Have you ever heard of the term “creator economy?” If you use any media platforms such as Facebook, YouTube, TikTok, or Twitch to follow your favorite influencers and startups, then you have supported the creator economy in one way or another. The present-day ecosystem stands at more than 50 million creators and is valued at over $100 billion, with low barriers for entry.
In order for these content creators to earn money, they have to do so through methods such as advertisements, sponsorships, subscriptions/premium services, or merchandise. The issue with this form of monetization is that it’s all done through third-party services, which not only restricts the power to create what they want but takes a cut of the revenue. However, there has been no other alternative to turn to — until now.
Only1 is one of the first NFT-powered social media platforms built on Solana which aims to remove these “middlemen” that are responsible for monetizing content and give more value, control and autonomy to creators by facilitating the creation and ownership of digital assets.
The $LIKE token is the native token of Only1 and has four main use cases with a total token supply of 500 million, which together form the $LIKE economy.
- Bidding: Fans bid for NFTs on Only1 with $LIKE
- Reward pool: $LIKE rewards stars as new NFTs are mint and resell
- Staking and governance: Fans stake their $LIKE to earn more over time
- Donating: Fans can tip $LIKE to their favorite creator
How does it work?
Just like the play-to-earn model (P2E), Only1 has adopted a similar concept with the create-to-earn business model (C2E). Within the C2E model, users can produce content, mint it into NFTs to use and monetize in the ecosystem. This way, you can make an alternative stream of income and transform your social media presence without putting any extra effort into creating extra content.
Both P2E and C2E models emphasize financial benefits to users and players. The distinction is that, under the C2E model, you can design and create your own content to upload to the platform. Whereas in P2E, you have to use in-game assets released by game developers. The C2E, therefore, unlocks an individual’s ability to fully realize the value generated through content creation and community engagement. This business model is a lucrative opportunity for any new creator. Most notably, C2E deviates from the traditional social media path and doesn’t require a big fan base.
The C2E model deeply ties the users’ income to their artistic talent. It delivers a gold mine for creatives who are looking for a passive income stream. So it’s important to remember that NFTs can represent anything like images, animation GIFs, videos, music, in-game items, text, memes, code and even real-world items. Furthermore, there truly is no limitation when it comes to content creation except your creativity.
Content NFT farming:
- Post: The creator posts exclusive content in form of NFT
- Purchase: Fans bid on the Only1 marketplace for NFTs so fans can own them.
- Community unlock: Other fans are able to unlock content with $LIKE
- Earn: Transaction is split between owner and creator.
Genesis NFTs and creator staking:
- Mint: A genesis NFT is minted once a creator passes Know Your Customer (KYC) regulations.
- Purchase: Fans bid on the Only1 marketplace for a genesis NFT.
- Earn: Stake $LIKE on the creator. The owner and creator both earn a part of the staking reward.
The more active an artist is, the higher the annual percentage yield (APY). This establishes a positive cycle where more users will be incentivized to invest into the artists they believe in. Beyond the token staking rewards, creators, as stakers, will earn access to governance rights on the protocols that have stake-weighted voting. So as a recognition for their contributions, token holders will be able to propose and vote on developments to the platform.
With the Only1 team breaking down their roadmap into four segments that span from Q2 2021 to Q1 2022. There is a lot that has been done and even more to look forward to. In recent months, Only1 has launched its initial DEX offering (IDO) and beta platform. Additionally, Only1 has marketplace functionalities such as creator staking and genesis NFTs. Now, they’ve turned their focus to developing additional features including a lottery system, stable coin support and a mobile app, so be sure to stay tuned to updates.
All in all, Only1 is an inventive solution to a worldwide problem within the entertainment industry. Their ideas, as well as NFT and blockchain technology, are ready to take the potential of these economic models to new levels. Visit their website for more information.