug-pull (where the project founders took the money and abandoned the community). Losses often amount to hundreds of thousands of dollars, and everyone considered it “a learning experience.”

This is not OKAY. We are not doing enough to protect buyers. We’re not ready for mass adoption if we can’t drive skyrocketing gas prices down, provide enterprise-grade services to protect consumers’ digital assets, and make onboarding as easy as buying anything. on Amazon.

Creators first

Music, sports and lifestyle are passions that unite tens of millions of people. Now it’s easier than ever for creators to garner hundreds of thousands, if not millions, of fans. However, few artists and creators “succeed”. Monetization on Web2 platforms earns pennies per stream, if anything at all, compared to recent stats that indicate Web3 artists are monetizing an average of $174,000 in 2021. The stats are significantly skewed at the higher end of the spectrum by artists like Beeple and companies like Laboratoires Yuga; nonetheless, it is potentially a game-changer for millions of creators.

A musical artist, for example, at the beginning of his career, no longer has to decide whether to guarantee his future income from recording, songwriting or touring with a traditional label, publisher or promoter, rather, it can empower an NFT community of hundreds to thousands of passionate fans to co-own their next project and participate like never before.

But we are not doing enough to lower the barriers to entry for new artists and creators. The typing costs and technical knowledge required to succeed in Web3 are not favorable to the freelance artist or rising social media stars. Although talent is universally distributed, the wealth of Web3 is not. Over 90% of NFT’s sales proceeds went to male designers. Minority and female creators are vastly underrepresented in what was supposed to be the new space of democratization. OneOf is the only NFT platform where over 80% of our NFTs have been made by minority or female artists, and our “CO//SIGN” program highlights emerging artists and gives them the tools and financial support to succeed in the Web3. But this is only the beginning. Today I am proud to announce our first advisory board. These pioneers of women and minorities in web3, entertainment, government and beyond will hold me and our leadership team accountable as we continue our mission of creating the platform and the company more inclusive of Web3.

A sustainable future

I wouldn’t be here today without the mentorship and guidance of two amazing VCs who partnered with me from day one, Bill Tai of Actai Ventures and Suna Said of Nima Capital. They cared less about short-term profits and more about how to build a long-term sustainable industry. Bill was Zoom’s first funder, as well as a passionate climate activist who co-founded the Necker-Island Blockchain Summit with Sir Richard Branson, the only blockchain conference where we don’t talk about blockchain financial applications. Hitting an NFT on a platform built on proof-of-work networks takes energy that can power the average American household for 5+ days. Artists have often been immediately attacked on Twitter for how their NFT initiatives harm the environment. OneOf uses up to 2 million times less energy to strike on Proof-of-Stake networks such as Tezos and Polygon, less than the energy needed to send a tweet. The future of Web3 is sustainability.

Were not anything will happen, and in the long run, that’s a good thing. The first wave of NFT brought out the promise of a new future as well as a dark side of greed and profit at all costs. Wash trading, rug-pulls, hacks and scams were synonymous with the first “golden age” of NFTs, however unsustainable. As the market cools and crypto enters a contraction part of the cycle, the easy money will evaporate. Trading volumes on platforms designed to serve the needs of crypto whales and wash trade are drying up. With the exception of a few major platforms, most will either fail or consolidate over the next 12-24 months. Many Web3 “founders” will pack up their bags and move on, much like many 2017 ICO founders became cannabis “entrepreneurs” after the latest crash.

The next era of NFTs will be defined by everyday fans and creators of all backgrounds and walks of life. Our conviction is stronger and the roadmap stronger than ever. It’s an exciting time to build.

About OneOf: Deeply committed to a sustainable blockchain future, OneOf is an NFT platform that supports NFTs across multiple energy-efficient blockchains, to create sustainable, user-friendly experiences for creators and fans. Minting an NFT on OneOf’s platform uses up to over 2 million times less energy than proof-of-work networks, and for its users, purchasing NFTs costs $0 in blockchain gas fees . OneOf aims to bring the next 100 million non-crypto native fans into Web3 by removing technical friction and allowing fans to pay for their NFTs with credit/debit cards as well as major cryptocurrencies. Committed to diversity, more than 80% of the collections presented on OneOf come from minority or female designers. In addition, OneOf donates a portion of the proceeds from each NFT collection to its partner artist or athlete’s favorite charity.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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