Overview
In order to understand the key differences between Only1 and traditional NFT marketplaces, we must first highlight and review the key terminologies and concepts of what these platforms entail. Below we will include a detailed description of things you will need to know when it comes to NFTs and the marketplaces.
What is an NFT?
NFT is short for non-fungible token. A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.
In 2021, there has been increased interest in using NFTs. Blockchains like Ethereum, Flow, and Tezos have their own standards when it comes to supporting NFTs, but each works to ensure that the digital item represented is authentically one-of-a-kind. NFTs are now being used to commodify digital assets in art, music, sports, and other popular entertainment. Most NFTs are part of the Ethereum blockchain; however, other blockchains (SOLANA) can implement their own versions of NFTs.
What is an NFT Marketplace?
NFT marketplaces are quickly rising to prominence in 2021 and NFTs are becoming the new asset class to care about in the crypto space. NFT marketplaces, simply put, provide a marketplace for the buying, selling, and trading of NFT tokens. Some of the most popular NFT marketplaces currently are, Opensea, SuperRare, and Rarible.
What is a NFT powered social Platform?
Instead of solely focusing on NFTs, social NFT platforms allow influencers to create content, share it with their audience, and get rewarded based on engagement. Users can create NFT and allow their fans to engage, access, and earn through collecting these NFTs. This is where Only1 comes in.
What is Only1?
Only1 is the first NFT-powered social platform built on the Solana blockchain. Mixing social media, an NFT marketplace, a scalable blockchain, and the native token — $LIKE, Only1 offers fans a unique way of connecting with the creators they love. By using the Only1 platform, fans will have the ability to invest, access, and earn from the limited edition contents created by the world’s largest influencers/celebrities, all powered by NFTs.
The new world of NFTs is here, and it’s being built on Solana. Welcome to Only1.
What is the Only1 and why is it different from the traditional marketplace?
The Only1 platform will consist of several different features that sets it apart from other NFT marketplaces that we highlighted earlier.
Some of these features include:
Creator Genesis NFT
Genesis NFT Minting
- A genesis NFT is minted once a creator passes KYC
- Creators will then be able to mint their own Content NFTs for their fans and receive $LIKE, or native token, as a reward for engagement
Fans Bid with $LIKE
- Fans can utilize $LIKE, our native platform token, to bid for NFTs on the Only1 Marketplace
Genesis NFT Perks
- Fans will have the ability to stake $LIKE on their favorite creator’s profile
- The Genesis NFT Owner as well as the creator will both earn a split of the staking rewards
Content NFT Farming
Creator Post Content
- Creators have the ability to post exclusive content in form of an NFT
- Fans bid on Only1 marketplace for NFT using the $LIKE Token
Community Unlock
- Other fans unlock content with $LIKE
Creator and Community Earns
- Tx split between NFT owner and creator
Why are we building on Solana?
When choosing the blockchain to build on, Solana was the simple choice due to scalability. With the cost of gas fees, most blockchains currently don’t have the capacity for mainstream creators and fans to afford the transaction fees paired with buying an NFT. Solana solves this.
Only1 and Environmental Awareness
Some more recent NFT technologies, such as Only1 use alternative validation protocols, such as proof of stake, that have much less energy usage for a given validation cycle. Only1 is built on Solana which allows the network to optimize for speed, and as a result, the Solana blockchain is inherently fast and engineered for native scalability — enabling higher energy efficiency and higher security through the low processing power and the tamper-resistant nature of its synchronized timestamps. Solana’s efforts to boost transaction speed rely on a semi-centralized structure in which a node leader is elected and all nodes agree to adopt one universal source of time.
Conclusion
Understanding what an NFT and NFT marketplace is will help you distinguish why only1 is a disruptive, and innovative new project. We hope that combining the already successful concept of NFTs, with a higher level of intimate user social engagement will breed a new successful organic community. One that will take place on the platform Solana which is building the future of this industry as we speak. We look forward to presenting this new experience, and educating this new community on the endless possibilities we plan on creating.
Get excited, more coming soon!
This is just the beginning for Only1. Over the next few weeks we look forward to presenting more about this project, including information about our roadmap and IDO. We have tons of exciting news that we can’t wait to share, as well as more information about the development of the Only1 ecosystem. Stay tuned and buckle up.
About Only1
Only1 is the first NFT-powered social platform built on the Solana blockchain. Mixing social media, an NFT marketplace, a scalable blockchain, and the native token — $LIKE, Only1 offers fans a unique way of connecting with the creators they love. By using the Only1 platform, fans will have the ability to invest, access, and earn from the limited edition contents created by the world’s largest influencers/celebrities, all powered by NFTs.
The new world of NFTs is here, and it’s being built on Solana. Welcome to Only1.
