About Only1
Only1 is the first NFT-powered social media built on Solana - the most scalable blockchain to date. Social media users want to feel more connected with the creators on the platform. And in conventional social media, creators have to go through middle-man to sell merchandise, paid advertisem*nts, shout-outs, or any form of partnerships. Our innovation through NFT aim to cut out the need for these middle-man, and we do this through two novel mechanisms.
Firstly, Creator Genesis-NFT (and Creator Staking) - each onboarding creator will be minted a Genesis-nft which they can associate perks with (e.g. mentor the Genesis-NFT owner how to trade). Users on the platform can stake $LIKE tokens on individual creators with APY that adjusts according to the creator’s engagement with the fan base. The owner of the Genesis NFT, and the creator will both receive a small split of the staking pools’ reward!
Secondly. Content-NFT farming - creator can post exclusive content in the form of NFT to be sold in our marketplace, the user who bought it will be able to see its content, but for the rest who dont prefer to pay the expensive price, they can pay the unlocking fee (which can be low like 1 $LIKE, depending on the creator) to view the content, part of the unlock fee will go to the creator, and the other to the content-NFT owner.
There will be token burn mechanisms from the transaction fees in the marketplace. In addition, each unlock will give the viewer a lottery ticket which will be used every week for lucky draw for airdrop.
What is Only1?
Only1 is a pioneering platform in the realm of social media, leveraging the power and scalability of blockchain technology to offer a unique experience for both content creators and their audiences. At its core, Only1 operates on the Solana blockchain, known for its high scalability, and introduces the LIKE token as its native cryptocurrency.
The platform addresses a common challenge faced by creators on traditional social media platforms: the reliance on intermediaries for monetization opportunities such as merchandise sales, paid advertisem*nts, and partnerships. Only1's innovative approach aims to eliminate these middlemen through the integration of non-fungible tokens (NFTs), thereby fostering a more direct and rewarding connection between creators and their fans.
One of the key features of Only1 is the introduction of Creator Genesis-NFTs and Creator Staking. Upon joining the platform, creators are minted a Genesis-NFT, which can be associated with various perks, such as mentoring the NFT owner on specific skills. Fans can stake LIKE tokens on their favorite creators, with the annual percentage yield (APY) adjusting based on the creator's engagement levels. Both the Genesis NFT owner and the creator receive a portion of the rewards from the staking pool, enhancing the incentive for active participation and engagement.
Another innovative aspect of Only1 is Content-NFT farming. Creators can post exclusive content as NFTs for sale in the marketplace. While the NFT owner gains exclusive access to the content, other users have the option to pay a small unlocking fee, set by the creator, to view the content. This fee is then split between the creator and the Content-NFT owner, creating a new revenue stream for both parties.
To ensure the sustainability of the ecosystem, Only1 incorporates a token burn mechanism for transaction fees within the marketplace. Additionally, each content unlock grants viewers a lottery ticket for weekly lucky draws, offering a chance to win airdrops and further incentivizing engagement on the platform.
As with any investment in cryptocurrencies or platforms, it's important to conduct thorough research and consider the risks involved.
How is Only1 secured?
Only1 leverages blockchain technology to ensure a secure environment for its users. This platform, built on one of the most scalable blockchains, employs direct peer-to-peer transactions, eliminating the need for intermediaries. This approach not only enhances security by reducing potential points of failure but also ensures that transactions are transparent and immutable.
To further protect personal information and user accounts, Only1 has implemented a variety of security measures. These measures are designed to safeguard users' data and provide a secure platform for engaging with digital content and transactions.
The platform introduces innovative mechanisms such as Creator Genesis-NFT and Content-NFT farming. These features allow creators to offer exclusive content and perks, engaging directly with their audience. The use of $LIKE tokens for staking on creators and unlocking content adds an additional layer of interaction and reward distribution, all while maintaining a secure and transparent ecosystem.
Moreover, the token burn mechanisms from transaction fees and the lottery system for content unlocking contribute to the platform's economy and security. These features not only incentivize participation but also help maintain the integrity and value of the tokens within the ecosystem.
It's important for users to conduct their own research and understand the risks associated with digital assets and blockchain technology. While Only1 employs robust security measures, the dynamic nature of digital currencies and platforms necessitates a cautious approach to investing and engaging with these technologies.
How will Only1 be used?
Only1 is a pioneering decentralized social platform that leverages the power of blockchain technology to revolutionize how content creators and their fans interact. Built on the Solana blockchain, known for its scalability, Only1 introduces a unique ecosystem where creators are rewarded through NFTs and LIKE tokens, facilitating a direct and fee-less transaction system.
The platform's innovative approach includes the creation of Creator Genesis-NFTs. Upon joining, creators receive a Genesis-NFT, which not only symbolizes their entry but also allows them to offer exclusive perks to their supporters. Fans can stake LIKE tokens on their favorite creators, participating in a dynamic reward system where the engagement level of the creator directly influences the annual percentage yield (APY) of the staking pool. Both the creator and the Genesis-NFT owner receive a portion of the rewards from these staking pools, fostering a mutually beneficial relationship.
Furthermore, Only1 introduces Content-NFT farming, a mechanism where creators can mint exclusive content as NFTs. These can be sold on the marketplace, providing a novel way for fans to access unique content. For those unwilling to purchase the NFT outright, a low unlocking fee, payable in LIKE tokens, grants access to the content. This fee is split between the creator and the Content-NFT owner, ensuring that creators are compensated for their work while also incentivizing NFT ownership.
The platform also incorporates a token burn mechanism to maintain the value of LIKE tokens, with a portion of transaction fees in the marketplace being permanently removed from circulation. Additionally, each content unlock grants viewers a lottery ticket, entering them into a weekly draw for various rewards, including airdrops, further engaging the community and incentivizing participation.
Only1's use extends beyond content creation and consumption. It is poised to become a key player in the gaming, entertainment, and metaverse sectors, offering a platform for processing personal data with the added benefits of blockchain technology, such as security and transparency.
As with any investment in the cryptocurrency space, potential users and investors should conduct thorough research to understand the risks and opportunities associated with Only1 and its ecosystem.
What key events have there been for Only1?
Only1 has marked its presence in the blockchain and cryptocurrency space through a series of notable events and strategic moves. The platform, which leverages the scalability of Solana blockchain, has initiated partnerships with significant blockchain entities such as NEO and Ontology. These collaborations are aimed at enhancing the ecosystem's interoperability and expanding its reach within the blockchain community.
In addition to forming strategic alliances, Only1 has actively engaged with its community and developers through competitions and various educational events. Hosting a developer competition has fostered innovation and encouraged the development of new applications and services within the Only1 ecosystem. Furthermore, by organizing meetups and workshops, Only1 has provided valuable opportunities for networking, learning, and community building among enthusiasts and professionals in the blockchain space.
The platform's innovative approach to social media, through the integration of NFTs, offers a unique proposition. By allowing creators to mint Genesis-NFTs and enabling content-NFT farming, Only1 creates a direct channel for creators to monetize their content and engage with their audience without intermediaries. This model not only benefits creators but also provides incentives for users through mechanisms like staking $LIKE tokens and participating in content unlocking.
Despite these advancements, it's important to note that the cryptocurrency market is highly volatile and subject to rapid changes. Recent observations indicate a significant price decline and financial challenges for Only1. This underscores the importance of conducting thorough research and understanding the risks involved before making any investment decisions in the cryptocurrency space.
