KuCoin AMA With Only 1 — The First NFT-Powered Web3 Decentralized Social Platform Built on Solana

2021/12/16 15:51:06

Dear KuCoin Users,

Time: December 13, 2021, 11:00-11:54 (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with Leon Lee, Founder and CEO of Only1, in the KuCoin Exchange Group.

Project Introduction

Only1 is the first NFT-powered decentralized social platform built on Solana. They help creators monetize without third parties via creator staking pools. Their native token and NFTs grant holders unique access to the creators, ability to govern the platform and rewarded for doing so.

Official Website: https://only1.io

White Paper: https://only1.gitbook.io/only1

Follow Only1 on Twitter and Telegram.

Guest:

Leon Lee — Founder and CEO of Only1

Leon was trained as a genetic engineer at Imperial College London and then worked in tech ever since. Since early 2017 ICOs, Leon has been exploring opportunities to build projects in the crypto space. Earlier this year, Leon noticed a surge in NFT drops, and that’s when he came up with the idea behind Only1 – building a decentralized social media platform leveraging NFT technologies.

Q&A from KuCoin

Q: Please introduce yourself and Only1 to the community.

Leon: Hello all, I’m Leon, Founder and CEO of Only1. I was trained as a genetic engineer at Imperial College London, then worked in tech ever since. Since early 2017 ICOs, I’ve been exploring opportunities to build projects in the crypto space. Earlier this year, I noticed a surge in NFT drops and that’s when I came up with the idea behind Only1 – building a decentralized social media platform leveraging NFT technologies.

As the first NFT-powered decentralized social media platform on Solana, Only1 helps creators monetize without third parties via creator staking pools. Our native token and NFTs grant holders unique access to the creators, ability to govern the platform and rewarded for doing so.

Refer to the below video on Only1’s proposition and features!

https://drive.google.com/file/d/1JSD1xOs8b-Q4-QV4cD7Ir-un57iX_Y-S/view

Q: Only1 is an NFT social platform built on Solana. What do you think of the current landscape of NFT applications, where is the future development direction and application scenarios of this track?

Leon: There has been a huge surge in NFT drops since the beginning of the year. Fast forward to today, there are >30 drops today across different chains, NFT is no longer a “scarce” type of collectible. That’s why we think the way forward with NFT is that it should be utility-driven, instead of being a collectible (aka a jpeg/png), NFT should be part of a feature which enables holders to unique and sustainable rewards/perks; and that forms the backbone of our product features.

Q: What do you think of the relationship between creator/fan economy and NFT social networking? How does Only1 associate these two pillars?

Leon: In the current social landscape, creators often have to go through a middleman to sell merchandise, paid advertisements, shout-outs or other forms of partnerships to monetize; while users support their favorite creators via buying products/services they endorse, most of the time, only a small portion of the money spent is received by the creators.

Our innovation through NFT aims to cut out the need for these middlemen. Only1 do so by leveraging 2 novel NFT applications: Genesis-NFT and 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.

Through this new creator economy, the more active the creator is, the more rewards he/she will receive, we call this Create-to-earn (C2E); whereas users can earn by staking in creators staking pool as well as owning Genesis-NFT and Content NFTs.

Q: Only1 coined the term INO back in October, and since then, we have seen multiple projects launching INOs on various platforms, including Raydium. Could you introduce the specific working mechanism of Only1’s INO? And what are the advantages of holding Only1 INO NFTs?

Leon: An Initial NFT Offering, or “INO” , is a new cryptocurrency crowdfunding innovation — based on the concept of Initial Coin Offering (ICO) — that involves offering a set of limited edition NFTs for sale pioneered by Only1.

Projects launched on Only1 INO launchpad can benefit from an early community building, high investment returns as well as all-inclusive technical support from Only1’s dev team.

As for the perks for our own INO NFTs, the ONES holders become DAO members and have voting rights for Only1’s future development and regulation, they will also be rewarded by the governance fund, which are royalties from future INOs.

We are currently launching DuckDAO, a decentralized VC on our INO launchpad. Holding DuckDAO INO NFTs, the DuckSquad, will grant users allocations to Solana Projects at an early investment price. Below is a sneak peek of the cute Duck Art, follow our socials to find out more!

Q: How is Only1's token economic model designed, how to motivate users to hold LIKE tokens for a long time, and what are the applications of LIKE tokens?

Leon: Our tokenomics is as follows.

As you can see, we have a long vesting schedule for most pools, especially the community. This allows us to balance our token in/out flow in the long run.

Our tokens have multiple utilities:

1. Transactions in our Marketplace for Genesis NFTs, Content NFTs

2. Staking on creators staking pool

3. Other social features, including Paid DM

4. DAO governance

Q: Can you tell us about Only1’s near-term plans? What are your expectations for the future market and company as a whole?

Leon: We have big plans for Only1! Apart from our INO with DuckDAO, we are in talks with various metaverse projects. Only1 can definitely play a part in the development and promotion of metaverse, especially on the Web 3 decentralized social landscape.

Also, crypto is a fast-moving industry, we are also focusing on shipping more features while the team is outreaching influencers/creators from different verticals. What would you like to see most on Only1? What are your expectations for Only1? Let us know!

Free-Ask from KuCoin Community

Q: What do you think the explosion of the NFT + DeFi association is that is causing the world's attention? How does your project capitalize on and capitalize on this reality? How do you see the evolution and direction of NFT development in the future?

Leon: As mentioned, there are more than 30 NFT drops per day. I believe the trend of NFT as a collectible will slow down and NFTs that are utility-driven will persist.

Way forward, projects should associate unique and sustainable utility/perks to NFTs.

Q: How does the project increase the token's value, liquidity and utility so that it can lead to an increase in token price? What is your plan to make your project stable and provide the highest return for investors in the long term?

Leon: We get asked a lot about how to increase the token price and we understand! I think the only way is to keep building a product that people will actually use. Solve actual problems. Think through the UI and UX and the rest will follow.

Q: There are many celebrities and many influencers in the world. In particular, in Korea, there are many powerful influencers who are active on the platform called AfreecaTV. Do you have any plans to invite such people to increase Only1 community power in the future? (Influencers who are currently using the AfreecaTV platform have an explosive ability to create an economy, so far)

Leon: Thank you for introducing this platform. I will check it out. As for inviting and onboarding more influencers to Only1, that's exactly what we are doing right now! We have already onboarded creators from various verticals: Boxmining/CryptosRUs, who are both blockchain influencers; Isaak Presley who's a famous actor and music producer, whom you may recognize from the Disney Channel; we also have Dirty Audio, a renowned DJ; TikTok sensation and dancer Tori and Charlize. AND many more! Head over to only1.app to check them out!

Q: Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?

Leon: Yup! Once we scale our platform to accommodate more users, LIKE holders will be our DAO members. They can vote on platform development, regulations, how to use the DAO reserve, etc.

Q: Do you have any plans to attract non-crypto investors to join your project because the success of a project attracts more investors who haven't yet entered the crypto world? What are the plans to raise awareness about your project in the non-crypto space?

Leon: For sure. When we decide to tap onto the social landscape, we are hoping that conventional social media users (i.e., EVERYONE) can onboard Only1! To do so, we must first "educate" non-crypto-native influencers, then the general users. We do so by producing platform videos, onboarding videos and making sure that the onboarding journey will be as simple as possible!

Q: People always check about safety and security from any project because of the many hack issues right now. I would like to know how safe your project is? How do you make sure that you are secure?

Leon: Yup. Safety is at the core of our business. We hired Kudelski, a listed intelligent cybersecurity firm, to audit our codes. So all features we launch have passed through rigorous auditing. We also hired the best possible team to ensure this!

Q: Do your tokens have farming and staking usages, and if yes, what APR do you give to us?

Leon: Yes, we do creator staking. Users can stake on their favorite creator and earn an APY that correlates to the creator's social activities across various social platforms. So basically, the more active your creator is, the higher the APY. In that way, creators are motivated to create more quality content and users can be rewarded.

Q: Is there anything else you would like to share or you want us to know?

Leon: Follow our socials to hear the latest news!

Social media links for Only1:

💠Website: https://only1.io

💠Platform: https://only1.app

💠Twitter: https://twitter.com/only1nft

💠Medium:

🔴Discord: https://discord.gg/hBgh3q3cXW

💠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