Understand Only1 in three minutes: A high-performance NFT social platform based on Solana

This article is sourced from Chain News, authored by a Poplar Tree.

On traditional social media platforms, creators need intermediaries to profit from product sales, paid promotions, and solicitations, leading to a deep reliance on third parties.

Only1, as the first NFT social platform within the Solana ecosystem, attempts to eliminate the necessity of intermediaries throughout the process by leveraging NFTs, thus achieving an organic combination of NFTs and social activities, directly connecting fans and creators, allowing all earnings to be shared between fans and creators.

What is Only1?

Only1 is a new social media platform that combines social media, NFT marketplace, scalable blockchain, and the native token LIKE, allowing creators to produce content and share it directly with their fans.

Creators can directly create NFTs, while their fans can invest, access, and earn by collecting these NFTs, receiving rewards based on their level of participation. Specific features include the minting of Genesis NFTs, bidding for Star NFTs using LIKE, and more.

Two Mechanisms of Only1

To realize the vision of directly connecting fans and creators, Only1 includes two mechanisms: "Minting of Genesis NFTs" and "Mining of Content NFTs."

Minting of Genesis NFTs

Genesis NFTs

• Once creators pass KYC certification, they can mint NFTs;
• Then creators will be able to mint their own content NFTs for their fans and receive LIKE or local tokens as rewards for participation;

Fan Bidding

• Fans can bid for Star NFTs on Only1 using LIKE or the native platform token;

Genesis NFT Dividends

• Fans can stake LIKE on their favorite creator's image;
• Genesis NFT owners and creators will share a portion of the staking mining rewards;

In other words, every creator joining the Only1 ecosystem will receive a Genesis NFT, which serves as a certificate for users to gain privileges within the ecosystem (e.g., unlocking trading tutorials, etc.).

Fans on the platform can stake LIKE for each creator to earn APY rewards, with the specific APY value determined by the closeness of the relationship between creators and fans. Both Genesis NFT owners and creators can receive a portion of the staking mining rewards.

Mining of Content NFTs

Creators Publish Content NFTs

• Creators can publish exclusive content in the form of NFTs;
• Fans bid for the corresponding NFTs on the Only1 marketplace using LIKE tokens;

Community Unlocking

• Other fans can also unlock content using LIKE;
• Creators and the community earn revenue;
• NFT owners and creators share the unlocking fees;

In other words, creators can publish original content for sale in the trading market in the form of NFTs, and users who purchase these NFTs have the right to view the content of the works.

Users who are unwilling to pay this fee can view the works by paying an unlocking fee (set by the creator, as low as 1 LIKE), with a portion of the unlocking fee allocated to the creator and another portion to the owner.

Possibilities Brought by Solana

Currently, the most popular NFT markets like Opensea and Rarible are mostly based on Ethereum, but are limited by high gas fees and low scalability, making it difficult for creators/fans to afford the transaction fees for purchasing NFTs and other operations.

This has made the integrated development of NFTs challenging. Recently, Rarible has begun seeking to build a new NFT market on the Flow public chain outside of Ethereum, while Only1 takes a different approach by capitalizing on the significant performance advantages brought by Solana's high scalability:

As a public chain designed specifically for local scalability, Solana achieves higher energy efficiency and security through low processing power and tamper-proof characteristics.

Although the only drawback of developing on Solana currently is that the entire ecosystem is not yet mature, with a relatively small number of users and total locked value, over time, the convenience brought by Solana's technology is expected to attract more project parties to participate, thereby showcasing the advantages of the entire ecosystem.

Currently, Only1 is focused on developing the alpha version of the platform, which is only open to users, investors, and privileged users within the Solana ecosystem.

Economic Model

The LIKE token is the ecological token of Only1, with a total supply of 500 million tokens. The specific distribution mechanism is as follows:

• 8.9% for seed round and private financing;
• 1.1% for public offering;
• 10% for team members;
• 5% for investment advisors;
• 35% for community fund;
• 15% for liquidity mining;
• 15% for ecosystem;
• 10% for treasury reserves;

LIKE can be used to purchase NFTs (including Genesis NFTs and content NFTs) in the platform's trading market, and these NFTs will provide passive income to their owners, endowing them with monetary attributes.

Users can also earn mining rewards by staking LIKE tokens for each content creator and use LIKE to unlock original content, obtain lottery tickets, and participate in Only1 community governance. Future considerations may include the launch of donation features.

Team and Financing

The Only1 project team is primarily composed of technical personnel with a high degree of globalization.

Among them, senior technical developers have experience working at Binance and Dash, the design director has previously worked at Binance and Binance Research, and the team also includes blockchain engineers who helped launch Openswap and develop Uniswap forks, as well as Solana programming experts specializing in Rust language and WebAssembly-related development. The team has rich experience in the blockchain industry.

In terms of financing, Only1 recently secured seed round funding led by Alameda Research, Liquefy Labs, and Genesis Block Ventures, with participation from NGC, PetRock Capital, DuckDAO, and also received a grant from the Solana Foundation.

In the upcoming development progress, besides the support from these investment institutions, the backing of the Solana Foundation and its associated Solana ecosystem provides Only1 with a unique development environment. Whether it can emerge in the NFT social track is worth paying close attention to.