The noise surrounding NFTs reaches a critical mass. Bill Gates’ recent comment that NFTs are “built on the bigger fool theory” is one of many statements that fail to foresee the potential impact of NFTs. Digital holdings are not the only reason why brands and individuals are investing money in NFTs. There are use cases where this technology is being used in innovative ways.
Aside from high-quality NFT series like Bored Apes Yacht Club and CryptoPunks, NFT is more than just art. Axie Infinity is a leading crypto project in the Play to Earn space, and the latest Stepn app, Move to Earn, is growing. Both models work with NFTs. There is also potential for a so-called “Build to Earn” (C2E) model. The burgeoning economy of content creators is worth nearly $14 billion today.
Social media is down
Traditional social networks benefit greatly from content creators but treat them as if they were expendable. With ever-changing rules or arbitrary algorithm changes, content creators are at the mercy of central companies. They can even simply suspend their accounts overnight, taking away their revenue streams in no time. But the platform does not reward them enough for their efforts.
Fans know this which is why community-led social media platforms like Patreon are growing so fast. While these platforms offer more freedom, many fans are restricted by geographic or financial barriers.
That’s why NFTs have grown so fast. Content creators can be rewarded at fair market rates, and the decentralization of the blockchain means that artists do not have to abide by centralized social media rules.
However, the current NFT trend may not be suitable for influencers who produce content in the form of long videos, audios, or short clips. So where can a content creator go if they want a low barrier to entry like social media platforms and want to take advantage of the freedom and flexibility of the blockchain?
The solution offers a decentralized platform that works with NFTs, such as Only1.
The democratization of social media with the launch of Only1
Only1, the first NFT-powered social platform on Solana, combines social networking capabilities with blockchain and NFTs. The project is launching its 360-degree social network with user profiles, messaging service, super fan NFTs, creator aggregators, NFT marketplace and launchpad.
said Leon Lee, Founder and CEO of Only1.
Only1’s “social finance” capabilities working with NFTs can revolutionize the relationship between content creators and their fans. To this end, the C2E model was introduced to motivate and reward them.
Building a gated community with NFTs
The 3 social web platform is intrinsically related to NFTs because it allows content creators to own their businesses and their owners to access it.
Access and exclusivity are two of the most important considerations for content creators when building gated communities and monetizing their work. With C2E, content creators can easily create and own content, interact directly with fans, and launch NFT groups with ease.
Content creators can use NFTs via Memberpass instantly with just a few clicks. This saves time, reduces costs, and eliminates the need to use multiple platforms. Fans and supporters can access exclusive videos, photos and text with an NFT membership card.
“Only1 simplifies content monetization for content creators, opens Web3 to new audiences and fuels the future of decentralized content and community ownership,” Lee told me.
Only1 is built on the Solana chain, providing Web2 creators with lower entry barriers and gas fees. This is Solana’s first one-stop social finance platform.
Share the success of your content creators as Super Fans
Engaging users is the key to success for content creators. Web2 platforms such as YouTube and Buy Me a Coffee allow fans to tip and donate to support the artists’ work. But here, the interaction between fans and artists only goes in one direction.
In Only1, fans can share the success of the creators by becoming Featured Fans. Superfan NFT owners can share rewards from the creator staking pool with the creators.
Even if fans are not Superfan NFT owners, they can still support their favorite content creators by pooling or paying them through the Messenger service.
Revolutionizing social networks
Blockchain technology is all about innovation and disruption. For Only1, NFTs are more than just digital collectibles and can be used as an innovative tool for a community-driven economy for content creators.
Only1 supports Web3 creators at every step of the process: from creating NFTs for gated communities to selling original content in the virtual world. Content creators can focus on creating quality content that fans can interact with.
The social platform is supported by Alameda Research, Solana Foundation, and Animoca Brands. It has already attracted content creators such as award-winning musician Hanjin Tan, music producer and DJ Dirty Audio producer and social video producer Sarah Snow during its beta phase.
Only1’s NFT membership card will be available from July. Other new features, such as live streaming and a mobile app, will be launched in the coming months.
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