we hosted an amazing AMA with Only1 NFT on the 7th of October
And here we will put some of the best questions:
Q1. Can you please introduce yourself as well as Only1 ?
First of all, I’m Leon, Founder & CEO of Only1. I was trained as a genetic engineer, then worked in tech ever since. I also participated in ICOs earlier in 2017, so as a builder I always wanted to build something in crypto. Our senior developer – Dan, was previously the senior developer at Binance, and Dash. Our design lead – Damir, he was also previously in Binance & Binance Academy. Our blockchain engineers are Akira and Kenta. Akira has been working in blockchain development for a while and have helped launch Openswap, fork of Uniswap, Kenta is our Solana program expert with many years in being distributed systems engineer specializing in Rust & WebAssembly. Our COO – Joey, started out in Marketing, then moved onto Business Development with a focus on Business Intelligence and Digital innovation. And of course our CMO Michael (MOJO), was the CMO at Bondly Finance and have led many NFT campaigns across celebrities.
And about our project, Only1 is the first NFT-powered social media built on Solana – the most scalable blockchain to date. Social media users want to feel more connected with the creators on the platform. And in conventional social media, creators have to go through middle-man to sell merchandise, paid advertisements, shout-outs, or any form of partnerships. Our innovation through NFT aim to cut out the need for these middle-man.
Q2. What are the advantages of Your project ?Are there any notable technologies the team is applying?
We are the first NFT powered social media built on the Solana blockchain, Mixing social media, an NFT marketplace and more. We believe that social media users want to feel more connected with the creators on the platform. And in conventional social media, creators have to go through middle-man to sell merchandise, paid advertisements, shout-outs, or any form of partnerships. Our innovation through NFT aim to cut out the need for these middle-man, so creators can connect and engage with users freely and directly.
Talking about the technologies, we leveraged on 2 novel NFT applications to achieve seamless creator-user engagements: Genesis-NFT & Content-NFT farming. On Only1’s platform, users can stake their $LIKE tokens on individual creators and each creator’s APY will adjust according to their activities on the platform. And by holding the creator’s Genesis-NFT, you can also earn a small % of the staking pool’s APY. Holding Content-NFTs can also earn you a split of the content unlocking fees paid by other users. Finally, there will be a lottery system for unlocking content.
Q3 please tell us about the goal you want to achieve in this year
We had launched our beta on 30th September and our Initial NFT Offering [INO] (If you don’t know what that is, check out our website for detail information!! https://only1.io/what-is-initial-nft-offering-ino/) will be launching today on 7th October! So those are pretty big for us! We also have plans for public launch, mobile application development and other features/enhancements planned for later this year. So please follow us on our social media and stay tuned on our latest updates!
Q4. Who are your current investors? And have you made any agreements with companies, projects or notable developers?
For our investors, we are very fortunate to have Alameda Research who has a very reputable brand name and experience in the industry, Duckdao who has an extensive network of syndicates and crypto-marketing network, Liquefy Labs, GBV, NGC Ventures, Animoca Brands, Gate.io, Kyros Ventures, etc. We had also hired an animator who used to work at ToeiAnimation and did Dragon Ball Z & One Piece for our INO. Stay tuned on our twitter to have a first glance of our NFTs!
And here we will put best questions from our members and Only1 NFT fans:
Q1) What procedure must a content creator carry out in order to correctly coin a fully coined genesis-NFT, what benefits does this provide to the creators by being fully coined and what advantages/disadvantages do the creators themselves gain from this genesis-NFT?
Content Creators are vital to our platform, they are practically our co-creators. That’s why we provide the simplest and seamless on-boarding process for creators; all they have to do is to pass KYC, upload a nice profile picture & description, connect Phantom Wallet (We can provide a visual guide on how to obtain a phantom wallet) AND you a good to go! Only1 team will then mint a Genesis-NFT on your behalf and put it on sale in our NFT marketplace. Creator will then get the highest bid tokens minus a small transaction fee. After that, creator can create content NFTs and put them on sale on our marketplace, users can choose to buy the content-NFTs or pay a small fee to unlock these content; in which creators will get tokens from the sale/unlock minus a small % granted to Genesis-NFT and Content NFT owner.
So the more quality content creator produces, the more tokens he/she will be rewarded, this forms the backbone of our Create-to-Earn model where creators can directly monetize their content without the need of ads/shout-outs, etc.
Q2) Stake $LIKE on the creator. Owner and creator both earns a split of the staking reward. This is interesting, Can you please explain more in it briefly? From where you generate revenue to provide both Creator and owner? Please share so that everyone will believe it’s real!!
Haha, we assure you, it’s real. If you’re still skeptical, head over to our app https://only1.app/ to see for yourself! We already have 7 creators and staking pools on our platform. Over 5M $LIKE has been staked in our creators staking pools with over thousands of users earning APY rewards already.
So, owner of a creator’s genesis-NFT will be able to earn a split of the creator’s staking pool, which APY correlates with how active the creator is on the platform. So the more active the creator is ->the higher APY his creator staking pool will be -> more people will stake given the higher APY -> the larger the staking pool -> higher rewards for both Creator and Genesis-NFT owner. Simple!
As for revenue generation, we have set aside 35% of our total tokens to reward our community, and this is where staking rewards come from.
Q3) Only1 Initial NFT Offering (INO) raise funds to reward early adopters. Can you tell us more about the buy back mechanism? How transparent is your platform? Can you also tell us how creator staking pool and it’s APY works?
Initial NFT Offering (INO) is a new cryptocurrency crowdfunding innovation pioneered by Only1. We will be issuing 10,000 unique Only1 NFTs. We will use the $SOL raised to buyback $LIKE tokens on the market in 4 tranches linearly spanned across 4 weeks. We will be using a time-weighted average price (TWAP) and will announce the total amount of $LIKE bought back after each week. This bought back $LIKE tokens will be directly re-injected into the reward pool to increase stakers’ rewards! As for how APY works, the APY of a creator staking pool will be correlated to the creator’s activity on the platform. The more active the creator is, the higher the APY!
Q4) As a content creator, How can they score NFT on Only1 and how do you attract more content creators to post content on your platform? Will Only1 pay attention to fans and KOL in the traditional market? Will there be high access requirements for them to enter the crypto market?
As mentioned before, creators are our greatest assets. We hope to on-board all sorts of creators, even those without crypto background or have little knowledge on crypto. We do that by first simplifying our on-boarding process; then we leverage on the many connections our backers and supporters brought to reach out to creators from different sectors and fields; after that, we simply tell them the benefits of creating on Only1: Security, freedom to create, Create-to-Earn… the list goes on. In terms of assess requirements, we don’t have a standard/rule. If you have knowledge/stories/talent you want to share, welcome to Only1! AND, if there’s any creators you want to see on Only1, fire them our way!! We would love to know what kind of creators our communities want to see most!
Q5) From what I saw on Only1’s Competitor Landscape, I see that Only1 has surpassed the following companies in many aspects: BitClout, Yuser, Roll, and Rally. However, are there other competitors that Only1 is still unable to outperform? What is your current Competitors Landscape?
One of our competitive advantages is the scalability we got from using Solana Blockchain. As a social platform, we expect interactions to be made instantly and frequently. With Solana’s ability to process 65,000 transactions per second and with a low or even negligible transaction fee, creators can interact with users seamlessly. We are seeing a surge in NFTs projects on the Solana Sphere recently and we’ve seen projects with very similar scope operating on other blockchains. We differentiate ourselves with the highest quality, most secured platform by only employing the best people and operating with highest level of integrity. Strive to perfection and constant innovation is our moto!
Q6) NFT and social networks can be very potential tools for the development of great influencers from any branch of the artistic industry. So, which influencers or artists have been integrated into Only1 so far? How do you engage artists/influencers who don’t understand NFT?
it is. We are in talks with many influencers at the moment, both crypto native and non-crypto creators. So far, we have 7 active creator staking pools opened for users to stake. So don’t wait, head over to https://only1.app and happy staking!
Q7) Do you have strong team to achieve ambition and vision? How well experienced team background do you have?
As mentioned in the first question. Our team is composed of crypto OGs and enthusiast that have both the mindset, skills and technical know-how to deliver excellence. Both our design lead and CTO are from Binance, our CTO from Bondly Finance and other teammates have years of expertise in their own fields, e.g. Digital Marketing, Analytics, UX/UI design, etc.
Q8) As the pioneer social NFT marketplace in Solana, what new features can Only1 offer to NFT enthusiasts that didn’t exist in any other platform?
This is a good question! We’ve seen a surge of projects that proposes the combination of social and NFTs. However, being the FIRST NFT-Social platform on Solana, that brings us competitive advantage in scalability due to the high & fast processing nature of Solana Blockchain. Also, not many social NFT platforms offer staking. And we also are proud to introduce Initial NFT Offering (INO), a new way of crowdfunding
Q9) Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
Indeed, smart contract is immutable but also the backbone to our operations. That’s why we are extra cautious with security and have employed external cybersecurity company to audit our smart contract in order to safeguard our supporters’ money.
Q10) I want to invest to your project. Where i buy your token? Is it available on any exchange and what are the benefits?What social network does your community focus on, how do they know about your project? I want to join the community, where can I find it?How can I trust your project? If you can give any proper information about it, I would like to invest in your project.How strong is your team? Many projects starts with good impression and later abandoned the project. What makes your project different than others?Staking program is very important for
any project, Can i stake your token? Do you have any plan of starting staking program?what is main advantage of your project ? And when new & big Exchanges is coming ?I want to invest to your project. Where i buy your token? Is it available on any exchange and what are the benefits?
Below is our Tokenomics;
Seed & Private – 9.96%, 8.36% TGE unlock, daily vesting over 24-36 months;
Public Sale – 0.33%, 100% TGE unlock;
Team – 10%, 6 months cliff, monthly vesting over 48 months;
Advisor – 5%, 6 months cliff, quarterly vesting over 48 months;
Liquidity – 15%, 10% TGE unlock, monthly vesting over 48 months;
Community – 35%, 5% TGE unlock, monthly vesting over 60 months;
Ecosystem – 15%, 5% TGE unlock, monthly vesting over 48 months;
Reserve – 9.71%, usage determined by DAO
$LIKE token can be used for various functions on Only1 Platform;
- NFT Market Place Transactions
- Content NFT Farming
- Staking on creators’ staking pool
- Governance (DAO)
It can be purchased via multiple DEX and CEX;
- Serum DEX
Current Price: USD 0.53 (IDO price 0.06)
Below are our official channels;
Telegram Group: https://t.me/only1nft
Telegram Announcement: https://t.me/only1official
Telegram Unofficial Trade Chat: https://t.me/only1tradingunofficial
Telegram Group (KR): https://t.me/Only1nft_korea
Telegram Group (CHI): https://t.me/only1nft_chinese
Telegram Group (Viet): https://t.me/only1vn
This was the end of our AMA with Only1 NFT.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://only1.io/
Medium :- https://medium.com/@only1nft
Twitter :- https://twitter.com/only1nft
Discord :- https://discord.gg/hBgh3q3cXW