Solana & Reddit bullish on Web3 Social, Kucoin Lists Only1, What’s next?

Summary

• 🚀 Solana & Reddit bullish on Web3 Social. Alexis Ohanian (Co-founder of Reddit) and Raj Gokal (Co-founder of Solana) announces a $100M fund for Solana based decentralised social media
• 🚀 Only1 is the First & most Mature Web3 Social on Solana. Only1 is the first NFT powered decentralised social platform on Solana, backed by Alameda Research. Recently onboarded Boxmining, CryptosRUs, Isaak Presley, Dirtyaudio and more.
• 🚀 Kucoin Lists Only1 10:00 UTC 23 Nov 2021. Another milestone as we work our way up and obtain more user interest.
• 🚀 What’s next — Launchpad & Metaverse. The next project confirmed for the Only1 Launchpad, staking LIKE will be required to participate. The Metaverse is not just a virtual space, if you pick up a rock in the Metaverse, who does it belong to? A decentralized creator economy inside the Metaverse is essential.. What is Only1’s role in it? Detail on these coming soon!

Read more on our updated white paper here

Centralised social media is broken, most wouldn’t doubt that. Two things constitute a decentralised social media — a fair creator economy & a community-governed platform that promotes freedom and safety. Technology like Solana has enabled the scalability a social platform needs, and NFTs have become the vehicle to creativity, expression and mainstream adoption. The time is now. Here’s how Only1 — the First NFT-powered social platform on Solana, is building the future of web3 social.

“On centralized social media, advertisers pay the platform for user’s attention. On a decentralized social media, platform pay users for their attention.”

Solana Breakpoint 2021 Recap

Breakpoint 2021 Alexis Ohanian Solana Ventures Announce 100m Fund for Decentralized Social Media

Alexis:

“There is tremendous value in being one of those early adopters and signing up to say yes, I am a part of this. I want you to believe everything I see play out, even the most basic profile pic project is a reminder that this is the core atomic unit of building an online community. I just can’t help but get even more excited because the rate at which this will grow is it is hard to overstate and and even just thinking about where we all were”

Raj:

“There’s opportunity to build from all directions, it doesn’t have to be the old social platforms converting, we can build new ones. It doesn’t have to be a competition and it doesn’t have to be a winner take all. There will be hundreds of successful social media companies that are protocols and clients to those protocols. All choices will be made in programmable modular ways between communities just like subreddits. It’ll be much more fluid and we’ll be able to govern these rules.”

Alexis:

“There’s a whole new slew of founders who have a chance to jump into a very energized community and actually start building something with a very different business model in mind, very different product instincts and very different design focus. That’s compelling. I think we could see new platforms emerge very fast.”

Breakpoint 2021 Why Fast Blockchains Should Keep Giving Things Away

Leon:

“What you really want to do with growing your community is you want to have people that actually know what your project does and really believe in the vision of the project to be part of the community and stay there long term and eventually become users.”

Michael:

“It’s the incentivization models, it’s the shared experiences, it’s really having people kind of bought into that mission and where the application is going.”

Leon:

“Traditionally, advertisers pay the platform for the users attention and activities, whereas in a decentralized world, the platform will pay users for the value that they generate…that creates a completely different incentivization model for content creators in the context of social media.”

Leon:

“There’s been many other platforms trying to basically decentralise social media. Some of them include Steemit, Mithril & Gifto, you name it. Most of them revolve around basically rewarding users, giving away free stuff for producing quality content. But over the long run there, they face a small issue about the token becoming over inflationary.”

Breakpoint 2021 Scalability Web3 Social Media Marriage of NFTs and DeFi

Leon:

“Application for NFT is in the social space. The social space is one that is inseparable from creators, content and community.”

“We want to create a system where creators account creators activity can turn into income directly, because this is ultimately you know, how the incentive is incentivization structure should be”

“Only1 is the first ever NFT powered social platform where you can connect with your favorite creators and where the NFT you buy from creators can generate you passive income.”

Conclusion: The Future, Web3 x Social Media

The Solana Lisbon Conference made it clear that Solana will be at the epicenter for social media and Web 3.0 . The 100 million funding that will go towards developing social media projects, further emphasizing the potential in Web 3.0 x social media. With the help of Web3, social media will not only improve in overall quality, but will also create a fairer, equitable, and collaborative internet for creators and fans. At Only1 we work towards that goal, trying to weave Web 3.0 and social media together at every step of the way. Don’t believe us? Check out our Beta to dictate your social network!