A new way to issue NFTs: Understand Only1's upcoming NFT Launchpad in three minutes

Written by: Only1
Compiled by: Perry Wang, ChainNews

The wave of NFTs continues to surge, with the afterglow of CryptoPunks still lingering, and Loot sweeping the community with the concept of NFT Legos. Behind the changing trends, the entire NFT ecosystem is thriving, with new gameplay and projects emerging one after another.

This has led to a demand for NFT issuance, and the Solana ecosystem NFT social platform Only1 is exploring new areas of NFT issuance, planning to launch its NFT Launchpad platform on October 7.

At the same time, the NFT Launchpad will also conduct its first NFT issuance (Only1 Initial NFT Offering, abbreviated as INO), expecting to sell 10,000 Only1 NFTs, with the raised SOL being used to buy back LIKE to reward early Only1 users. INO is a new type of NFT issuance method that allows for financing while distributing NFTs.

1. What is the Initial NFT Offering (INO)?

Inspired by the design of Initial Coin Offerings, other crypto crowdfunding mechanisms, such as IDO (Initial DEX Offering), have emerged. The Initial NFT Offering, or "INO," is a new NFT issuance model based on the above fundamental concepts.

NFT stands for non-fungible token. As a unit of data stored on the blockchain, NFTs have the property of proving the uniqueness and non-replaceability of digital assets, making them a hot topic in the market this year.

More and more platforms are offering NFT airdrops to their communities. These airdropped NFT tokens consist of many randomly generated images with variable rarity attributes and often help teams raise funds. INO was born against this backdrop.

INO provides NFT projects and creators with the ability to attract supporters and communities through NFT issuance; on the other hand, INO allows investors to benefit from the inherent supply scarcity of NFTs.

As the NFT market matures, the Initial NFT Offering may emerge as a solution to stimulate and reward investors and communities.

2. How Does Only1 INO Work?

Typically, creators and projects will first announce their technical documents, plans, and roadmaps to the community and initiate projects through a first-come-first-served or lottery model to fairly distribute their NFTs, thereby increasing community participation. Different project parties can set their own standards and gamification options based on their circumstances.

Only1's launchpad will issue a limited edition of 10,000 NFTs for sale. Only1 will allocate NFTs based on the number of native crypto tokens (LIKE) held by users.

Only1 encourages users to stake native crypto tokens to gain allocations from upcoming INO NFT projects. In the INO, users who invest the highest amounts will receive extremely rare and popular NFTs in each project.

The funds raised from the INO will be allocated to project owners to execute their roadmaps.

3. What Are the Advantages of Only1 INO?

As the NFT market continues to grow, the financing nature of NFT issuance is becoming increasingly clear. INO aims to transform the thriving NFT ecosystem, and compared to other issuance methods, Only1 INO has the following advantages:

1. Low Barrier to Entry for NFT Projects

Anyone can issue limited edition NFTs through Only1's decentralized platform. INO allows diverse ideas from everyone to be recognized by a broader audience.

Many creators still striving to output need new funds to finance their projects; through INO, artists can raise the necessary funds before creating.

2. Building an Early Supporter Community

Only1 allows the community to vote on potential projects to be listed on the platform and rewards the winners. This exposure for NFT projects encourages potential investors to research the projects. This mechanism enables creators to build an early supporter community around NFT projects, attracting more active traders and experienced investors.

3. Reduced Transaction Costs

Only1 INO operates on the Solana blockchain, minimizing the transaction fees faced by creators and investors.

4. Social Features

INO allows participating investors to benefit from the inherent supply scarcity of NFTs. Only1 has native social platform features that can enhance the visibility of certain creators, thereby increasing the value of their NFTs.

4. Conclusion

As the NFT market continues to grow, NFT projects and creators need a more convenient way to launch NFTs, and market demand may stimulate the development of INO model products.

However, INO also needs to leverage new technological means and face unfamiliar application scenarios, making its future development uncertain. Regardless, Only1's bold attempt in this new field is worth looking forward to.