LIKE Only1

Overview of Only1

Only1 is a decentralized, NFT-powered social platform built on Solana. It aims to connect content creators with fans in a transparent, fair, and decentralized manner.

Key Features and Use Cases

• Membership System: Creators can launch traditional monthly subscriptions or permanent premium memberships (passes), which are tradable by fans. This allows creators to share exclusive content and receive tips from direct messages.
• NFTs: The platform operates by minting a Genesis NFT when a creator passes KYC. Creators can then mint content NFTs, earning LIKE tokens for fan engagement. Fans use LIKE tokens to bid on Star NFTs, stake in favorite creators, and unlock exclusive content.
• Staking and Rewards: Creators and Genesis NFT owners share staking rewards. The platform’s marketplace allows fans to bid on NFTs with LIKE tokens, and when NFTs are purchased, some LIKE tokens are burned. Fans also gain lottery tickets for weekly draws by unlocking content and enhancing community participation.
• DAO Voting Rights: Unlike other Web3 or DeFi platforms, Only1 grants DAO voting rights to NFT holders rather than token holders. The DAO NFT, called “The Ones,” gives users different voting weights, enabling them to influence the development of NFT collections.
• Exclusive Badges: “The Ones” NFT holders receive an exclusive “OG” badge beside their username, signifying their unique status on the platform. Another exclusive badge, “The Dojo,” grants access to a unique section on Only1, offering special features available only to “The Ones” NFT holders.
• AI-Powered Content Discovery: Fans can interact with creators through exclusive content, direct messages, and an AI-powered content discovery engine.

Benefits for Creators and Fans

• Creators: Can earn by launching memberships, sharing exclusive content, and receiving tips from direct messages. The platform provides tools like CRM, analytics, and multi-account management to enhance creators’ workflows.
• Fans: Can join different memberships to access exclusive content and direct message their favorite creators. Fans can also leverage the AI explore engine to discover content and creators.

Token Utilities

• LIKE Token: Used for staking, rewards, and transactions. Fans use LIKE tokens to bid on Star NFTs, stake in favorite creators, and unlock exclusive content. Creators earn LIKE tokens for fan engagement.

Pros of Only1

• Decentralized and Transparent: Only1 is a decentralized social platform built on Solana, ensuring a transparent and fair connection between creators and fans.
• Direct Monetization: Creators can monetize their content directly through NFTs, eliminating the need for intermediaries like ads or merchandise sales.
• Community-Driven Moderation: Content moderation is community-driven, giving users more control and making the platform more creator-friendly than traditional social media.
• Enhanced Fan Engagement: Only1 enables direct interactions with creators and provides governance rights through NFTs, enhancing fan engagement.
• Near-Zero Transaction Fees: Using blockchain technology, Only1 offers near-zero transaction fees and instant payouts, eliminating delays and high fees associated with traditional bank intermediaries.
• Censorship-Resistant: Unlike centralized platforms, Only1 is censorship-resistant, bypassing payment processors and avoiding the need to store sensitive user identities.
• Secure and Seamless Experience: The decentralized approach gives creators more control and financial freedom while ensuring a secure and seamless experience for both creators and fans.

Cons of Only1

• Complexity: The use of blockchain technology and NFTs may be complex for some users, requiring a learning curve to fully understand and utilize the platform.
• Dependence on Solana: Only1 is built on Solana, which means its performance and stability are dependent on the Solana blockchain.
• Market Volatility: The value of the LIKE token, used for staking, rewards, and transactions on Only1, can be volatile, affecting the overall value of memberships and NFTs.
• Limited Adoption: As a relatively new platform, Only1 may have limited adoption compared to more established social media platforms, which could impact its overall reach and effectiveness.
• Regulatory Uncertainty: The regulatory environment for decentralized social platforms and NFTs is still evolving, which could pose challenges for Only1 in the future.

Founders of Only1

The founder of Only1 is Leon Lee, a genetic engineer who transitioned into the blockchain space in 2017. He aims to revolutionize the creator economy through NFTs and DeFi.

Investors in Only1

Only1 is backed by several investors who have contributed to its funding rounds. The key investors include:

• Newman Group: Led the strategic funding round.
• Folius Ventures: Participated in the funding round.
• Modular Capital: Also participated in the funding round.
• Petrock Capital: Another investor in Only1.

Halal Status of Only1 Crypto

No, the halal status of Only1 crypto is not definitively established. The Islamic perspective on cryptocurrencies is complex and varies among scholars. Key factors influencing the halal status include:

• Physical Asset Backing: Cryptocurrencies that are backed by physical assets, such as gold, are more likely to be considered halal. For example, OneGram (OGC) is certified as Shariah compliant because it is backed by at least one gram of physical gold.
• Speculative Use: Cryptocurrencies used primarily for speculation rather than for purchasing goods and services may be considered haram by some scholars.
• Shariah Compliance: The project must adhere to Islamic finance principles, including the prohibition of riba (interest) and gharar (excessive uncertainty).

Without specific information on Only1 crypto's adherence to these principles, it cannot be confirmed as halal.