Abstract：Only1 Limited, a Hong Kong-based software development corporation, has announced the debut of its web3.0 social network named 'Only1.'
Only1 Limited, a Hong Kong-based software development corporation, has announced the debut of its web3.0 social network named 'Only1.'
The web3.0 platform includes a 360° social network with user profiles, messenger, Superfan NFT, Creator Staking Pools, NFT marketplace, and NFT Launchpad, among other features.
In this way, the platform is focusing on empowering creators to engage viewers and monetize their content in previously unseen ways.
Only1 is aiming to redefine the relationship between creators and their followers by offering rewards and benefits to both creators and their fans at the same time through tokenization of social impact.
Leon Lee, Founder & CEO at Only1, commented about the development: “We see a lot of friction in the current Web3.0 social landscape. Hence, the team has been working around the clock in modifying our Beta products to cater for the needs of a full-fledged journey for creators and users without switching apps and devices”.
Only1, which is built on the Solana blockchain, provides an accessible option for users, particularly Web2.0 creators who face high gas fees to sell their work and high entry hurdles to NFT markets. It is Solana's first one-stop shop for users to use SocialFi capabilities by posting content and engaging with other users to start earning rewards.
“By making it simple for creators to monetize content, Only1 opens up Web3.0 to new audiences and power the future of decentralized content and community ownership,” Leon further said.
Only1's all-in-one solution guides creators through the whole Web3.0 journey, from the production of their NFTs for a gated community to the selling of their original content in the digital economy. Creators are expected to focus solely on producing high-quality content and growing their walled community.
During its initial debut, the web3 platform, which is supported by Alameda Research, Solana Foundation, and Animoca Brands, onboarded creators such as Award-Winning Musician Hanjin Tan, Music Producer and DJ Dirty Audio, and Social Video Creator Sarah Snow.
Only1's Memberpass NFT will be available next month enabling artists to construct their gated community on the platform, according to the business. More new capabilities, such as live streaming and mobile apps, will be available in the coming months, according to the company.
Bridging the Social Media and Decentralized Finance Gap
Beyond amusement, social media has evolved into a commercial playground for many users, particularly content creators who can sell their work across many platforms such as Facebook, YouTube, TikTok, and others.
The traditional content marketing strategy used by most social media sites, however, has the issue of being fully centralized. As a result, in the majority of situations, creators' payments are burdened with high processing fees and levies, either from the main platforms or from intermediaries such as banks and other payment networks.
The creation of the Only1 web3 platform aims to address the issue of centralization in the social media landscape.
Only1, a blockchain-based social media platform in its second generation, provides a more scalable decentralized option for artists and users in the landscape.
The Web 3.0 internet service, which is built on blockchain and capable of hosting decentralized applications such as the Only1 social NFT platform, has the essential underlying technology to address the majority of the issues listed above.
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