With the change of Facebook’s name to Meta, we already know that the metaverse is on the horizon (we have said it multiple times here at Solanews). That being said, we can ask ourselves if blockchain-based platforms could be serious contenders to legacy social media platforms. We shall soon find out. As a matter of fact, one company has already begun its journey to make the NFT market more social. Solana-powered Only 1 is social media powered by NFT.
The main goal is to connect creators with the users of their media. In conventional art sales, the creator has to go through a middle-man so to speak to sell their merchandise, paid ads, shout-outs, or any form of other cooperations or collaborations. The company plans to cut out the middle man and allow members to directly interact with the artist through two NFT applications: Genesis NFT and Content-NFT farming.
As of now Only 1 is the first NFT-powered social platform built on Solana that allows the creators and the users to earn tokens by engaging in social activities bult on the platform. Both sides are able to create passive income that is to be generated from the two different NFT, much in the way gamers of play-to-earn make passive income.
The issues most people face when using traditional social media such as Facebook (now Meta), Twitter, Instagram, and more are the constant gouging of artists and users with fees and payments that mostly go back to the platform they are on. Creators monetize through, merchandise, shout-outs, sponsorships, and ads, but this takes a toll on the creators as they do not receive a fair share of the profit from such collaborations. This takes a toll on both the creator and the users of that creator’s services or art.
The developers at Only 1 have a simple vision, they believe in utility NFT and that pure art/collectible NFT will eventually lose traction. Only 1 hopes to become the most adopted crypto social project by 2025. Utility NFT will serve a key function within the tech world, and we are indeed seeing this happen with gaming NFT such as Axie, SolChicks,AaveGotchi. Eventually there will be many more NFT that serve a real function and involve the owner in a project much deeper than now.
Only 1 is depending on their social media construct and roadmap to help those that produce and benefit from the community to continue to benefit and in turn, grow the community. Meta may be the new name for Facebook but Only 1 is aiming to be the new Meta.