Only1, the Web3 social platform backed by Alameda Research and Animoca Brands — where users launch Passes as semi-fungible tokens (SFTs) and post exclusive content for holders — is about to launch a new ex-Marvel artist-designed nonfungible token (NFT) collection, “Acid Monkeys,” on Sept. 1.
Web3 OnlyFans to bring adoption to the masses by Q4 2022
Similar to Patreon and OnlyFans, Only1 allows content creators to monetize their content through a paywall, where instead of a subscription, creators launch their own passes as SFTs, and the holders are granted access to the creator’s content.
The future of NFTs and SFTs
Most SFTs and NFTs today are profile picture collectibles; however, the market is at a turning point now where developers are starting to give these tokens real utility. GameFi is one of the focuses for such utility, such as using NFTs as tradable in-game items. SocialFi is the other major focus using NFTs as a means of access to content creators. This allows creators to monetize their content directly and connect with fans through Web3.
Many innovative creators have already experimented with NFTs and found massive success. Gary Vaynerchuk famously launched VeeFriends, a collection of 10,255 NFTs on the Ethereum blockchain that grants holders different levels of access to Gary, including FaceTime calls, or even having a one-on-one workout with him. Irene Zhao, the famous ex-chief marketing officer of Konomi Network, also launched her NFT collection, IreneDAO, on the Ethereum blockchain to grant holders access to her exclusive Discord channel and even the opportunity to invest in her new startup, So-Col.
The creator economy will drive the next bull cycle
The narrative to drive the industry to the next bull cycle is going to be end-consumer adoption, and the $100-billion creator economy is in the middle of it with all its Generation Z TikTok dance videos and content creators as businesses-of-one. Only1 has been building through the bear market and is ready to launch the passes feature for the whole world in Q4 2022.
Unlike Zhao or Vaynerchuk, who have to go through a lengthy process of hiring developers and using multiple platforms, anyone can soon launch passes for their fans and connect with them through exclusive content, Web3 messengers and more. The Only1 ecosystem is powered by LIKE, while platform revenue from NFT launches and creator passes will be used for token buyback, burn and redistribution to active users on the platform, a process called create-to-earn.
Only1’s initial NFT offering: An innovative and fair launchpad
An initial NFT offering (INO) is a new funding model for creators where NFTs are offered to the public for the first time on the Only1 launchpad. The term INO was coined by Only1 on CoinMarketCap and featured on Cointelegraph as early as September 2021.
How does an INO work?
At the beginning stage, creators and upcoming projects provide plans and roadmaps to the community. Creators would launch on a first-come-first-serve basis or lottery model to fairly distribute their NFTs. NFT launches may require LIKE staking in order to receive whitelists or allocations from upcoming NFT projects.
Easy-to-launch NFT projects
Through INOs, anyone can issue limited-edition NFTs through the Only1 launchpad. INOs enable everyone with both big and small ideas to be recognized by a wider range of audiences. Many creators who are still in the process of creating their masterpieces would need new funding to finance their projects. With INOs, any artist can raise the needed funds before creating.
On-chain random function to ensure fairness
Only1 developed its own on-chain randomness function on Solana using Zig technology. This ensures the lottery system or allocation of NFTs is fair.
Early community building
Only1 will allow the community to vote for promising projects to be listed on the platform and reward the winners. The exposure encourages potential investors to look into NFT projects. The mechanism enables creators to build an early community of active traders and experienced investors around the NFT project.
For NFT projects and creators, an INO rises as a brand new type of offering that leverages the strongest elements of NFT technology by empowering them to kick-start their success stories. To apply for an INO, click here.
Acid Monkeys NFT launches on Only1 Sept. 1
Acid Monkeys is a dark age comic-inspired profile picture collection of 5,000 escaped lab experiments on the Solana blockchain. The project is backed by a strong focus on lore and community and designed and cultivated by ex-Marvel artists.
Mint details:
- Quantity: 5,000 NFTs
- Price: Whitelist — 1.38 SOL; Public — 1.68 SOL
- Launch Model: Lottery
- Launchpad Link: https://only1.app/launchpad/acid-monkeys
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