Understanding Only1: The New Paradigm of NFT Social Platform

Since entering 2021, the NFT market has ushered in rapid expansion, with flowers blooming in collectibles, games, domain names, and social networking.

Since 2021, the NFT market has ushered in a rapid expansion. There are many flowers in the fields of collectibles, games, domain names, social networking, etc. We can see from the market enthusiasm and market turnover that the NFT market has become an indispensable crypto market. Ignored part. Based on this situation, let’s take a look today about the new paradigm of the NFT social platform-Only1 based on the Solana public chain.

The function-oriented era of the NFT market is coming

In the encryption market, too fast development will always bring some sequelae, and NFT is no exception. After entering April and May, the NFT market quickly cooled down, and both liquidity and trading volume were hit. Of course, the market environment is one of the influencing factors, but the problem of insufficient depth of the NFT market itself cannot be ignored. Blindly stimulating the market through Fomo sentiment can only lead to a vicious circle.

Although this does not mean that the NFT market will be short-lived, after the rapid cooling of the market, how to find the next development direction for the NFT market has become a top priority. Obviously, the NFT function-oriented period is coming soon .

The first wave of the NFT market is based on the appearance of prosperity and internal emptiness. Therefore, for different NFT projects, how to build products and value logic is the key to their survival in the NFT market .

There are many fields in the NFT market. Collectibles, games, domain names and other fields have become commonplace, while the social field is not so well known, but the energy and potential contained in the NFT social field cannot be underestimated. On traditional social platforms, creators need to use intermediaries to get benefits from partnerships, paid promotion, merchandise sales, and call orders. No theory for users or creators, are in a state of “exploitation” in urgent need of a new model to change the status quo. Perhaps, the NFT social platform will be the breaker.

Only1 based on Solana public chain

Only1 was born based on this background and pioneered the Onlyfans fan economic system. It hopes to simplify the entire revenue distribution process by narrowing the distance between creators and fans, so as to lay the foundation for the next development of the NFT social field.

Only1 uses two innovative mechanisms to successfully eliminate the need for intermediaries on traditional social platforms.

Creator Creation NFT (and creator pledge mining)

Every creator who joins the Only ecosystem will get a Genesis NFT, which is a certificate for users to obtain privileges in the Only1 ecosystem (such as unlocking transaction tutorials, etc.). Users on the platform can obtain APY income by staking $LIKE tokens for each creator. The specific value of APY is determined by the close relationship between the creator and the fans. Both owners and creators of Genesis NFT can get a portion of the pledged mining rewards.

Content NFT mining

Creators can publish original content for sale in the form of NFTs in the trading market. Users who purchase these NFTs have the right to see the content of the work. Users who are unwilling to pay this part of the fee can pay the unlocking fee (set by the creator) , Some can be as low as 1 $LIKE) to view these works, part of the unlock fee will be allocated to the creator, and the other part will be allocated to the owner.

These two mechanisms not only succeeded in eliminating the necessity of middlemen, but also brought a very powerful “customer acquisition ability” to the platform. Most of the revenue of the creator NFT will be distributed to users. In addition, for users, what is more attractive is the friendliness of content NFT mining to content owners and creators, and economic returns will once again increase the enthusiasm of both.

Even if there are other outstanding social NFT projects on the market, these projects are basically “selling dog meat” and do not have social functions at all. The kernel is still implementing the “token economy”, and Only1 truly realizes NFT and An organic combination of social activities.

It is true that Only1 also has a token mechanism, such as the $Like mentioned above, but the greater functionality of $Like is still enabling two innovative mechanisms and weakening the “token economy” of the previous market. It is ahead of other NFT projects in terms of economic value.

Understanding Only1: The New Paradigm of NFT Social Platform

Many advantages and achievements Only1

Precise functional positioning and leading innovation mechanism are some of the advantages that Only1 can stand out on the NFT track, but if you want to advance to the head of the field, having such advantages is far from enough. Next, this article will introduce you to Only1’s other advantages.

1. Leading public chain foundation

Only1 is built on Solana, the “dark horse public chain” this year. Solana’s decentralization and security need not be repeated. It has been recognized by the market ; secondly, compared to public chains such as ETH and BSC, Solana’s The scalability advantage is obvious ; for users, how to save gas fees as much as possible in the transaction process is also one of the considerations when choosing a public chain.

Understanding Only1: The New Paradigm of NFT Social Platform

Although Solana’s ecology may be inadequate compared to other public chains, with the recent Solana hackathon and other activities, many developers have flocked to it, and many protocols are considering entering the Solana ecosystem. As time goes by, the expansion of the Solana public chain will become faster and faster, and the ecological coverage will become wider and wider.

2. Concise trading mechanism

Only1 does not use the traditional bidding model and the creator’s agreed pricing model to conduct transactions between NFT works. In its alpha version, Only1 will only use a fixed price auction mechanism. In later versions, Only1 will add a standard British auction mechanism, and users can put their works on or off the Only1 trading market at any time.

3. Strong partners

Only1’s seed round was led by Alameda Research, Liquefy Labs and Genesis Block Ventures, and Only1 also received a grant from the Solana Foundation. The addition of Alameda Research will provide strong support for the overall development of the Only1 project. Liquefy Labs also has extensive experience in DeFi project incubation and NFT project planning. Only1 has a close relationship with Genesis Block Ventures and other supporting investment institutions, such as Petrock Capital, DuckDAO, and NGC Ventures. Therefore, Only1 will have the opportunity to establish contacts with more powerful partners and opinion leaders.

4. The most decentralized professional team

Advanced Technology Development Dan is currently based in Israel and has worked as an advanced technology development company for Binance and Dash. Design Director Damir is currently based in Bosnia and Herzegovina and previously worked at Binance and Binance Research Institute. Blockchain engineers Akira and Kobby. Akira has rich work experience in blockchain development. He once helped develop Openswap and Uniswap forks. Kobby is a programming expert at Solana and has many years of experience in the field of distributed system development. Work experience, and specialize in Rust language and WebAssembly related development.

Understanding Only1: The New Paradigm of NFT Social Platform

5. Actively cooperate with different fields

Only1 welcomes fans and opinion leaders from all fields, whether it is a fitness blogger on YouTube or a beauty blogger on Instagram, the only requirement is to understand the crypto market. In the alpha version, Only1 will manually select some opinion leaders from the encrypted world and the traditional world to join the platform. In the future, stars in various fields will be invited, and will not be limited to a single field.

Concluding remarks

In the next protocol construction and development process, what kind of surprises Only1 will bring us, and how it will affect the NFT market, let us wait and see.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/understanding-only1-the-new-paradigm-of-nft-social-platform/
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