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What is Only1 and How does it Work?

Are you familiar with the word “creator economy and what is Only1?”

If you are a social media user and you have been following a number of online personalities, influencers, and startups, then you have been a supporter of the creator economy.

According to Run The Chain, the ecosystem currently stands at over 50 million creators and has a value of more than $100 billion. And with the growing popularity of social channels such as Facebook, YouTube, and Tiktok, the number keeps growing.

There are certain ways for content creators to earn from these platforms, including ads, sponsorships, subscriptions, premium services, and merchandise.

These services do not only limit what creators can do with their channels and content. but also takes a significant chunk of their revenue.

Most content creators have no choice but to take this system as normal, but recently new options are made to provide solutions to this issue. 

What is Only1?

Only1 is among the first non-fungible token-powered social media platforms built on Solana that offers excellent solutions to content creators.

At the same time, it gives creators better value, control, and independence by facilitating digital asset creation and ownership.

The $LIKE token is Only1’s native token. It has several use cases with a total token supply of 500 million that forms the $LIKE economy. These include bidding, reward pool, staking and governance, and donating. 

Only1 follows a create-to-earn (C2E) business model, similar to the more popular play-to-earn (P2E) model. In C2E, users can create content, mint it for NFT use, and then monetize in the ecosystem.

This allows users to make an alternative stream of income and maximize their social media presence without the need for extra content.

Through this system, creators can easily realize the value generated by their content and the engagement it gets from the community.

Quick Guide to Nonfungible Token Marketplaces on Various Blockchains

Most nonfungible token (NFT) marketplaces nowadays are on Ethereum. However, there is one serious issue they are currently facing and that is scalability.

This is the reason new NFT marketplaces are endeavoring to inject multi-chain functionality so that users have more options. According to runthechain.io, some of the popular ecosystems today are Ethereum, Solana, and Binance Smart Chain (BSC).  Here are some short overviews of these ecosystems.

Ethereum 

Ethereum is one of most famous and largest blockchains. After its debut in 2015, its network has attracted numerous users.

Thanks to its features that allow developer to run programs. The code through the Ethereum Virtual Machine and smart contacts.

One downside of Ethereum is its low throughput that has led to higher fees and congestion concerns. 

Solana

When it comes to cons, Solana’s smart contracts run on Rust, a programming language that is not so familiar with many.

Binance Smart Chain 

This feature is advantageous for users who require cross-chain support and is also the reason many marketplaces use BSC in conjunction with Ethereum instead of its own.

These are only three of the most popular blockchain marketplaces today. Other notable ones include Polygon and Refinable. If you want to use any of these ecosystems, make sure to research about their features so you can make the best decision.

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