The creator economy is growing fast as Web2 social media grows, but because of third parties, Web2 social media has failed to maintain direct relationships between creators and fans. According to Wired Magazine, creators only need 1000 loyal fans to make a living if they have a direct relationship with the creator. If fans have a direct relationship with the creator, they can pay the creator directly, which is only possible on a Web3 platform like Only1.

Only1 is solving the challenges of traditional social media platforms for creators who depend on the third for monetization, like merchandise sales and paid ads. By integrating NFTs, Only1 eliminates these middlemen, fostering a direct and more rewarding connection between creators and fans. This innovative approach enables creators to monetize their content directly through NFTs, ensuring they retain more value from their work while building a stronger, more engaged fan base. However, users should be aware that the platform includes adult content.

What is Only1?

Only1 is a Web3-based, next-generation, decentralized, NFT-powered social platform built on Solana. The platform aims to connect content creators with fans in a transparent, fair, and decentralized manner. It offers a membership system, allowing creators to launch traditional monthly subscriptions or permanent premium memberships (passes), which are tradable by fans. The platform supports non-custodial, instant payments and provides tools like CRM, analytics, and multi-account management to enhance creators’ workflows. Fans can interact with creators through exclusive content, direct messages, and an AI-powered content discovery engine. The platform’s utility token, LIKE, is used for staking, rewards, and transactions.

Only1’s Background

Leon Lee founded Only1 in 2021 in Queensway, Hong Kong, focusing on leveraging Web3 and NFTs to empower creators and enhance direct fan engagement. Only1 has attracted significant investment from notable venture capital firms and investors in the blockchain and cryptocurrency space. These investors want to support the platform’s vision of decentralized social media and a creator economy.

How does Only1 work?

Only1 operates by minting a Genesis NFT when a creator passes KYC. Creators can then mint content NFTs, earning LIKE tokens for fan engagement. Fans use LIKE tokens to bid on Star NFTs, stake in favorite creators, and unlock exclusive content. Creators and Genesis NFT owners share staking rewards because the creators can post exclusive content as an NFT. The platform’s marketplace allows fans to bid on NFTs with LIKE tokens, and when NFTs are purchased, some LIKE tokens are burned. Fans also gain lottery tickets for weekly draws by unlocking content, and enhancing community participation.

Only1’s Main Features

Only1 offers various features for both creators and fans. Creators can offer memberships to share exclusive content and receive tips from direct messages. Fans can buy this membership or a specific subscription.

For Creators

• Membership Options: Creators can earn by offering two types of memberships: passes, which are permanent and resellable, and subscriptions, which are monthly renewable.
• Self-Custodial Payments: With Only1’s self-custodial payment system, creators receive funds almost instantly without intermediaries holding custody, offering complete financial control.
• CRM Tools for Optimization: Only1 provides creators with robust CRM tools such as multi-account management and fan analytics. These tools are designed to streamline workflow and optimize revenue.

For Fans

• Exclusive Content Access: Fans can join different memberships to access exclusive content from their favorite creators.
• AI-Powered Content Discovery: Fans can easily discover new and interesting content through Only1’s AI-powered explore engine, which uses OpenAI’s CLIP technology.
• Seamless Payment and Transactions: Fans can conveniently top up their accounts using credit cards, Apple Pay, Google Pay, and other methods. The platform supports gasless transactions, where network fees are paid in USDC, ensuring users’ smooth and cost-effective experience.
• Interactive Messaging: Fans can interact directly with creators through a rich messenger platform, sending tips, gifts, private messages, and media like photos and videos.
• Marketplace Flexibility: Fans who hold passes can resell them on the Only1 marketplace. This feature provides additional value, allowing fans to engage in the creator economy by trading memberships.

Only1’s Key Components

The key components of Only1, a decentralized social media platform, include:

1. Creator Economy: Focuses on user attention-generating value. Instead of ads, the platform pays users, emphasizing direct monetization for creators. Creators earn by capturing and maintaining user attention, with the platform directly paying them instead of relying on ad revenue.
2. Content Regulation: Users curate and enforce platform guidelines, driving community-led content governance and development. This decentralized approach allows the community to shape and maintain content standards, ensuring that they align with its users’ values and expectations.
3. Identity Verification: Implements KYC without storing personal data, utilizing on-chain user accounts for enhanced security and recovery, ensuring that personal information is not vulnerable to breaches.
4. Ads & Discovery: Optimized for users, prioritizing privacy by preventing data leakage to third parties, and enhancing content discovery. Only1 is user-centric, prioritizing the privacy and experience of its users over the interests of advertisers. The platform is optimized to help users discover content that aligns with their interests without compromising their privacy.

Source: CoinMarketCap

Only1 vs. Competitors

Only1 offers several advantages as a decentralized social platform. It allows creators to monetize their content directly through NFTs, eliminating the need for intermediaries like ads or merchandise sales. Content moderation is community-driven, giving users more control and making the platform more creator-friendly than traditional social media. Additionally, Only1 enhances fan engagement by enabling direct interactions with creators and providing governance rights through NFTs. Only1 provides more leverage than competitors like Passes, Patreon, Fansly, and OnlyFans by using blockchain technology to offer near-zero transaction fees and instant payouts, eliminating delays and high fees associated with traditional bank intermediaries. Unlike centralized platforms, Only1 is censorship-resistant, bypassing payment processors and avoiding the need to store sensitive user identities. This decentralized approach gives creators more control and financial freedom while ensuring a secure and seamless experience for creators and fans.

What is the Only1 (LIKE) Token?

Only1 or LIKE is the native token of the Only1 platform on the Solana network. This token is utilized to govern the creator’s economy on the platform. The token helps the platform monetize creators’ content without third parties. Unlike other media, Only1 allows token holders to decide what is good and bad content on the platform. When enough stakers vote down a creator or their content, the creator’s earnings will be decreased (‘slashed’) and the content will be removed. Fans can use LIKE tokens from the Paid DM’ that allow users to pledge $LIKE with their message to the creators. Users with $LIKE staked can obtain eligible lottery tickets for the potential NFT allocation.

• Token Name: Only1
• Ticker: LIKE
• Type: Utility
• Blockchain: Solana
• Total Supply: 500,000,000
• Contract Address: 3bRTivrVsitbmCTGtqwp7hxXPsybkjn4XLNtPsHqa3zR

The Ones: Governance NFTs

Unlike other Web3 or DeFi platforms, Only1 grants DAO voting rights to NFT holders rather than token holders. The DAO NFT, called “The Ones,” gives users different voting weights, enabling them to influence the development of NFT collections. “The Ones” NFT holders also receive an exclusive “OG” badge beside their username, signifying their unique status on the platform, with no new badges being issued. Another exclusive badge, “The Dojo,” grants access to a unique section on Only1, offering special features available only to “The Ones” NFT holders.

Source: Only1 medium

Staking LIKE

Make the LIKE token more deflationary. Only1 launches a creator staking pool to keep the price stable and to reduce the circulating supply of LIKE tokens. The creator staking pool is how Only1 redistributes platform revenue back to the content creators, making the platform fun and users who have staked $LIKE to increase the total value locked. The APY for each creator’s staking pool will fluctuate based on the creator’s activity level. Additionally, the creator’s monthly reward will be reduced to 0.4% of their pool’s TVL. Unstaking on Only1 will require a 7-day waiting period. Users can opt for instant unstaking by paying a 2% fee, which will be added to the Only1 treasury for redistribution as reward.

Only1’s Roadmap

How do I buy LIKE Tokens?

• Go to Gate.io Exchange and create an account by entering your email ID and password.
• Set up your fund password by entering settings; this password will be asked during fund withdrawal.
• To buy LIKE tokens, you must complete KYC with the proper documents.
• After KYC, go to Spot Trade, search for KNC, and select.
• After opening the new page, fill in the amount in LIKE or USDT you want to buy, and click the buy button.
• After a successful buy, go to the Wallet > Withdraw page.
• Here, select LIKE, and then enter the wallet address.
• It will ask you for your fund password, 2FA, and email code; enter them correctly and submit.
• Your LIKE will arrive in your wallet after a few confirmations.

Conclusion

While many Web3 creator platforms face issues with deletion and censorship due to content moderation, Only1 takes a different approach by allowing users to moderate content themselves. This decentralized model makes Only1 more creator-friendly, giving creators greater freedom over their content. However, it’s important for users to be aware that Only1 hosts a significant amount of adult creators and content. This environment may not be suitable for everyone, and users should proceed with that understanding in mind.