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Only1 Initial NFT Offering (INO) Launchpad — now LIVE!

This post was originally published on Only1

Thank you for your generous support on our Beta launch! More than 5M $LIKE were staked in our creator staking pools (beta) and our user base is growing 25% per day. Now, our second feature, the long-awaited Initial NFT Offering (INO) launchpad is live!

To ensure a fair and secure NFT minting & claim process, we will be using a lottery based system instead of the conventional first-come-first-serve method. While we strive to innovate, our community finds this trickier than the usual NFT drops. Well, we hear you! That’s why we have decided to revise the participation requirements so every Only1 supporter can participate in the first INO. Staking requirements are now removed, and lottery enter deadlines are extended. See below for details.

Initial NFT Offering (INO) details:

  • Quantity: 10,000 unique Only1 NFTs up for grabs
  • Total Raise: 10,000 $SOL
  • Usage: ALL $SOL raised will be used to buy back $LIKE, and added to the reward emission to give back to our early users
  • Tokenomics: NFT royalties will be used to buy floor NFTs and burnt until 1,000 is burnt
  • Model: Lottery for allocation

Procedures:

Step 1 — Sign in on Only1.app to be eligible for tickets

Go to only1.app , sign in by connecting to your wallet to be eligible for 5 tickets for the lottery

Step 2 — Deposit $SOL to enter tickets into the lottery

Users will deposit 1 $SOL per ticket to enter the lottery. Tickets without $SOL deposit will not be entered into the lottery.

E.g. If Leon deposited 4 $SOL, only 4 out of his 5 tickets will be entered into the lottery.

Lottery Pool opens: 18th Oct 12:00 UTC

Lottery Pool closes: 20th Oct 00:00 UTC

Step 3 — Lottery

Lottery will take place shortly after the pool closes, each winning ticket will receive 1 unique NFT from The Ones.

Step 4 — Claim your NFTs and $SOL refund

Users can claim 1 unique The Ones NFTs for each winning ticket and be able to claim 1 $SOL for each ticket that did not win. Refunds & unclaimed NFT will not expire.

E.g. if Dan deposited 5 $SOL for 5 tickets and 2 were winning tickets. He would claim 2 NFTs and 3 $SOL back.

Claim opens: 21st Oct 12:00 UTC

Buyback Mechanism

  • 25% of the $SOL raised will be used to buy $LIKE every week for 4 weeks
  • Buyback date: 24 Oct 2021 to 21 Nov 2021
  • Transparency: At the end of each week during the event, we will disclose wallet address for the transactions and announce the total amount of $LIKE bought back

To apply for future INO Launchpad

Please email your project name, targeted launch date, and pitch deck to the email below and we will get in touch with you shortly.

[email protected]

About Only1

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.

Twitter / Medium / Whitepaper / Website / Telegram / Discord

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