What is Only1 (LIKE) | What is Only1 token

In this article, we’ll discuss information about the Only1 project and LIKE token

Overview

In order to understand the key differences between Only1 and traditional NFT marketplaces, we must first highlight and review the key terminologies and concepts of what these platforms entail. Below we will include a detailed description of things you will need to know when it comes to NFTs and the marketplaces.

What is an NFT?

NFT is short for non-fungible token. A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of ownership that is separate from copyright.

In 2021, there has been increased interest in using NFTs. Blockchains like Ethereum, Flow, and Tezos have their own standards when it comes to supporting NFTs, but each works to ensure that the digital item represented is authentically one-of-a-kind. NFTs are now being used to commodify digital assets in art, music, sports, and other popular entertainment. Most NFTs are part of the Ethereum blockchain; however, other blockchains (SOLANA) can implement their own versions of NFTs.

What is an NFT Marketplace?

NFT marketplaces are quickly rising to prominence in 2021 and NFTs are becoming the new asset class to care about in the crypto space. NFT marketplaces, simply put, provide a marketplace for the buying, selling, and trading of NFT tokens. Some of the most popular NFT marketplaces currently are, Opensea, SuperRare, and Rarible.

What is a NFT powered social Platform?

Instead of solely focusing on NFTs, social NFT platforms allow influencers to create content, share it with their audience, and get rewarded based on engagement. Users can create NFT and allow their fans to engage, access, and earn through collecting these NFTs. This is where Only1 comes in.

What is Only1?

Only1 is the first NFT-powered social platform built on the Solana blockchain. Mixing social media, an NFT marketplace, a scalable blockchain, and the native token — $LIKE, Only1 offers fans a unique way of connecting with the creators they love. By using the Only1 platform, fans will have the ability to invest, access, and earn from the limited edition contents created by the world’s largest influencers/celebrities, all powered by NFTs.

The new world of NFTs is here, and it’s being built on Solana. Welcome to Only1.

What Will the Platform Include?

The Only1 marketplace will consist of several different features that sets it apart from other NFT marketplaces.

Some of these features include:

Creator Genesis NFT

Genesis NFT Minting

A genesis NFT is minted once a creator passes KYC
Creators will then be able to mint their own Content NFTs for their fans and receive $LIKE, or native token, as a reward for engagement

Fans Bid with $LIKE

Fans can utilize $LIKE, or native platform token, to bid for a Star NFTs on the Only1 Marketplace

Genesis NFT Perks

Fans will have the ability to stake $LIKE on their favorite influencers profile
The Genesis NFT Owner as well as the creator will both earn a split of the staking rewards

Content NFT Farming

Creator Post Content

Creators have the ability to post exclusive content in form of an NFT
Fans bid on Only1 marketplace for NFT using the $LIKE Token
When an NFT is purchased portion of the $LIKE tokens are burned

Community Unlock

Other fans unlock content with $LIKE, receive lottery tickets (weekly lucky draw)

Creator and Community Earns

Tx split between NFT owner and creator

Why are we building on Solana?

When choosing the blockchain to build on, Solana was the simple choice due to scalability. With the cost of gas fees, most blockchains currently doesn’t have the capacity for mainstream creators and fans to afford the transaction fees paired with buying an NFT. Solana solves this.

Get excited, more coming soon!

This is just the beginning for Only1. Over the next few weeks we look forward to presenting more about this project, including information about our roadmap and IDO. We have tons of exciting news that we can’t wait to share, as well as more information about the development of the Only1 ecosystem. Stay tuned and buckle up.

The $LIKE token

Total token supply: 500,000,000
Initial market cap: $1,303,776
Public sale price: $0.060

How and Where to Buy LIKE token?

LIKE has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy LIKE token.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

☞ SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step - Transfer your cryptos to an Altcoin Exchange

Since LIKE is an altcoin we need to transfer our coins to an exchange that LIKE can be traded. Below is a list of exchanges that offers to trade LIKE in various market pairs, head to their websites and register for an account.

Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase LIKE from the Website: https://only1.io.

The top exchange for trading in LIKE token is currently …

Find more information LIKE

☞ Website ☞ Whitepaper ☞ Social Channel ☞ Social Channel 2 ☞ Message Board

🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.

🔥 If you’re a beginner. I believe the article below will be useful to you ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner

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