The hype around NFTs is reaching critical mass. Bill Gates’ recent claim that NFTs are “based on greater fool theory,” is one of many comments that doesn’t foresee the potential implications of NFTs. Digital collectibles aren’t the only reason brands, and individuals are pouring money into NFTs; there are utilities that use this technology innovatively.
Apart from blue-chip NFTs series such as Bored Apes’ Yacht Club and CryptoPunks, NFTs are more than art. Axie Infinity is a crypto project pioneering the play-to-earn movement, and Stepn’s move-to-earn movement is growing. Both models are powered by NFTs. There is also potential for create-to-earn (C2E), with the booming creator economy worth nearly $14 billion today.
Social media is broken
Traditional social media profits heavily from creators yet treats them like they’re expendable. From constantly shifting rules to random algorithm changes, creators are at the whims of centralized firms that can even ban their accounts overnight, shutting down their sources of income in an instant. Yet the platform doesn’t reward them enough for their effort.
The fans know this, and that’s why community-driven social media platforms such as Patreon are growing at a rapid pace. But while these platforms grant more freedom, many fans are gated by geographical blocks or monetary barriers.
These reasons are why NFTs have grown so quickly. Creators can be rewarded at fair market prices, and blockchain’s decentralized nature means artists aren’t confined to the rules of centralized social media.
But current NFT trends may not suit influencers who produce content in long-form videos, audio, or clips. So, where should a creator go for the low entry barrier of social media platforms and blockchain’s freedom and flexibility?
A decentralized, NFT-powered platform such as Only1 is the answer.
Democratizing social media with Only1’s public launch
Only1, the first NFT-powered social platform on Solana, is merging social network capabilities with blockchain and NFTs. It's launching its 360-degree social network with user profiles, a messenger service, superfan NFTs, creator staking pools, and an NFT marketplace and launchpad.
“We see a lot of friction in the current Web3 social landscape. The team has been working around the clock modifying our beta products to cater to the needs of a full-fledged journey for creators and users without [requiring] switching apps and devices,” said Leon Lee, founder and CEO of Only1.
Only1’s social finance features — powered by NFTs — can revolutionize the relationships between creators and their fans by introducing the C2E model to incentivize and reward them.
Build a gated community with NFTs
A Web 3 social platform is inseparable from NFTs as a vehicle that allows creators ownership of their creation and an access pass for holders.
Access and exclusivity are the most important qualities for content creators in building gated communities and monetizing their work. With C2E, creators can make and own content, engage with fans directly and launch NFT collections easily.
Creators can click a few buttons and have their Memberpass NFTs ready immediately, saving time and lowering costs and the need to use multiple platforms. Fans and supporters can access exclusive videos, images and text with a Memberpass NFT.
“By making it simple for creators to monetize content, Only1 will open Web3 to new audiences and power the future of decentralized content and community ownership,” said Lee.
Built on the Solana chain, Only1 provides Web2 creators with lower barriers and gas fees. It is the first one-stop social finance platform on Solana.
Be part of creators’ success as superfans
User engagement is key to creators’ success. Web2 platforms such as YouTube and Buy Me a Coffee let fans tip and donate to support creators’ work, but this is a one-way street between fans and creators.
On Only1, fans can share their creators’ success by becoming superfans. Superfan NFT holders can share creator staking-pool rewards with creators.
Fans can still support their favorite creators without being Superfan NFT holders by staking in their pools or tipping them in the messenger service.
Revolutionizing social networking
Blockchain technology is about innovation and disruption. At Only1, NFTs are more than digital collectibles and can be used as an innovative tool for a community-driven creator economy.
To support Web3 creators, Only1 helps each step in the process — from creating NFTs for gated communities to selling original content in the virtual realm. Creators can focus on creating high-quality content while fans can connect with them.
Backed by Alameda Research, Solana Foundation and Animoca Brands, the social platform has already onboarded creators during its beta launch, such as award-winning musician Hanjin Tan, music producer and DJ Dirty Audio and social video creator Sarah Snow.
Only1’s Memberpass NFT is ready in July. More new features, including live streams and a mobile app, will be ready in the coming months.