Crypto Thrust x Only1 NFT AMA
Guest : Leon Lee (Founder & CEO )
Hi everyone, let me start with a quick introduction to myself as well as the project. I was trained as a genetic engineer, then worked in tech ever since. I also participated in ICOs earlier in 2017, so as a builder I always wanted to build something in crypto.
Segment 1 — Project Introduction
Q1) We are so curious about Only1NFT! please tell us about Only1NFT in detail.
Only1 is the first NFT-powered social media built on Solana — the most scalable blockchain to date. Social media users want to feel more connected with the creators on the platform. And in conventional social media, creators have to go through middle-man to sell merchandise, paid advertisements, shout-outs, or any form of partnerships. Our innovation through NFT aim to cut out the need for these middle-man, and we do this through two novel mechanisms.
Firstly, Creator Genesis-NFT (and Creator Staking) — each onboarding creator will be minted a Genesis-nft which they can associate perks with (e.g. mentor the Genesis-NFT owner how to trade). Users on the platform can stake $LIKE tokens on individual creators with APY that adjusts according to the creator’s engagement with the fan base. The owner of the Genesis NFT, and the creator will both receive a small split of the staking pools’ reward!
Secondly. Content-NFT farming — creator can post exclusive content in the form of NFT to be sold in our marketplace, the user who bought it will be able to see its content, but for the rest who dont prefer to pay the expensive price, they can pay the unlocking fee (which can be low like 1 $LIKE, depending on the creator) to view the content, part of the unlock fee will go to the creator, and the other to the content-NFT owner.
There will be token burn mechanisms from the transaction fees in the marketplace. In addition, each unlock will give the viewer a lottery ticket which will be used every week for lucky draw for airdrop.
Q2) Can you provide an overview of $LIKE Tokenomics also it’s utilities?
The $LIKE tokens can be used to purchase NFTs on the platform’s marketplace feature for both Genesis-NFTs and Content-NFTs. Both of which will generate passive income for the holder, giving these NFTs a more tangible monetary value. Users can also stake their $LIKE tokens on individual content creators to earn staking rewards. Users can spend $LIKE to unlock exclusive content, and receive lottery tickets for unlocking! Other utilities include participating in the governance panel to contribute to the future development of Only1, and possible donation features.
Q3) Please tell us about Only1NFT’s Security Mechanism.
Our engineers are proficient not just with Solidity based EVM-compatible blockchain development but also with RUST and SPL-program engineering. Therefore when it comes to smart contract (or SPL-program) development, we are confident in delivering a prudent and secure source code. The Solana team has been very helpful and have advised us along the way to make sure we uphold the best practices in solana development (e.g. using CLI to issue SPL token — LIKE instead of forking, which was our initial intention to add more functionalities). Finally, our SPL program has been audited by Solana’s official auditing partner — ALLES and is ready to launch.
Q4) Can you tell what are the interesting aspects that make Only1NFT as an nft-based project the best?
Personally I think the role of ‘pure collectible’ NFTs will slow down, and the next wave of NFTs will be utility-driven. Examples of this would be the Multiverse project under Enjin, Decentraland, and other applications to do with e-signatures or traceability. What the NFT boom did for the industry was really education and adoption, now the users in the space will be more adept at NFT applications.
On Only1 platform, users can stake their $LIKE tokens on individual creators and each creator’s APY will adjust according to their activities on the platform. And by holding the creator’s Genesis-NFT, you can also earn a small % of the staking pool’s APY. Holding Content-NFTs can also earn you a split of the content unlocking fees paid by other users.
Q5) Which partnerships you have now? Also which partnerships in the Future you will be Heading to?
We have secured many reputable investors including Alameda research, there will be more partnerships coming in the future. For more backers and partnerships announcements, please visit our website and join our social channels to stay up to date!
Segment 2 — Questions from Twitter
Q1) #Only1Nft I’m intrigued by the name of your project,also your tagline The first NFT-powered social engagement platform Can you tell us more about it? Why did you chose to name your project #Only1NFT ??
Earlier this year, we saw the rise of NFTs with its sales volume rising by up to 2800% from 2020 on various marketplaces. Only1’s inspiration came when we started looking at proven business models that could be disrupted with NFTs, we stumbled across — Onlyfans. And each creator will (at the beginning) only have 1 genesis-NFT, and hence 1 owner of the staking pool. This unique connection, is what gave rise to the name — Only1.
Q2) Are there rules to be able to market our NFTs? Should they be made under the criteria of the Only1 platform or our collectibles, already ready for a long time, can they simply be exported directly to the vault to be able to bet?
Only creators are able to mint NFTs on our platform, and to become a creator you would apply and go through KYC. Our NFTs will be minted using Solana’s official SPL-token programs, so it is interoperable with other solana-compatible marketplaces.
Q3) #Only1NFT is built on #Solana . Are there any particular reasons for choosing Solana?? Also do you have plans to explore other blockchains in the near future??
We aim to become the top social project in crypto by the next macro cycle. For that to happen we will need to have a critical mass of users, but if each transaction would cost us $50 then we will never reach that level. Therefore, scalability is a key element we looked at when we chose Solana.
But even if we look at the level of decentralization and security, Solana is very promising. The only downside to building in Solana at the moment is the relatively young ecosystem with fewer users and value locked. I believe Solana’s strengths will shine through in time as projects and users find out about its technology and amazing ecosystem support.
Q4) Some artists have little freedom and are very dependent on various factors to be able to get involved in NFTs. Is it necessary for artists to use intermediaries or third parties to introduce art into your ecosystem? How does pricing and marketing work on Only1 for artworks?
Artists can mint NFTs easily on our platform (similar to rarible), and like I explained previously, the Genesis-NFTs and Content-NFTs work slightly different on Only1 than on other platforms! It wont be necessary to use third parties. The NFTs will be sold in the marketplace through auction, so the price will be determined by the market!
Q5) your Twitter says”Only1 Nft allow fans to invest,access & earn from the limited addition contents created by the world’s largest influencers,celebrities..” Can you list few influencers we can see on your platform,can we get a sneak peak of the content?
We will launch our alpha platform soon, you can try to get whitelisted to the alpha exclusive access through the current NFT drop or the public sale! Please stay tuned on our website and social media 🙂
Segment 3 — Live Telegram Questions
Q1) Could you tell me what is the strategy of the company to finance the marketing campaign that will be necessary to gain visibility and build a user base?
Ans. Only1 has some of the best backers in the industry including alameda research, GBV, NGC and so on. In total we would have raised $2M to fund our growth operations
Q2) Can anyone use your platform any where the world? Or it’s only for professional users??
Ans. Creators on Only1 will need to go through KYC so we know who they are, the community is very important for us so we need to be able to moderate the content produced! But after the alpha platform (which is exclusive to only selected whitelists), the public can join
Q3) How can I stay updated with your project? Can you share your telegram, Twitter, website and social link where are we find you?
Ans. Every official link for Only1:
💠Telegram Group: https://t.me/only1nft
💠Telegram Channel: https://t.me/only1official
💠Telegram Group (KR): https://t.me/Only1nft_korea
💠Telegram Channel (KR): https://t.me/
Q4) Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in the crypto space?
Ans. We are the first NFT-powered social platform built on Solana. There are many NFT projects now, we believe that the future of NFT lies in its utility on the particular DAPP, in our case, its social, and its exciting 🙂
Q5) HOW TO JOIN YOUR TIME AIDROP PARTNER PROGRAM? Is this still running and how can we join this airdrop?
Ans. Please follow our twitter account to get the full rules! But in short…