CoinEx | How Does Only1, Solana’s First NFT Platform, Disrupt Conventional SNS?
In 2021, Solana, a rising star in the field of public chains, seized nearly all the opportunities presented by crypto trends. As Solana booms, its ecosystem has expanded from scratch to include all crypto segments, giving rise to a powerful network that covers hundreds of projects in many fields, such as DeFi, tools, infrastructure, NFT, games, wallets, DApp, and developer tools.
Based on the Ethereum blockchain, most of the trending NFT marketplaces, like Opensea and Rarible, are subject to high gas fees and low scalability. As such, creators and users face high costs in NFT-related operations, such as buying NFTs. Going off the beaten track, Only1 set its eye on the high-performance Solana and evolved into the first NFT social platform based on this blockchain.
On Only1, users and creators can take part in social events on the platform to earn tokens, which can be used to buy, collect, and invest in NFTs. Additionally, they can also create their own NFTs and benefit from the passive income through the Genesis-NFTs and Content-NFTs mechanisms (similar to the Play-to-Earn model). In short, by socializing through Only1, users and creators can closely interact with each other, thereby linking their revenue to social interactions.
On conventional social media platforms, creators must rely on a middleman for any type of business cooperation, such as product sales, paid advertising, promotion, etc. Only1 is groundbreaking because it has eliminated creators’ need for such intermediary platforms as an NFT social platform that disrupts the conventional SNS.
To bring vitality to the social ecosystem of the entire platform, Only1 has introduced two unique mechanisms, Genesis-NFTs and Content-NFTs, to encourage users to take part in social events and positively interact with creators.
Only1 encourages social interactions by allowing fans to get involved in the content shared by creators. With this platform, creators can benefit from interactions with fans, while fans can get more in touch with their favorite creators by purchasing Genesis-NFTs. Unlike other projects that focus on “social tokens”, Only1 has placed a greater emphasis on “socializing”. Through social interactions, Only1 brings together creators, owners, and communities and creates economic ties that connect the three parties.
It is worth mentioning that Only 1 first proposed the concept of Social-To-Earn (C2E) and Initial NFT Offering (INO). In October 2021, it launched the NFT Launchpad platform and conducted INO (Initial NFT Offering), and the raised SOL will be used to repurchase LIKE and reward the early users of Only1. INO represents a new way to issue NFTs. It allows us to raise funds while issuing NFTs, which may become a new trend for NFT issuance.
LIKE, the platform token of Only1, features the following functions:
1) Buying NFTs: Users can buy NFTs (Genesis-NFTs and Content-NFTs) in Only1’s marketplace with LIKE. It is noteworthy that all NFTs on Only1 generate passive income for holders;
2) Getting returns from staking: Users can get returns by staking LIKE for content creators. The APY for staking on Only1 is automatically adjusted based on how active the creator is — The more active the creator is, the higher the APY. Plus, users can also spend LIKE on unlocking original content and getting raffle tickets.
3) Governance: Holders of LIKE can participate in the community governance of Only1. Reportedly, Only1 may consider the launch of donation functions in the future.
Only1 has secured seed funding led by Alameda Research, Liquefy Labs, and Genesis Block Ventures. It also obtained support from the Solana Foundation. Right now, LIKE has been listed on crypto platforms that include CoinEx, Gate, and FTX. As the Solana-powered star project, Only1 may respond to all the market expectations with first-rate performance.