Only1 is an NFT-powered social engagement platform constructed on the Solana blockchain. Just like the legacy, social media platforms enable customers to have interaction with one another however utilizing a barely completely different construction.
Most notably, the NFT social platform permits followers to attach with creators, work together with their content material, and earn rewards via a reward system that advantages each creators and end-users.
When requested why the platform went via the NFT route, Lee defined that there are big prospects within the rising NFT market, including that the way forward for NFT is “utility-driven,” which additional suggests {that a} profitable NFT undertaking thrives the place there’s a true want for it.
“Customers need to really feel via possession of their in-game objects, for instance, their armor, swords, defend, and no matter which may be. In abstract, I feel the way forward for NFT goes to be utility-driven, and as an alternative of simply being a collectible, NFT is a characteristic inside a product. It should not be simply the product,”
Lee famous.
In accordance with Lee, NFTs as a collectible is nothing greater than a mere bubble, particularly in the event that they’re only a digital assortment of JPEGs. As an alternative, Lee posited that NFTs are “basically a novel digital identifier that may be utilized to completely different vertices,” corresponding to purposes within the gaming and DeFi industries, amongst others.
Past simply rolling out an NFT undertaking like everybody else available in the market, Lee defined that Only1 needs to resolve actual issues inherent within the legacy social media platforms. Consequently, the startup is on a mission to disrupt the social media area, leveraging the advantages of NFTs, staking swimming pools, and some different parts of DeFi, in creating an total new expertise for creators and customers.
“We checked out completely different vertices, and one in every of which we stumbled throughout was the social area. You’ll agree that there is been a number of issues with present social media. So we attempt to disrupt the social media area utilizing NFTs, staking swimming pools, and different parts of DeFi to create a brand new means for creators to monetize and a brand new means for customers to eat content material,”
Lee mentioned.
