On July 19th 2021, our community had a chance to welcome Mr. Leon Lee– Founder and CEO of Only1 to join in an AMA to give fruitful information about the key features and roadmap of Only1–the first NFT-powered Social engagement platform built on Solana.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, our guest directly greeted the community and provided detailed information on Only1 as well as some key products and future plans.
Time: 09:00 PM (UTC + 7) on Monday, July 19th, 2021
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: First, please make a brief introduction of your team background and Only1?
Mr. Leon: First of all, Im 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 Kobby, Akira has been working in blockchain development for a while and have helped launch Openswap, fork of Uniswap, Kobby is our Solana program expert with many years in being distributed systems engineer specializing in Rust & WebAssembly. And ofcourse our CMO Michael (MOJO), was the CMO at Bondly Finance and have led many NFT campaigns across celebrities.
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, and we do this through two novel NFT applications – Genesis-NFT & Content-NFT farming.
Question 2: Please tell me some features that make Only1 stand out of other NFT-powered platforms.
Mr. Leon: Firstly, Creator Genesis-NFT (and Creator Staking) – each onboarding creator will be minted a Genesis-nft which they can associate perks with (e.g. mentor the Genesis-NFT owner how to trade). Users on the platform can stake $LIKE tokens on individual creators with APY that adjusts according to the creator’s engagement with the fan base. The owner of the Genesis NFT, and the creator will both receive a small split of the staking pools’ reward!
Secondly. Content-NFT farming – creator can post exclusive content in the form of NFT to be sold in our marketplace, the user who bought it will be able to see its content, but for the rest who dont prefer to pay the expensive price, they can pay the unlocking fee (which can be low like 1 $LIKE, depending on the creator) to view the content, part of the unlock fee will go to the creator, and the other to the content-NFT owner.
Question 3: Could you please update some hot news or big event to the community?
Mr. Leon: We just concluded our NFT & LIKE token airdrop, the winners will be announced soon. We just announced our public sale on Raydium! Please stay tuned to our news and announcements on our telegram and twitter!
Questions for Part 2 – Pre-collected questions from Twitter:
Question 1: How is Only1 development going? Can you describe in detail your current development efforts, market expansion plans, expected applications, and when will your products become commercially available? @Candy120820
Mr. Leon: As shown in our website, we have a one year plan ahead, with our team and progress so far, we are confident in delivering them on time. Our alpha product will become commercially available within a month’s time. In five years, our aim is to become the biggest social platform in the cryptosphere, and to do that requires continuous innovation, being aware of market trends, and staying very connected with you, our community!
Question 2: What benefits does $LIKE have in the ecosystem? What are the benefits that long-term investors can get from holding $LIKE? Liquidity has always been an issue for all platforms. So how does Only1 solve this problem? @duetdaily
Mr. Leon: On Only1 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.
Question 3: One of the most important reason slowing down the adoption process of NFTs is due to lack of proper partnership. A project should partner with project that will helps align with its goals. Will your plans toward securing key note partners be highly appreciated? @Juanit4a
Mr. Leon: We have secured some solid backers and partners. For example, on investor’s side we 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, Alles who is the official smart contract auditor of Solana.. Some are unannounced, please visit our website and join our social channels to stay up to date.
Question 4: Only1 is based on Solana, why did you choose to build on this blockchains instead of Binance Smart Chain or others with more versatility? What are the positive features that Solana offers over $LIKE token & NFTs within Only1? @PaxtonLili
Mr. Leon: We aim to become the top social project in crypto by the next macro cycle. For that to happen we will need to have a critical mass of users, but if each transaction would cost us $50 then we will never reach that level. Therefore, scalability is a key element we looked at when we chose Solana.
But even if we look at the level of decentralization and security, Solana is very promising. The only downside to building in Solana at the moment is the relatively young ecosystem with fewer users and value locked. I believe Solana’s strengths will shine through in time as projects and users find out about its technology and amazing ecosystem support.
Question 5: For the creators, how can they mint NFT on Only1 and how do you attract more creators to post content on your platform? Will Only1 pay attention to the fans and KOLs in the traditional marketplaces? Will there be a high requirement for them to enter the crypto market? @Jaki73364096
Mr. Leon: For Genesis-NFTs, it will be minted for the creators upon joining as a creator, and right away the Genesis-NFT will be able to be sold on our platform, people will want to buy it for its TVL split mechanism explained above. During alpha stage, these creators would have been selected internally since we are limited a hard cap. For Content-NFTs, which will launch in beta stage, creators can mint by posting content. We are very interested in the attentions from fans and KOLs in the traditional marketplaces, ultimately crypto industry is still small and adoption has not reached the majority.
PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP
Question 1: Is it not it will be the wrong decision to launch the project in this bear market? Every coin going down whether good or bad. How do you see this?
Mr. Leon: It is ultimately about the product over the long term, short term market price actions should not deter us from launching. Our alpha platform will be ready in about a month and in order to use it, our users need to be able to get hold of $LIKE token 🙂
Question 2: Why have you chosen Solana among other Networks even though there is a downside to building in Solana where there are fewer users and Value locked?
Mr. Leon: There are fewer users and value locked because of how new Solana ecosystem is, the value Solana offers in terms of the blockchain trilemma (scalability, security, decentralization) will attract users and TVL soon enough
Question 3: Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Mr. Leon: We will mint 500M tokens in total. Team will have 10% of the total pool distributed over 48 months.
Question 4: What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?
Mr. Leon: We aim to become the biggest crypto social platform by the next bull market! And to do that, its all about continuous innovation in product development and marketing.
Question 5: Many investors hit and run in the sell and sell session after listing on the first exchange, How did your project prevent early investors from selling their tokens and what benefits you would give them?
Mr. Leon: For the creators and alpha-access users, they can stake their LIKE tokens on the alpha platform creator staking pools. And for the other investors, they can stake on Raydium.
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
Telegram Group: https://t.me/only1nft
Telegram Channel: https://t.me/only1official