Lin Dai on OneOf’s NFT drops and music-based digital collectibles

0:01i'm ashton addison from block west capital for investmentpitch media and the cryptocoin show and today on blockchain interviews we have lynn dye the ceo of one of lynne welcome to the show and thank you so much for taking the time to come on yeah thanks for having me you're very welcome i'm excited to dive into the world of nfts there's so much to learn

0:20about so many different things going on and i know that one of is bringing a really interesting initiative into the cryptocurrency space right now i would love to kick off our conversation by just hearing a little bit more uh from you about one of and what are some of the main solutions that the platform is driving into the industry yeah um thank you so oneoff.com is a

0:45green nft platform specifically built for the music vertical um so we work with um top artists and major partners in the music space and aim to bring nft demystify nft and make affordable entities for the everyday fans very cool and from what i've seen and a lot of people have approached me asking about nfts throughout this year it seems that

1:13the majority of people right now on the surface level understand nfts as digital artwork or a non-fungible token but mostly represented through through artwork and this is an interesting twist because this is a really great use case for artists and for the entertainment industry to do it with music can you talk about how you see the current nft landscape and where

1:36onenote fits into that as it continues to grow out and bring out more mainstream use cases yeah you know um nmts is is really you know uh lines of code that creates a digital certificate of authenticity right so that can be applied to um any number of digital items or even physical items so so that's what what's super exciting about about the kind of

2:02the underlying technology it could fundamentally uh change how we kind of um authenticate and transfer value in many different ways so the earlier user use case and the earliest uh one of the earliest use case that really got me excited was you know two and a half years ago when one of our uh my mentor in bc you know beltane who's one of the earliest uh investors in the

2:26blockchain space came to me and was like lynn you had to take a look at these blockchain cats right so that so that was cryptokitties uh one of the earliest examples of gamified nft experience or like wow like you know that that really kind of set up a lot of thinking how this could be um you know fundamentally be very additive to the music industry in

2:47the entertainment industry um so you know we started building our projects like almost two started uh two and a half years ago um you know this year suddenly nfp proliferated really kind of in the art category um so so art is you know i would say that's like a really kind of easy to understand use case right so a piece of r has high value you know piece of physical r has

3:11high value from um you know for for the collectors and uh and digital art is is kind of just a natural evolution of that and nft kind of sorts you know uh surfaces as kind of the perfect digital authenticity uh you know certificate of digital authenticity um you know attached to a piece of artwork digital artwork that was like previously very hard to certify

3:35right like you can just like right click and copy a digital artwork um now music takes that to even on the next level so what how music is different from art you know i think in a couple of ways uh music is even more understandable right art there there is a a little bit of a um you know uh it's catered to the high-end consumer but also price discovery is not that

4:00easy why is a painting of a bull carrying a bitcoin worth millions of dollars if it's done by people versus i can draw the same thing like the same painting by lynn dye is probably worth like you know four dollars right so um so price discovery for the average consumer is not that clear but music is different um everybody knows right and like logically that john lennon's

4:27imagine as an nft it's probably worth a lot more than you know the third track on britney's fourth album right no offense to brittany um so so i think i think that basically makes it um you know an interesting opportunity to really bring nft to the masses because everybody already music right understands music and music has mt's it's not that hard to believe of

4:52you know limited edition let's say limited edition of nirvana's nevermind album um right so so you already have kind of physical world equivalent of that which is like you know an awkward autographed vinyl by uh of thriller by michael jackson it's probably um you know can can work a lot but nfc is really exciting at the uh beginning of the artist's career that's

5:17what we're really excited about is you know an artist who maybe have her uh his or her first 1000 fan that's when to buy a digital collectible from the artist um you know we all have that experiences like oh yeah i saw that artist play you know uh at this little bar or at my friend's party you know now she's he or she is the biggest dj ever um so but

5:43like now you can prove it right like if you were really the first 500 fans um you get to participate in the artist's career in like a brand new way through ffts very interesting and thanks for the backstory lin and i'm curious to dive into that a little bit more you know talking about these special occasions and it's not just taking the album and putting each song as an nft and or the

6:08album as an nft although you can do that i'm curious with one of on the platform are you doing different initiatives with artists uh where you're doing special occasions or are you just buying the tracks you know what are what are the limits on on one ups platform and what you can get as an nft yeah it's a little bit of everything right so you know i think on

6:31some other platform it's very kind of one-dimensional right so so there are platforms that you sell art uh you know nba top shot is great right but it's very much like you know it's a it's a trading card um like platform so we do a little bit of everything you know i think it's so early in the nft space uh we're doing a lot of experimentation with a lot of success with with our

6:53artist partners for example you know like we uh what we really think uh nft proliferates is when the digital world like connects with the physical world so we're always looking to like you know kind of experiment around around that front um so for example you know our first two collections uh doja cat right so one of the you know the biggest female streaming artists right now uh

7:16her collection really is a collection of seven different uh entities that all of them can unlock experiences in the real world could be golden tickets to her uh next tour uh or could you know all the way up to the one of one comes with a vip experience you know we'll fly you first class to her next show um you know we'll do a tour of like you know living one day in the

7:41life of dojo you can go to your favorite restaurant before you go go get the vip experience at the show so um so there's a lot of that um and then our first kind of uh free collection that we did uh together with ihar radio music festival is you know iconic festival every year in vegas um and this is you know last year it was um you know because of the pandemic it was virtual

8:05this year was you know kind of first time they came back uh in vegas and you know we we gave away one we meant to one million free nft switches kind of never been done before on on any blockchain uh being like one night we did it and then we gave them away to fans and if you collected right so there was like 12 different tokens if you collected the right combination um you could win a

8:27kind of vip experience too uh to to this year's festival so which was super successful you know i think what we um uh the opposite right the future of this we think we think the opposite is true also um where uh imagine you are actually at the festival and dojo can't like start performing and then in the middle of her song she blows a kiss to the audience

8:53and everybody raises their phone to catch you know the virtual kiss right and then that becomes an nft uh and you have like anybody who you know quote unquote at that moment caught that nft uh and maybe that represents a digital experience and maybe now that energy becomes a uh special item or a character in on the the metaverse or some virtual world game

9:20i think both are interesting were on the when the line is blurred between physical and digital that's when you know i think true fans get to enjoy the utility of the entity uh more than just kind of the physical entity itself or the you know the the digital representation of entity which is you know an image or a song or a media file yeah it's super fascinating lin and i

9:46completely agree because i've talked to a lot of people that are getting into nfts and they're trying to understand you know from the artwork perspective you know how is this digital art on my computer you know if i don't have like a painting in my house or how can i really enjoy it if i'm just looking at it on the screen but to incorporate all these

10:03different vip experiences and actual you know physical things that you can do with proving the ownership of the nft i think is gonna be next level and it's really exciting to hear about that the drop in the giveaway that you did with iheart that's a huge brand and to be able to collect things like that early on i think is super exciting for fans and i saw on the

10:25one of platform that you're doing nft drops like often people can just go and buy different nfts there but there's also sort of drops and things like that maybe you could talk about that and how often your team is doing that and will there be more of the same moving forward yeah absolutely i mean we're planning about 200 collections in the first 12 months um and each collection comes with

10:48you know kind of one or more drops and you know and usually kind of three drops is what we do now right so each week uh there could be one or more artists being featured on our platform um so you know i think the biggest barrier to entries still is um it is both uh the price and and the difficulty for the average consumer or average fan to get involved in nft space

11:16so we broke down both of those barriers right so um maintain an nft on other platforms uh linkedin is is the word for creating an entity um you know the cost of creating an entity is is as high as like five six seven hundred dollars right because the limitation of proof of work uh blockchain so so we broke that down on and and through our platform which is

11:40built on tezos which is environmentally friendly 2 million times more energy efficient but as well as super low transaction costs so so through our main methods it's it's effectively about two cents to maintain an empty uh and we subsidize that cause for our artist partners right we partner with the biggest artists in the world including you know such as dojo

12:03and iheart so we can afford to actually now we can actually allow the artist to have a full canvas to create whatever artwork without having to charge their fans and arm another like you know the entire i heart collection is free um it's just not possible on any other platforms um where we were able to subsidize the cost on a million enough teeth because uh you know

12:26our technology allows the nft to be minted and you know affordable way to consumers so so the second kind of challenge verity entry for everyday fans is it's just too complicated um you know you have to be a a really quick you know equipped owner like me on most other platform to be able to learn like how to set up a wallet how to custody your own keys um

12:50and then if you like don't do it right like you lose all your like crypto assets and you know it's it's it's it's kind of uh it's very challenging for everyday fans i mean we basically built a platform oneoff.com is built for the everyday fan so you don't have to understand crypto uh you don't have to know how to open your own wallet you basically sign up with your

13:12email and phone number um and you can get to buy your first nft for five dollars in under uh three minutes with a credit card right so so you know what we're looking to do is just release uh you know through a through the fun use case of music energy collecting something from your favorite artist on board kind of the next 100 million non-crypto native

13:37um fans so i think that's a big difference between kind of who we're the community we're trying to serve uh and educate uh versus you know i think a lot of platforms are built to target um like the crypto wells um you know we we have full crypto payment capabilities you can you can pay with tezos you can pay with beef uh and and get your entities uh

13:59we're very inclusive platform but you know i think um the secret sauce here is we do make it easy uh and you know and then you know for the kind of the the next um tens of millions or 100 million user to to be onboarded into the blocking space definitely i think that's a great uh breakdown of the barriers to entry especially when i didn't know that it

14:23would cost hundreds and hundreds of dollars to produce an nft to move that down to two cents is astronomically better um so that's super great to hear uh with the one of platform and to have it on the taizos i actually haven't heard of that with nfts but it sounds like your team's really worked it out where you can purchase with a credit card make it

14:44really easy it's interesting to see people that aren't involved in cryptocurrency get involved in it through nfts through something like one of and i think that's going to be just another door opening to help uh show web 3.0 to the rest of the world and i'm curious lin you know you you're already working with some of the biggest artists can you give

15:06a glimpse into the future and what you think uh the popularity of music-based nfts will be in two years from now or three years from now and you know will every artist be using these yeah absolutely you know i think this is a fundamentally you know kind of the fourth pillar of the artist's revenue stream uh that never that didn't exist before and and is now kind of uh

15:29potentially is uh is as meaningful if not more meaningful than the other three pillars right so um this is you know if you imagine an artist's career usually it's uh it consists of like you know music revenue or streaming revenue um but artists often have to collateralize that by sending a record deal right so i go through a major label uh the second

15:52revenue stream touring revenue right but the artists usually have to sign a you know like a ticketing or or touring uh deal with a you know a platform like or a company like lightnation so um so that's collateralized and then you know songwriting revenue on artists usually have to sign a publishing deal so so this is uh you know nfts is kind of a direct way for the artists to connect

16:21with their biggest fans and community and monetize directly really without um kind of uh collateralizing their their their revenue potential with a third party right so i mean we're just a platform where where the artists interact with their fans um you know so so it's it's really truly kind of something that is very liberating and this is the first time

16:44also you know the fans get to also it's a two-way street right then get to participate in an artist's career imagine you collected you know the rookie card of some artist that you you saw you know at some small bar in in in the suburbs and then like three years later the artist went on to to to become winner grammy right so so you get to if you hold like that artist

17:07first nft um you get to participate in the artist's career uh in a brand new way so um you know we've partnered with um quincy jones right so quincy is uh you know it backed our company and and he's certainly you know one of the most legendary figures in in music and and he's you know most people don't know this he is a very tech forward he's the one of the

17:33first uh investors in uh spotify right when there whenever there is a a new technology that that is fundamentally beneficial to the artist he he's usually one of the first ones to to adopt this so uh working with quincy and quincy's team um you know uh quincy's uh president of quincy jones productions adam feliz uh is my partner in the project uh we are you know just

18:00what we have planned um you know i hinted that we have about 200 collections from um major and emerging artists planned for uh for just the first whole month um of the company um and and each collection is designed a little differently right so so there are experiences involved they are you know we have a collection that just went by um uh today with the game um the wrapper

18:27right so uh you know that collection is kind of a combination of music plus uh kind of a little bit of the trading card um you know um mechanism so you can now collect or buy a pack um and and get like like any of like 12 different unique um nft cards from the game and some cars comes with an unreleased track some some car comes

18:56with the unreleased music video um so so it's really fun and then you know you get to trade that with other fans right so so now we're combining um kind of a gamification with um actual uh unreleased music so artists like the game is is really pioneering on kind of like how to actually release new music through this new medium which is very very exciting i

19:22mean you can't get this song on normal streaming platforms right you can't get this music video on youtube so his true fans like get to you know now collect something that and truly nobody else have right so very very cool lynn and i'm definitely looking forward to checking out the platform to see these future drops and see which artists are the ones that start developing this kind

19:47of uh connection to their fans through nfts so i think it sounds very promising moving forward for the viewers that are looking to also follow along with the updates on one of and get a hold of some of these nfts that are currently on the platform and for the upcoming nft drops what's the best way for them to get involved in the platform yeah you can follow us on social media

20:11on instagram and and twitter at one of nft um so all spelled out um and or you can just go check out the website directly oneoff.com uh we have you know like i said drops uh almost every other day um and and multiple uh artists uh going live uh so so you know right now on the side there's the game collection is is live and then uh we have a a free collection with uh a free

20:40nft that we're releasing also later today with alesso on the major edm dj uh that leads to that tease into his full collection uh later in the month uh so it's all very exciting uh the only thing i i would say is usually these collection gets all sold out or free item t gets claimed uh within minutes so you have to like stay on top and follow our social and know when the drop

21:05happens and you know just like um be there we make it super affordable so you know um you know you could get a get a great entity for for as little as five dollars these days so amazing well thank you so much for taking the time to come on the show i will leave those links to the community and the website as well in the description box below all the best with

21:26all of the artists that your team's working with moving forward and overall on the one off platform and let's follow up in the near future yep thank you you