Cryptocurrency

Only1 review: redefining social media experience using NFTs

Only1 is an NFT-powered social media protocol that’s constructed on Solana. It departs from the standard centralized social media platforms like Twitter, Fb, and Instagram by being a decentralized platform.

Moreover being a decentralized platform, Only1 makes use of non-fungible tokens (NFTs) to permit content material creators to straight work together with their followers with out the necessity for third events.

On this overview, we will have a look at how Only1 works, its key options, execs and cons, earlier than giving our ultimate verdict. Learn on for particulars.

The way it works

Being a decentralized NFT-powered social media platform on Solana, Only1 supplies a platform the place social media content material creators can create their content material, monetize it on their very own with out the necessity for third events, and permit their followers to straight work together with the content material utilizing NFTs.

With Only1, a social media content material creator undergoes a Know Your Buyer (KYC) course of. A Genesis NFT is then minted for them, which displays their identification and will be related to perks and rewards, The Genesis NFT may also be traded on the NFT market.

With the Genesis NFT, content material creators can now go forward and mint Memberpass NFTs for his or her followers and in alternate obtain $LIKE, the native token of Only1. The followers can then commerce the Memberpass NFTs on the NFT market.

When a creator mints Content material NFTs and followers buy the NFTs utilizing $LIKE, a portion of the $LIKE tokens used within the buy are burned to cut back the provision. $LIKE is the native token of the Only1 platform and is the first mode of creating funds in buying and selling NFTs and in addition rewarding each followers and content material creators.

Moreover, followers can even stake $LIKE tokens into Creators’ Staking Swimming pools (which signify the profile of the creators) and earn relying on the pool’s APY, which modifications relying on the creator’s engagement the upper the engagement; the extra the APY.

Followers can even go forward and buy Genesis NFTs from content material creators. In such a case, each the Genesis NFT Proprietor (who’s the fan that simply bought the Genesis NFT) and the creator earn a break up of the staking rewards from the Whole Worth Locked.

Aside from buying and selling Genesis NFTs, Memberpass NFTs, and staking $LIKE tokens, followers additionally get an opportunity to spend money on restricted version NFTs via Preliminary NFT Providing (INO) on the NFT Launchpad

Only1 DAO

Only1 has a decentralized autonomous group (DAO) that’s tasked with regulating the group guideline and platform improvement whereas balancing between the protection of the group on the platform, and freedom of expression.

The DAO makes Only1 fully decentralized which means nobody individual or occasion has management of the platform or the way it operates. Each member has an equal say.

Execs and Cons of Only1

Execs

  1. Scalability – Only1 is extremely scalable for utilizing Solana.
  2. Decrease transaction prices – apart from scalability, Solana additionally expenses decrease fuel charges for transactions 
  3. A good creator financial system – Only1 pays customers (content material creators and followers) quite than the traditional advert-platform cost channel. This implies the content material creators shouldn’t have to share the worth generated by their content material with third events.
  4. Consumer optimized for customers – Advertisements are optimized for customers quite than the platform, not like typical social media platforms.

Cons

  1. Not many entrepreneurs (advertisers) are utilizing Only1 in the meanwhile; one thing attributed to the truth that the social media market shouldn’t be totally prepared for the widespread adoption of decentralized functions.

Why must you use Only1?

On conventional social media platforms like Twitter, Fb, or Instagram, creators monetize their content material via third events (middle-men) which primarily carries the type of merchandising, shout-outs, Advert commercials, and sponsorships. And though these strategies work, the income generated by the content material engagement is break up between content material creators and third events.

On the standard social platforms, advertisers pay the social media platforms for customers’ consideration and the platforms then pay the content material creators.

However with Only1, which is a decentralized social media platform, customers get direct remuneration for producing person consideration.

Moreover, content material creators in typical social media platforms face fixed censorship and demonetization stress from third events, which isn’t the case with Only1 since there aren’t any third events concerned in any respect. Only1 customers and creators alike earn tokens by partaking in social actions on the platform and share the passive earnings generated from buying and selling NFTs like within the ‘Play-to-Earn’ mannequin.

Ultimate Verdict

Whereas NFTs have created a paradigm shift throughout the crypto trade, increasingly progressive merchandise like Only1 are more and more coming as much as clear up the difficulty of centralization.

As a decentralized social media platform, Only1 stands out amongst social media platforms in being honest by way of rewarding content material suppliers and followers. Only1 believes that these liable for person engagement needs to be the only real beneficiaries of any social media engagement. It’s due to this fact a platform value contemplating for social media content material creators in the event that they wish to enhance their income sources and get a much bigger slice of the pie.


by way of Cointojournal

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