Only1, the NFT-powered social platform on Solana (SOL), has announced its public launch and unveiled several features meant to boost mainstream content creators’ entry into Web3.
The platform’s mainnet launch comes about nine months after going live in Beta, with key features such as a native token LIKE, social media, Superfan NFT, DeFi and creators staking pool, NFT marketplace and Launchpad.
With the Mainnet launch, Only1 opens up the world of digital content creation and offers users access to a Web3 solution that could revolutionise the creator economy – Patreon on Solana.
Revolutionising Social media and SocialFi
The Creator Earnings: Benchmark Report 2022 puts the creator economy at over $104 billion, highlighting the numerous developments that have creators on legacy social platforms earning from their content amid greater fan engagement.
Indeed nearly 35% of survey respondents in the above benchmark report said they care most about fan engagement, building their fan base over a four-year period. This group has an average annual earning rate of about $50k, suggesting increased earning opportunities from platforms such as Instagram, YouTube, Spotify, Facebook and TikTok.
But even with the increased monetisation, the space is still tethered by massive censorship. Creators also suffer injustice when it comes to revenue sharing, with models skewed heavily against them. It is a scenario that has many top creators looking into NFTs and Web3 – a paradigm shift that could benefit more from developments such as Only1 and Solana’s launch of the Web3 phone Saga.
Just like the dawn of smartphones revolutionised social media and heralded the creator economy, social platform Only1 aims to transform the C2E ecosystem.
Only1’s public launch offers one of the steps towards reality with a gateway to decentralised social media, built on a platform that guarantees scalability and the micro transactions environment that will boost mass adoption among creators.
Already, Only1 has onboarded top content creators like Disney actor Issak Presley, Hong Kong-based singer-songwriter Hanjin Tan, and video content creator Sarah Snow.
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