OneOf has raised $63 million for a new Green NFT website for artists.

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Whitney Houston, Doja Cat, John Legend, TLC, H.E.R, Quincy Jones, Charlie Puth, Jacob Collier, G-Easy, AURORA, The Kid LAROI, Alesso, and others will have NFTs on the soon-to-be-launched website.

OneOf, a sustainable blockchain startup, has raised $63 million in seed capital to support the new Green NFT app for artists, demonstrating that the demand for nonfungible tokens remains active.

Bill Tai, Sun Said of Nima Capital, Sangha Capital, Tezos Foundation, Jack Herrick and Jaeson Ma of East West Ventures were among the investors and venture capitalists who participated in the seed round.

OneOf, based on the Tezos protocol, is a marketplace for artists and enthusiasts to access digital collectibles. According to the firm, minting NFTs on Tezos consumes over 2 million times less energy than leading networks such as Ethereum. Artists who want to create an NFT on Tezos will pay nothing for their listing, and consumers will be able to pay for their collections in over 135 fiat currencies.

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OneOf intends to donate a part of its profits to an environmental cause or a charity of the artist’s choice.

Doja Cat, an artist, said she is “excited to be working with OneOf” to discuss connectivity and environmental challenges at the same time.

“Blockchain has the ability to democratize ownership and bring economic empowerment to both artists and fans,” said Lin Dai, OneOf’s CEO and co-founder. “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.”

The euphoria around NFTs seems to have subsided in recent weeks when cryptocurrency prices tanked. NFTs and DeFi were among the hottest phenomena in the cryptocurrency industry prior to the selloff.

Despite the recent downturn, the outlook for NFTs continues to be positive. According to a recent industry estimate from the Invezz magazine, NFTs will have a market capitalisation of $470 million by October, as trading volume increases by nearly 40%.

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