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Only1 LIVE AMA recap: What is Only1 ($LIKE)?

This post was originally published on Only1

$LIKE Utility, INO Launchpad & Community Questions

  • How we strive to become the future of web3 social media
  • What role does $LIKE play in the future of creator economy
  • Initial NFT Offering — The Ones, lottery enter begins 18 Oct

What is Only1?

Problem

It is a well known issue that traditional centralized social media platforms such as Facebook, Instagram, or YouTube profit heavily off their users — creator and audience alike. From exploiting user’s personal data to the constantly shifting algorithm which controls what we get to see, plus the relentless demonetization and censorship of content creators, the web2 social space is in dire need of innovation and decentralization.

Product & Competitors

Only1 is an NFT-powered social media platform built on Solana. We allow content creators to monetize directly by simply being active and engaging across various social platforms (think decentralized Patreon), and users can engage and support with their favorite content creators without giving away their personal data whilst being able to earn as they engage — we call this Create to Earn (C2E).

  • Creator Staking Pools: Each onboarded creator has their own staking pool with APY that change according to how active they are, the creator also earns a 1% of the total value locked (TVL). So the more active they are, the more they earn.
  • Creator Genesis NFT: Each onboarded creator has 1 special NFT called Genesis NFT. The creators can associate perks with these NFTs, e.g. “If you own my genesis NFT, I will be your trading mentor”. The holder will also earn a 0.5% of the creator’s staking pool. And appear on the creator’s profile as their biggest supporter as well!
  • Premium Content NFT: Creators can upload and mint premium content NFTs, users have to either purchase the NFT or pay an ‘unlock fee’ to see it. Every unlock fee paid by the users will be split between the creator, the NFT holder and the platform. Each unlock also gives the user a lottery ticket for a chance to win more in return!

$LIKE Utility

$LIKE is the Only1 platform’s utility SPL-token with various use cases listed below:

  1. Social DAO Governance “Proof-of-Content”: Content regulation on social media is one of the most important aspects to keep a safe and fun social environment. Centralized social media has a building full of community managers consistently blacklisting or banning people according to their corporate community guidelines. In time we will allow our network participants to decide what is good and bad content. When enough stakers vote down a creator or their content, the creator’s earning will be decreased (‘slashed’) and content will be removed.
  2. Marketplace Transactions: The Only1 Marketplace will be launching soon and it is the main transaction platform for all NFTs by our creators.
  3. Social Features: There will be various social features on the platform including our experimental ‘Paid DM’ feature that allow users to pledge $LIKE with their message to the creators, and the creator only receives those tokens if they respond.
  4. Initial NFT Offering: Only1 will vet for high quality NFT projects and launch them on the INO launchpad. Users with $LIKE staked will be able to obtain eligible lottery tickets to participate for potential NFT allocation.

$LIKE Tokenomics

Distribution

Release Schedule

Details please see our white paper

The Ones — Initial NFT Offering (INO)

  • 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 (5%) will be used to buy floor NFTs and burnt until 1,000 is burnt, after that, those that have successful mints will have an “OG” badge on the platform. Forever.
  • Model: Lottery for allocation starting 18th Oct, 2021
  • Whitelist: You spoke, and we listened. Our early adopters who have been with us since before the announcement of the change of rules will be whitelisted for a winning lottery ticket.

Check out here for details

LIVE AMA Question from Audience

Q: Do you plan to build in the platform any sort of burn mechanics or buy backs mechanics(not talking about the buy backs from THE ONES)??

A: The platform revenue streams includes marketplace platform fee, content-NFT unlocking fees, and others. While part of the revenue will go towards the foundation treasury, the other part will be burnt. So the more network activity, and the longer the platform has been running, the more tokens will be burnt. We will be transparent with the burn by disclosing the burn address.

Q: Since in the nft space everyone is launching minting on their own website and then getting marketplaces after, how exactly do you plan to make people come and launch it on INO launchpad on Only1? What’s the advantage for them?

A: We can provide the technology required to launch NFTs including the generation script, minting program, lottery system, and distribution. And it would be a win-win with the projects for each other’s community to learn about the project.

Q: Does the creators will launch their nft though the INO launchpad as well?

A: We will allow creators to mint their NFTs on the platform and sell it on the marketplace. But to be launching on our official INO launchpad, there will be a vetting procedure to ensure all projects launching there are high quality (i.e. doxxed creator/team, verified roadmap, original art, legit community)

Q: When does the creators start being active and will have the features for this on the platform??

A: The creators can now enjoy the benefits of creator staking pools. In the near future we will be shipping social features such as ‘Paid DM’ and others. It will be best if we co-develop the platform with our creators and community, please let us know what you guys like!

Q: Does you have any sort of agreements with those creators that’s already listed on the platform? I think we should have creators that are earning like though their pools(what is creating sell pressure as well) paying something back to only1. The creator CryptoRUs for example have much views on YouTube but looking at his lasts videos I didn’t found anything at least related to him using only1 platform and having a pool there. Looks strange a bit.

A: CryptosRUs did talk about us on one of his live streams66. Registering on our platform is similar to registering on any other web3 platforms, you only need your Solana address. The current creators are ones we know personally, so we have manually onboarded them. For creators that wish to get on, please contact us at [email protected], or wait for our registration feature to be launched!

Q: What will be the royalties on market place? Will the royalties on marketplace be the same for every nft? Where does the royalties go? To the team who launched the nft? Does there are any sort of fees besides royalties for the nft team on the platform?

A: The marketplace will have a platform fee of 5% (including platform revenue and token burn). The royalties are the fees for the collectibles creators. For example, The Ones will have royalties that Only1 will use to buy floor price NFTs (to burn) until 1,000 have been bought, and the royalties after will be split with the NFT holders.

Q: How are you planning to do the marketplace more competitive for people to use it compared to others marketplaces?

A: We’re building a marketplace specifically for our own features (INO, genesis nft) so less about competing features and more about the ecosystem in general.

Q: Are you going to launch trading for nfts on the marketplace for projects that already exist and don’t had an INO on only1?

A: Yes, in the future, we’re not planning to restrict any NFTs to be listed on our marketplace. And we’re aware that we need to implement efficient mechanisms to prevent fake collections from being listed on our marketplace.

Q: What is the strategy to spread awareness about only1?

A: We have a team of KOLs on not just crypto twitter and Youtube, but also in mainstream markets. We also partner with marketing partners in Korea, Vietnam, US, and China. We plan to expand our marketing network to other countries soon as well including India, Middle-East, and more.

Q: Do you have any plans to do initiatives with raydium or others exchanges to boost the liquidity for like? Maybe new LP pools with good APYs? Or boosting those ones on raydium?

A: We already have liquidity pool and farms on Raydium.

Q: Any plans to initiative somehow people holding like long term?

A: Utilities of the token are the main motives to hold it long-term. See above!

Q: Would it be fine for you to share the team wallet so people could have conviction that team is here for the long run and didn’t sell their tokens?

A: Team tokens are vested over 48 months as seen on the white paper. They also have a 6 months no-vest period so they can’t sell just yet even if they want. The team is here for the long run so we made sure the interests are aligned.

Q: Hello, what is the scheduled release of the $LIKE overall supply? How long will it take for the whole max supply of 500 million to be released, as that might have a value lowering effect on the token price if done too fast?

A: Please see above tokenomics, $LIKE has a lengthy vesting schedule. Even for seed investors, they have 36 months vesting. For the team, 48 months.

Q: What are the lessons learned from the recent beta launch and INO?

A: Be more transparent and specific with the community regarding each small detail. We will communicate more frequently and make sure to engage our community to get feedback!

Q: You mentioned that you will ship often rather than ship big. Can you share details about the incremental functionality you anticipate launching, (beyond what is in the roadmap). What can content creators and token holders look forward to ?

A: Marketplace and genesis NFTs in the near future

Q: Will only1 eventually allow creators to post content like Instagram, Facebook, patreon , YouTube? What is the end state vision for how platform users engage the content creators ?

A: We’re looking forward to implementing this feature however the main focus is to create the web3 future of social media with a decentralized DAO with the power of NFTs.

Q: Developers are selling $LIKE, Right?

A: They can’t for now. Team tokens have a strict vesting schedule with a cliff period.

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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