Only1 $LIKE & The Ones NFT 101
Utility token, and governance NFT on Only1 decentralized social platform
Only1 is the first NFT-powered social media built on Solana, backed by Alameda Research. Our goal is to help content creators monetize without the need of third parties, and to create a censorship-free and truly community run social platform. Here’s how the platform utility token LIKE and the governance NFT The Ones work.
What are utility & governance tokens?
What are utility tokens?
As the name suggests, utility tokens are to have specific utilities within a blockchain enabled application or network. For example, utility tokens can be used as the transacting currency in a blockchain game or transaction fee on an exchange. Remember to fully understand a project’s tokenomics and utility before investing!
What are governance tokens?
Corporations have shareholders making all the decisions, what happens if they make decisions that their end-users don’t like? Remember when OnlyFans decided to ban nudity? or when YouTube decided to demonetize Pewdiepie for the millionth time? Decentralized application projects can allow their governance holders to have influence and power over a project’s decision making where the number of governance tokens they hold correspond to their voting power.
Tokens in a decentralized social network
Only1 is an NFT-powered social media platform built on Solana. We allow content creators to monetize directly by simply being active and engaging across various social platforms (think decentralized Patreon), and users can engage and support with their favorite content creators without giving away their personal data whilst being able to earn as they engage — we call this Create to Earn (C2E).
LIKE — Platform currency to support and gain access to creators
- NFT Marketplace: The Only1 Marketplace will be launching soon and it is the main transaction platform for all NFTs by our creators.
- Social Features: There will be various social features including our ‘Paid DM’ feature that allow users to pledge $LIKE with their message to the creators, and the creator only receives those tokens if they respond.
- Initial NFT Offering: Only1 will vet for high quality NFT projects and launch them on the INO launchpad. Users with $LIKE staked will be able to obtain eligible lottery tickets to participate for potential NFT allocation.
- Platform Governance // “Proof-of-Content”: Content regulation on social media is one of the most important aspects to keep a safe and fun social environment. Centralized social media has a building full of community managers consistently blacklisting or banning people according to their corporate community guidelines. In time, we will allow our network participants to decide what is good and bad content. When enough stakers vote down a creator or their content, the creator’s earning will be decreased (‘slashed’) and content will be removed.
The Ones — Governance NFTs
- NFT & Social DAO: The Ones NFT holders also help regulate Only1 platform as described above but with different voting weight! On top of that, the NFT holders can also decide on the future development of the NFT collection decisions. Would you like us to mint weapons to go with your character? How about forming Only1 real world events? or suggest here.
- OG Badge: The Ones NFT holders will have an ‘OG’ badge next to their username on the platform. No there will not be more users with this badge, ever.
- The Dojo (Members Only): Only The Ones NFT holders can access this unique section on only1.app, fun and unique features will be here only for the holders of The Ones NFT. What would you like to see in here?
- Anime Feature: Our artist — John Marty M helped animate the original Dragon Ball Z and One Piece when he was working at TOEI Animations. Why not make more of our own anime and feature the characters from our community? Check out the trailer we made earlier here.
This is just the start of a grand journey..