If there’s one word to summarize the social media experience for both creators and consumers, it’s “out of control.” Most individuals learned how little control they had over their social media experience only a few days ago, during Facebook’s most prolonged outage to date.

The creators have the ability to decide which content to present to their audiences, but they cannot choose who it will be consumed. However, the algorithm only gives consumers what they want. Not to mention the intrusive adverts that creep into every corner of your devices’ screens like a virus, forcing social media users to consume content they may not be interested in.

Legacy social media platforms face many other problems. Other challenges that legacy social media platforms face include censorship, creator block, continuous demonetization of apps such as YouTube and third-party gatekeepers interfering in revenue flow.

Although most of these issues affect everyone, they are even more severe for users who produce tons of content that has almost no reward.

A few blockchain projects feel the same about these issues and are trying to find new solutions.

Only1 is one among the rare few who has been in the news. It uses blockchain technology to create a new social media experience that is both user-friendly and profitable for consumers.

In an exclusive interview with Daily Coin, Leon Lee, the founder and CEO of Only1, discusses what the barely one-week-old startup means when they say “NFTs have gone social.”

Social engagement platform

NFT-powered, Only1 uses the blockchain to power its social engagement platform. Similar to the legacy social media platform, users can interact with one another using a completely different format.

The NFT social platform is a way for fans to interact with creators and their content and receive rewards. It’s a rewarding system that both benefits creators as well as end-users.

When asked why the platform went through the NFT route, Lee explained that there are huge prospects in the emerging NFT market, adding that the future of NFT is “utility-driven,” which further suggests that a successful NFT project thrives where there is a true need for it.

Users want ownership over their in-game objects, such as their shields, armor and swords. NFT will be a part of a product and not a collectible. “It shouldn’t just be the product.”
Lee noted.

According to Lee, NFTs as a collectible is nothing more than a mere bubble, especially if they’re just a digital collection of JPEGs. Instead, Lee posited that NFTs are “essentially a unique digital identifier that can be applied to different vertices,” such as applications in the gaming and DeFi industries, among others.

Lee said that Only1 is not content with just launching an NFT project, as every other company in the market. Instead, Lee wants to address the actual problems of legacy social media platforms. The startup has set out to disrupt social media by leveraging NFTs, stake pools and other DeFi elements in order to create a new experience for consumers and creators.

We looked at many vertices and found the social space. It’s clear that social media has had many issues. We are trying to change the face of social media using DeFi, NFTs and stake pools to provide a way for creators and users to consume and monetize content.
Lee stated.

The issue of centralized control in Legacy Social Media Systems

One1 also aims to resolve the problem of central authority. Lee explains that social media platforms store and track user data, which can be used to determine the content users are fed or, in case of creators, whether content is monetized.

Additionally, market participants are looking for decentralized solutions, such as Web 3.0 or hosted applications. Lee says that Web 3.0’s blockchain technology is the exact opposite of the centralized system.

However, although there were some efforts by the original Web 3.0 social media platforms, Steemit and Mithril, Gifto among others, these failed to thrive due to a variety of factors, including tokenomics.

Lee stated that decentralization is not enough for the social media revolution.

Web 3 is the leading social network on Web 3. Creator tokens have become the most essential aspect. It’s basically a way to end the tokenomics hyperinflation that plagued previous generations of social media platforms. “You keep on paying content creators till the token ceases to have much utility.”
Lee noted.

Lee is thrilled because every content creator will be able to create their own tokens. The tokens will allow users to trade to get access to their favourite creators. The platform will be free from inflation. Lee thinks it’s a great solution from a financial perspective.

Finally, given that Only1 is still in a pivotal stage, the company wants to focus on a creators’ economy, which is about helping creators monetize their current social media activity. Only1 provides creators with supplementary options, rather than removing them from social media.

Flipside

• It is slowing down because the social media market has not yet been ready to fully embrace decentralized applications.
• Most mainstream users still find it difficult to use dApps. They are the driving force behind widespread adoption.

What are the reasons to care?

A lot of social media users didn’t have much control over their data for quite some time. Only1 offers them an even more decentralized option that gives them the freedom they want. It is likely that Only1 will soon be widely adopted.

The full interview can be viewed here

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