Only1 is the first NFT-powered social platform built on Solana. By using the platform, fans will have the ability to invest, access, and earn from the content created by the world’s largest influencers, all powered by NFTs.
Content creators create NFTs for their creation and you can buy and sell NFTs from your favorite content creators. You can thus earn crypto by interacting with these creators or you can mint your own NFTs and begin earning rewards. Only1 revolves around Genesis NFTs, Farming and $Like.
Genesis NFTs Creator Staking consists of Mint, Purchase, and Earn. Once a creator passes the KYC genesis-NFT is minted. Fans bid on the Only1 marketplace for a Genesis-NFT. Owner and Creator both earn a split of the staking reward.
In Content NFT Farming, users post buy and earn. The creator posts exclusive content in form of NFT. Users purchase by bidding. Fans bid on Only 1 market place for NFT and one fan now owns it.
Now by using $LIKE other fans will unlock the content. The transactions are split between the owner and creator.
Community are like NFTS and Solana? I’ll give it a go, why not? Many are eagerly waiting the beta launch.
There is a confusion in the community about legal ownership vs. copyright?
Someone asked if NFT is equivalent to legal ownership, just like a copyright or title? Buying an NFT is like buying a physical painting. You get zero copyright rights. Through fair use you can display to friends without charging money, but you can’t monetize your physical painting by making copies or selling tickets to see it.
This is madness. What is this NFT craze about then? Do these purchasers understand this? When you say it can be done that way. How does one make their NFT equivalent to a copyright or title? Also some are wondering which one is the real only1-NFTs?
During an interview with CryptoJ, one of the largest institutional investors of blockchain technologies, Leon Lee, founder of Only1 expressed, “Reforming the pattern of OnChain celebrity economy — see how Only1 integrates NFT elements within the interactions between creators and supporters.”
He points to how earlier this year, Only1’s inspiration came when they started looking at proven business models which could be disrupted with NFTs. He recalls how they stumbled across Onlyfans. He recalls how they saw the rise of NFTs with its sales volume rising by up to 2800% from 2020 in different marketplaces.
In traditional social platforms, the content creators will have to monetize using partnerships, paid advertisements, merchandise sales, and shout outs.
The brilliant thing about Onlyfans is that it brings fans closer to the creators while simplifying the monetization process. Thus, it will be possible to further improve that through innovating with NFTs.