Only1 is an NFT powered social media protocol built on Solana. It differs from the traditional centralized social media platforms like Twitter, Facebook and Instagram by being a decentralized platform.
In addition to being a decentralized platform, Only1 uses non-fungible tokens (NFTs) to allow content creators to interact directly with their fans without third-party intervention.
In this review, we’ll look at how Only1 works, its main features, pros and cons, before making our final verdict. Read on for details.
How it works
As a decentralized NFT-powered social media platform on Solana, Only1 provides a platform where social media content creators can create their content, monetize it themselves without third-party intervention, and allow their fans to interact directly with the communicate content using NFTs.
With Only1, a social media content creator undergoes a Know Your Customer (KYC) process. A Genesis NFT is then struck for them, which reflects their identity and can be associated with perks and rewards. The Genesis NFT can also be traded on the NFT marketplace.
With the Genesis NFT, content creators can now go ahead and TBEN Memberpass NFTs for their fans and in return receive $LIKE, Only1’s native token. The fans can then trade the Memberpass NFTs on the NFT marketplace.
When a creator mints Content NFTs and fans buy the NFTs with $LIKE, some of the $LIKE tokens used in the purchase are burned to reduce inventory. $LIKE is the native token of the Only1 platform and is the primary way to make payments when trading NFTs and also to reward fans and content creators alike.
In addition, fans can also wager $LIKE tokens in the creators’ Staking Pools (representing the creators’ profile) and earn depending on the pool’s APY, which changes depending on creator involvement as engagement increases; the more the APY.
Fans can also purchase Genesis NFTs from content creators. In such a case, both the Genesis NFT owner (who is the fan who just bought the Genesis NFT) and the creator will earn a share of the Total Value Locked wagering rewards.
In addition to trading Genesis NFTs, Memberpass NFTs and wagering $LIKE tokens, fans will also have the opportunity to invest in limited edition NFTs through Initial NFT Offering (INO) on the NFT Launchpad
Only 1 DAO
Only1 has a Decentralized Autonomous Organization (DAO) tasked with regulating community directive and platform development, while balancing between the security of the community on the platform and freedom of expression.
The DAO makes Only1 completely decentralized, meaning that no single person or party has control over the platform or how it works. Each member has an equal vote.
Pros and Cons of Only1
- Scalability – Only1 is highly scalable for using Solana.
- Lower transaction costs – in addition to scalability, Solana also calculates lower gas costs for transactions
- A fair creator economy – Only1 pays users (content creators and fans) instead of the conventional ad platform payment channel. This means that content creators do not have to share the value generated by their content with third parties.
- User Optimized for Users – Ads are optimized for users rather than the platform, unlike conventional social media platforms.
- Currently, not many marketers (advertisers) use Only1; something attributed to the fact that the social media market is not quite ready for the widespread adoption of decentralized applications.
Why should you use Only1?
On traditional social media platforms such as Twitter, Facebook or Instagram, creators monetize their content through third parties (intermediaries), which mainly take the form of merchandising, shout-outs, ad ads and sponsorships. And while these methods work, the revenue generated by content engagement is split between content creators and third parties.
On the traditional social platforms, advertisers pay the social media platforms for the attention of users and the platforms then pay the content creators.
But with Only1, a decentralized social media platform, users get a direct fee for generating user attention.
In addition, content creators on conventional social media platforms face constant censorship and demonetization pressure from third parties, which is not the case with Only1, as no third party is involved. Only1 users and creators earn tokens by participating in social activities on the platform and sharing the passive income generated by trading NFTs, as in the ‘Play-to-Earn’ model.
While NFTs have caused a paradigm shift within the crypto industry, more and more innovative products like Only1 are emerging to solve the problem of centralization.
As a decentralized social media platform, Only1 sets itself apart from the social media platforms by being fair in rewarding content providers and fans. Only1 believes that those responsible for user engagement should be the sole beneficiaries of social media engagement. It is therefore a platform worth considering for social media content creators if they want to increase their revenue streams and get a bigger slice of the pie.