The rapid development of the encryption industry not only allowed us to see the explosion of DeFi financial applications, but also gave birth to the prosperity of the "mysterious field" of NFT. The use cases of the NFT market have gathered developments from multiple fields such as games, art, social networking, and domain names.
Among them, social applications, as one of the core needs of users, are gradually starting to explore from the traditional Internet field to the NFT field. The NFT social DApp aims to create an open and transparent social environment on the chain while using the token economy system to establish a multi-party incentive system. Model.
The NFT social platform named Only1 uses "NFT + social" as a breakthrough to build a complete encryption ecosystem, and uses Solana to promote the decentralized development of social media, encouraging more users to come to create value and share the development of the platform, so as to achieve a win-win situation.
The following is the organization of the AMA text content, and the content has been deleted.
The following is the organization of the AMA text content, and the content has been deleted.
Analysis of Only1
At the beginning of the AMA, Leon Lee gave a brief introduction to the features and background of the Only1 protocol.
Leon Lee first made a brief introduction to himself. He said that he graduated from genetic engineering and has been engaged in technology development related work after graduation. In 2017, I participated in many ICO activities, so as a professional developer, I came up with the idea of developing encrypted applications.
At the beginning of this year, we saw a 2,800% increase in NFT sales on major trading markets compared to the same period last year. NFT is disrupting the existing business model. Inspired by this, Only1 first created the Onlyfans fan economic system.
The story behind the team
The story behind the team
The Only1 project has ushered in rapid development from its establishment to the present, and it must be inseparable from the efforts of the team members. When sharing interesting stories about the team behind it, Leon Lee pointed out that Only1's team may be the most decentralized ever.
This is not just due to the new crown epidemic. Only1 recruits team members all over the world in order to find the most suitable candidates.
Only1 Senior Tech Dev Dan is currently based in Israel, having previously worked as a Senior Tech Dev at Binance and Dash.
Design Lead Damir is currently based in Bosnia and Herzegovina, and he also worked at Binance and Binance Research.
financing progress
financing progress
Only1 has always attracted the attention of many investment institutions. When talking about the current financing progress, Leon Lee pointed out that Only1's seed round of financing was led by Alameda Research, Liquefy Labs and Genesis Block Ventures.
Only1 also received a grant from the Solana Foundation. The goal is to become the leading social platform in the encryption field in the next cycle, and since Only1 is developed based on Solana, it is more inclined to find partners within the ecosystem, so I believe that the addition of Alameda Research will be a great contribution to the development of the Only1 project. Provide strong support for overall development.
In addition, Liquefy Labs also has extensive experience in DeFi project incubation and NFT project planning. Only1 also has a close relationship with Genesis Block Ventures and some other supporting investment institutions, such as Petrol Capital, DuckDAO, and NGC Ventures, so it has the opportunity to connect with more powerful partners and opinion leaders. At present, Only1’s institutional round of financing has ended, and the next financing channel will be open to the primary partners.
Development prospect of NFT track: function-oriented NFT
As a member of the NFT track field, Leon Lee talked about the current development status of the NFT track, the future development direction, application scenarios and other topics. He said frankly that he personally thinks that the role of NFT as a "pure collectible" will gradually weaken, and will be replaced by the next wave led by function-oriented NFT. A series of applications developed by Enjin, Decentraland and others with the help of electronic signature, traceability and other technologies are good examples.
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NFT Social and Fan Economy
When Leon Lee was asked about "how to view the relationship between fan economy and NFT socialization, and how Only1 can combine these two points", he pointed out that on traditional social media platforms, creators need to go through an intermediary to get from Profit from product sales, paid promotion, order calling, etc., or establish any form of cooperative relationship.
Only1's innovation with the help of NFT aims to eliminate the need for middlemen in the entire process. To achieve this goal, Only1 creatively proposes two mechanisms:
First, Creator Genesis NFT (and Creator Pledge Mining) - Every creator who joins the Only1 ecosystem will receive a Genesis NFT, which is the certificate for users to obtain privileges in the ecosystem (such as unlocking trading tutorials, etc.) . Users on the platform can obtain APY income by staking $LIKE tokens for each creator. The specific value of APY is determined by the close relationship between the creator and the fans. Owners and creators of the Genesis NFT can both receive a portion of the staking mining rewards.
Second, content NFT mining - creators can publish original content in the form of NFT in the trading market for sale, users who buy these NFTs have the right to see the content of the work, and users who are unwilling to pay this part of the fee can pay An unlock fee (set by the creator, some can be as low as 1 $LIKE) to view these works, part of the unlock fee will be distributed to the creator, and another part will be distributed to the owner.
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Only1 Features and Differentiation Advantages
The NFT field has ushered in rapid development this year. For example, many projects have emerged on different tracks including collections, trading platforms, games, domain names, social, etc. Focusing on the NFT social field, WAHLE, Showtime, Chililz, etc. have emerged When asked about the characteristics and differentiated advantages of Only1 compared with these projects, Leon Lee replied that Only1 truly realized the organic combination of NFT and social activities.
He added that some other NFT platforms that exist today claim to be a social platform but are actually not social at all. Other encrypted social platforms have used "social currency" or "creator tokens" to incentivize social activities, but with little success. Instead, it has given rise to the problem of fans taking advantage of the growth of creators' fame to speculate on creator tokens.
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how to attract creators
For creators, how to mint NFT on the Only1 platform and how to attract more creators to the Only1 platform to mint NFT works, Leon Lee replied that when each creator successfully passes the KYC certification, they will receive An automatically minted Genesis NFT.
Users can directly sell these genesis NFTs in the trading market, and most of the proceeds will be distributed to the creators of the works. It is believed that this mechanism can attract initial users to join the Only1 platform.
A content NFT can be minted by simply uploading a composition and a corresponding description (just like on Instagram).
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Only1 Trading Mechanism
For community users, how to trade between NFT works in Only1, whether it is a bidding model or a unified pricing model for creators, Leon Lee explained that only a fixed-price auction mechanism will be used in the alpha version.
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Creators and User Groups
Next, Leon Lee shared whether Only1 will also pay attention to fan users outside the encryption industry and big Vs in various fields, and whether there will be high entry barriers for them.
Leon Lee said that fans and opinion leaders from various fields are very welcome. Whether it is a fitness blogger on YouTube or a beauty blogger on Instagram, the only requirement is to understand the encryption market.
In the alpha version, Only1 will manually select some opinion leaders from the encrypted world and the traditional world to join the Only1 platform.
For Only1 users, some simple requirements are to know how to use Solana wallets such as Phantom, understand the difference between homogeneous tokens and non-homogeneous tokens, and also need to understand how the pledge mechanism works.
Public chain track
Public chain track
Leon Lee then shared some views on the development status of the public chain track.
When asked about the advantages and characteristics of the future ecology of the Solana public chain compared with Ethereum, Polkadot, BSC and other public chains that have formed a certain ecological foundation, what are the most optimistic about the development of the track, and where are the shortcomings, etc. topic, Leon Lee replied:
As mentioned before, we hope to become the leading social platform in the encryption field in the next cycle. In order to achieve this goal, Only1 must attract enough users, but if each transaction requires users to spend $50, then this goal will never be achieved. Therefore, Solana's scalability is very important to Only1.
In addition, the degree of decentralization and security of Solana can be guaranteed.
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Join Solana Ecosystem
After talking about the development status of the public chain track, Leon Lee shared why Only1 chose to join the Solana ecology and its positioning in the Solana ecology compared to other public chains.
He said that, as mentioned before, Solana has obvious advantages in scalability compared with other public chains, which is why Solana was chosen.
At present, the Solana ecosystem has officially launched about 160 projects, which is immature compared with the Ethereum ecosystem. However, this also means that this is a brand new ecology. When the app store of this ecology is launched, Only1 will have a first-mover advantage in the field of social media.
Token Economic Model
Token Economic Model
Regarding value capture, Leon Lee shared Only1's token economic model, how to motivate users to hold tokens for a long time, token application scenarios and other topics.
Leon Lee pointed out that $LIKE tokens can be used to purchase NFTs in the platform's trading market, including genesis NFTs and content NFTs. Both of these NFTs give the owner passive income, thus effectively giving these NFTs monetary attributes.
Recent planning
Recent planning
to develop
to develop
cooperate
cooperate
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Invite celebrities from all fields
In the future, Only1 will focus on celebrity fans and design effects in which fields, such as music, sports, or painting. Leon Lee replied that in the future, he will invite stars from various fields, and will not be limited to a single field. Regarding this It's more about how users prefer to use Only1's platform.
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Airdrop Mechanism
Regarding whether Only1 will launch new games such as blind box lottery in the future, Leon Lee pointed out that, as mentioned above, when Only1 launches the content NFT mining mechanism, it will simultaneously launch the lottery system.
About CryptoJ
About CryptoJ
CryptoJ (WeChat public account: CryptoJ) is a new generation of blockchain investment, research and service institutions, and has established deep partnerships with leading media, developer communities, business elites and financial institutions in the encryption world. CryptoJ brings together a wide range of KOL network systems, professional industry information, in-depth research and analysis, high-quality communities, hot market project dynamics and other multi-faceted blockchain industry resources. Match differentiated services in the market in real time, provide analysis and customized services, form community alliances, cooperate with exchanges to promote, and build vertically segmented channels such as self-media services at home and abroad. CryptoJ will provide real marketing value to your project and build broad brand awareness in China and the world.
