We’re proud to announce that Only1, the first NFT-powered social engagement platform built on Solana, is now live.
After the countdown of announcements, we’re here with the big one: Only1 is live! Users can stake the native token LIKE in creator staking pools and start earning annual percentage yield, or APY, returns immediately.
But that’s not all. At Only1, we do it big so we’re delighted to introduce the creators that will also go live on our platform starting today.
With over 250,000 subscribers on his YouTube channel, Boxmining, aka Michael Gu, is an expert on all things cryptocurrency. He specializes in educational content and reporting on news and technological developments in the blockchain space. Having been around before Bitcoin or blockchain was even “cool,” Michael is one of the OGs and will bring his community to Only1.
Having been in cryptos since 2013, George (CryptosRus) joins the Only1 community and is ready to create. He is an expert in technical analysis and on top of all trends blockchain, bringing along with him a 500,000-strong community built across YouTube, Twitter, Discord and his website.
Known as the “Magic School Bus” or the “Sesame Street” for the blockchain industry, CryptoNauts also goes live today on Only1. Their aim is to educate the world about the developments of Bitcoin (BTC), Ethereum (ETH), decentralized finance (DeFi) and all things cryptocurrency. Bringing a growing community of over 50,000 people, we’re excited to have them create on Only1.
Based in Hong Kong, the 45-year-old Singaporean Chinese artist fills many shoes as a singer, songwriter, producer and even an actor. However, it is his affinity to making a difference for the musicians that have led him to nonfungible tokens, or NFTs. The Chinese music industry has a “huge income gap” outside of the celebrity circle, Tan explains, that affects producers and musicians in the industry. Incomes are dropping across production, performance, streaming and merchandise, and he believes that NFTs can fix it. He joins us on Only1 to release exclusive content that not only benefits his followers but proves the validity of his thoughts.
What to expect in Beta
Features you can expect to see during Beta:
- Creator Staking pool: Creator’s profile, APY, total value locked (TVL), number of stakers and claim APY rewards
- NFT Marketplace (Coming soon): Genesis NFTs for sale, owner and creator both earn a split of the creator’s staking pool
- INO Launchpad (Coming soon): 10,000 unique Only1 NFTs for grabs with perks including “OG” badge
Creator staking pools
Each creator staking pool will have its own APY and TVL. By staking in them, you are supporting the creator who will be rewarded a percentage of the TVL over time.
How does the APY get calculated?
We want to prioritize rewarding creators that are producing quality content across social media. Currently, APY starts at 300% and decreases slowly in a logistic curve, the Sigmoid function and the rate depends on how active the creator is. The secret ingredient, let’s call it the “Creator Factor,” affects how much TVL it takes to reduce the APY by half, lengthening the curve.
Not your regular NFTs
Only1 fully embraces the creator economy by proportionally rewarding creators and fans for simply using the platform. The goal is to support and foster the creator economy, not profit off of it. Only1 will achieve our goal through Genesis NFTs and creator staking:
- Mint: When a creator joins Only1, they will have a 1/1 “Genesis” NFTs for sale
- Bid: Fans can bid on the Genesis NFT on the Only1 NFT marketplace with LIKE. Bidded LIKE tokens are burned to reduce LIKE’s supply and create buying pressure.
- Stake: Fans can also stake LIKE tokens and earn interest on their coins in influencer-specific staking pools. Both the fan and the creator split staking rewards for the entire existence of the NFT.
Since both the creator and the fan can profit from the items they create and own, each Only1 NFT is an investment and not just a trade.
Create to Earn is here. NFTs have gone social and they ain’t comin’ back.
Only1 is an NFT-powered social platform built on Solana. We help creators monetize and allow fans to connect with the creators they love in a unique way, similar to a decentralized Patreon — read more on Create-to-Earn (C2E) here. Mixing social media, NFTs, DeFi and the native token LIKE, Only1 offers a Web 3.0 solution to creator economy and fan engagement.
The new world of decentralized social media is here, and it’s being built on Solana. Follow us to learn more.