A huge thank you for all the trust, support and patience along the way. It really means a lot to us. The wait is over! In this article, we’ll go through what the launch and future looks like for Only1!
As we launch the Socialfi features to the public over the coming weeks, we aim to become the largest web 3.0 social network on Solana, then beyond.
SocialFi will be one of the first verticals to take web 3.0 to mainstream adoption. We believe there is a huge potential in a decentralised social platform which pays users for the value they generate — CreateToEarn (C2E). Creators, fans, and artists can post content and engage with one another without worrying about personal data abuse, authoritarian content regulation, and biased discovery algorithms.
Only1 is already ahead of most other social platforms by being the first social platform on Solana and having reputable partners including Alameda Research, Animoca Brands and Solana Foundation. But what motivates us to continue building great products is the support and feedback of our creators, users and community. Hence, things change and we are expanding our Only1 ecosystem with more than just a social platform.
Like, Share, Earn 💜
Create-to-Earn (C2E)
Each user will be able to create content and engage with other users to start earning $LIKE.
Basically, the more active you are on Only1, the more you earn.
Once a user has signed up to become a creator, they will have their own creator staking pool . Their creator staking pool APY will increase as they post and engage more on the platform, attracting more TVL in the pool. Creator can then claim reward based on a % of the TVL. For more information on how the APY reward mechanics works, see here.
Get ready for #CreateToEarn #C2E, early access sign up available soon.
Sustainable Tokenomics
Platform revenue is often neglected in web 3.0, a product is only sustainable if it generates more revenue than it gives out over the long term.
Only1 generates revenue from the NFT marketplace, launchpad, and memberpass NFTs. Every month, based on the total revenue generated, we adjust the reward pool. We guarantee a minimum reward $LIKE to give to our stakers and creators, when the revenue is higher, we will provide APY reward boost and burn more $LIKE from circulating supply.
User Profile
We’re starting simple, users can post video, images, and text. This is just the beginning..
There are a few things users can do right away:
- Posting image, video, and texts
- Liking content
- Follow/unfollow a creator
- Edit personal profile
- Mint Memberpass NFT (read more below)
Amazing features coming for your NFT community:
What we’re thinking about
- Live streams with option to be visible only to memberpass NFT holders
- Minting content directly as NFTs and list on Only1 marketplace as you post
- Content upload templates — Making it easier for creators to create funny/informative/beautiful content
Memberpass NFT
Access — is one of the most adopted utility amongst content creators. Gary Vaynerchuk created Veefriends for his audience to access his conferences or even 1-on-1 meetings. Irene Zhao created IreneDAO for charity and her community from crypto-twitter. The list goes on.. For them to do this, they have to hire developers to create the minting website and NFT minting contract, then launch the NFT on launchpads/opensea, finally connect with their community via Twitter and Discord. It’s costly, time-consuming, and uses multiple platforms.
How about click a few buttons and have your memberpass NFT ready right away? All on one platform.
1. Input memberpass NFT details, e.g. “Luca’s Burger Club”
Choose image, name, supply, description, price etc.
2. Confirm Details
In case you did an oopsie..
3. Fans can purchase memberpass NFT on your profile or marketplace for exclusive content
What you share with your members is up to you!
Superfan NFT
Every creator has 1 superfan NFT, the holder will be displayed on the creator’s profile. Will you be my only1..?
When a creator successfully signs up to Only1, their superfan NFT will be minted and automatically auctioned at the Only1 marketplace. 80% of the auctioned price will go towards the creator, and 20% will go towards Only1 treasury. During any future sale, creator will have 2.5% creator fee. Details here.
Superfan NFT holder reward: tentatively 0.2% of the creator staking pool’s TVL per year, calculated per second.
Example: Ariana signs up as a creator, her superfan NFT is now listed on Only1 marketplace for auction. Gigachad.sol is Ariana’s fan and an NFT degen, he chooses to bid for Ariana’s Superfan NFT and wins. Now Gigachad.sol is displayed on Ariana’s profile as long as he holds the Superfan NFT. Gigachad.sol also earns a small % of Ariana’s creator staking pool, calculated and claimable every second.
NFT Marketplace
A web 3.0 social platform is inseparable from NFTs — the vehicle that allow creators to have ownership towards their creation, and a pass for holders to gain access. We have built an NFT marketplace catered for content creators with some initial basic features:
- Listing NFTs
- Buy-now
- Trending collection / creators
- Featured collection
- Auction house
Messenger
The Only1 messenger is a wallet-to-wallet messenger that combines web 2.0 infrastructure for optimised user experience. Users can send messages, and send tips directly in the messenger. During beta, users can only message creators, after public launch, anyone can message anyone!
On our drawing board 🎨
- Group chats with option to be gated by an NFT collection, similar to Discord
- Partnerships with other startups to elevate this messenger (e.g. cross-chain) and integrate it with other DAPPs
Building a Web 2.0 Experience for Web 3.0
There are fundamental challenges for creators to monetise and own their content in Web 2.0 socials, yet we understand that Web 3.0 is yet to be perfect either. There is still much work to be done to make decentralised applications accessible to the masses.
First step in our process is to design an easy-to-use user experience so anyone that has used a social platform will intuitively know how to navigate Only1. A lot of the user interface shown below are inspired by other widely adopted applications, see if you can tell where we got some ideas from?
Our bottom line is we aim to build the trusted and go-to social platform that connects people, helps creator monetise, and empower the web 3.0 culture and evolution.
Next Steps to simplify UX
Goal is to let as many people use the platform as possible, and shorten onboarding time.
- Hedgehog wallet adoption so users can use email / password
- Integrate fiat-gateway so users can purchase NFTs directly with credit card
- Native iOS & Android Only1 app, Flutter or React Native?
Creator Sign up
Stay tuned for announcement.. early access sign up available soon. Limited spots.
Many retail brands and content creators are entering Web 3.0. We hear you! We are talking to brands and creators in both Web 2.0 and Web 3.0 spaces. More talented creators and promising brands will be onboarded in the Public Launch.
Exchange listing
In order to provide more liquidity and token circulation for new users to onboard Only1 ecosystem, we are preparing a few potential Tier 1 CEX (centralized exchange) listings on top of the exchanges we are already on such as KuCoin, Gate.io, and MEXC. Stay tuned for the updates on our official channels.
Timeline
Our goal is to launch majority of the features listed above in June. We will be launching and announcing more in terms of the timeline in the coming weeks. The biggest focus right now is launching the new Only1 Create-to-Earn (C2E) ecosystem to the public. A key focus on tech development, marketing and education, and delivering what we have already promised earlier.
Ending with what we believe — the future of social is in Web3.0 and the potential of C2E.
There is no shortcut to building genuine products, the only way is to work hard and focus on becoming the social platform powering the Web 3.0 creator economy.
Thank you again for all the support 💜
The Only1 team
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