- Blockchain social networking platform Only1 is re-inventing how users interact with content creators.
- Built on Solana, Only1 has given users a decentralized approach to social media as its two novel mechanisms have removed the middleman factor.
- Only1 has rolled out its Mainnet Like and Spl-token, its creator Genesis NFT, and creator staking. At the same time, we look forward to the Mobile App development, public launch, and additional voting and governance features.
- The price of Only1 is up by over 33% in the last 24 hours, making many wonder if it will surpass $1 shortly.
DeFi is constantly growing and creeping into every sector. However, the goal remains to do away with centralized systems that make use of intermediaries. Only1 is a blockchain-based social media platform that allows users to interact with content creators in two unique ways, eliminating the need for third parties.
The Creator Genesis NFT and Content NFT farming are the two mechanisms used to allow users to interact with Genesis owners’ content creators. Built on the fastest scalable blockchain, Solana, Only1 has all it takes to get mass adoption. Moreover, Only1 is a very secure platform, allowing users to mint NFTs in a decentralized manner.
Only1 (LIKE) Price Update
Only1, like other DeFi protocols, has a native utility, LIKE. The utilities of LIKE on the platform are vast, with the team adding more updates to the platform. The price of LIKE has surged 33.7% in the last 24 hours, and it is trading at 0.918%.
The launch of its Creator Genesis NFT and the Creator Staking program is a huge boost to the price as more content creators have been registered since then. As a social network, the traction it gets is connected to the number of content creators and users on the platform.
The 24-hour price chart of Only1 (LIKE): Source: Coinmarketcap
In addition, the burning of LIKE from the marketplace after transactions helps to regulate the value of the currency. As a result, the price of LIKE may finish the year with a strong rise way above the $1 mark.
Recent Developments and Future Events
Bringing social media to the blockchain and eliminating the need for intermediaries in advertising and relations between content creators and users requires constant innovation.
Only1 was listed on AscendEX on Sept 2. AscendEX is a crypto and digital assets exchange platform that has listed 11 NFT projects with further support for over 150 crypto projects. In addition, AscendEX and Only1 have collaborated to launch four promotional events offering huge pooling rewards of up to 90,000 USDT.
Only1 has also released the Creator Genesis NFT, whereby users stake LIKE on creators. The owner of the Genesis NFT will split the token pool reward with the content creator.
The second mechanism released is Content NFT farming. Content creators post content in the form of NFTs and sell it on the marketplace for an exclusive view. Users who don’t pay for an exclusive view will pay an unlocking fee.
The unlocking fee goes to the content creator and the NFT owner. In the future, the platform will develop its mobile application, unlock a lottery system, and upgrade to version 2, which will support stablecoins.
On The Flipside
- Only1, which wants to revolutionize social media marketing, hasn’t gotten the desired amounts of users compared to centralized social media outlets.
- The token price that has been on a steady increase this month may be the new entry boost and may be corrected before the end of the year.
Social media outlets, whether traditional or blockchain, are always known for their community. Only1 as a decentralized social media is built around its community as it offers a direct relationship between the content creators and the users.
Users can buy and sell NFTs from content creators and at the same time earn tokens by interacting with content creators on the platform. The community is also encouraged to participate in unlocking lottery tickets to make users eligible for airdrops.
Fans of creators can also bid for NFTs with LIKE. Finally, staking and governance are tools the platform uses to bring the community together as users stake and earn extra coins and participate in the platform’s roadmap and its implementation.
The DailyCoin team found that the growing community of Only1 has users who are optimistic about the project’s growth. Twitter user @sopno100 had this to say;
Reacting to the announcement of The NFT Offering, @dablockgod also shared his views.
Why You Should Care?
Only1 is a project based on Solana, which is perfect for its development. People are connected with social media, and as a result, Only1 stands to gain a lot as it strategically markets its brand around content creators. The more content creators come on board due to them taking control of their incentives, the more adoption the platform will have.