With the help of Newman Group, Only1 has raised $5 million in investment funds to develop an adult content platform on Solana that is a Web3 “clone of OnlyFans.”
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With a $1 billion portion of the $1.6 billion adult content market, OnlyFans is the leading platform; this move is intended to challenge them.
In order to benefit from the platform’s dominance, creators are required to pay a 20% fee on their earnings, which brings in billions of dollars for the company. Once a creator has gained a following, it can be challenging to leave the platform because their content, followers, and income are all linked to it.
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The platform has previously received numerous threats. According to OnlyFans’ CEO, banks almost forced the company to remove all adult content from the platform in 2021.
This is an illustration of the current state of social media. Artists find themselves in a difficult situation whereby social media is necessary for the promotion of their work but does not adequately reward them for their labors.
Artists are at the mercy of centralized corporations that have the power to totally destroy the community they have created through the application of ever-changing rules and bans.
Crypto enthusiasts see a chance in these factors, as OnlyFans is a Web2 platform that is ready for disruption.
Crypto V2 of OnlyFans
Let me introduce Only1, an exclusive content service that addresses the two main issues facing adult content platforms: low trust and payment censorship. Only1 uses Solana as the settlement layer. According to Only1’s blog:
“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 content created by the world’s largest influencers/celebrities, all powered by NFTs.”
All of this is in line with Only1’s goal of rewarding involvement, which is as follows:
“With NFTs and DeFi, we aim to fully and proportionately embrace the creator’s economy and reward creators and fans.”
Only1 gives creators access to several revenue streams. Crucially, authors are able to market passes—permanent subscriptions that provide access to only their work. If there is a lot of demand, fans can choose to trade these on the platform for more money, with a 5% royalty going to the creators on each trade.
Furthermore, the peer-to-peer transaction model allows creators to keep 100% of subscription fees paid by fans, greatly increasing their earnings share by avoiding the need for traditional payment processors and banking partners.
Fans will be able to invest in, stake, and profit from content created by the biggest influencers in the world—all powered by NFTs—by utilizing the Only1 platform.
Only1’s native token LIKE, which rewards users and creators for their contributions to the platform, will make this possible. Additionally, fans who stake LIKE tokens in influencer-specific staking pools can earn interest on their coins. The creator and the fan split the staking rewards.
All of this is in line with Only1’s goal of fostering a symbiotic rather than parasitic relationship with fans, content creators, and the company.
Will Only1’s vision receive the necessary support?
To develop the future of a decentralized creator economy, Only1 has raised $3.5 million from venture capital firms, such as Animoca Brands (investor in Sandbox) and Newman Capital (lead investor in Memeland). The total now stands at $4.8 million after the most recent $1.3 million investment.
With over 40,000 active users on the platform each month, these investments have already shown to be worthwhile. Something that only seems to get bigger, as Only1 hinted at, with multiple creators joining in May who have a combined following of over 10 million.
Only1 has facilitated over $100K worth of merchandise sold through customer-to-customer trades, while spending zero dollars on creator acquisitions. The largest creator on the platform, Angelina, has made a net total of $21,000, demonstrating the enormous financial potential for both fans and creators.
Even though this adoption is encouraging, users of well-known platforms who are skeptical of cryptocurrencies are still hesitant. Lucas Moreno, a professional content creator for OnlyFans, was especially enticed by Only1’s assurance of a 0% fee on tips and subscriptions. anticipated difficulties, though, in persuading his fan base to switch to a new platform. Furthermore, Moreno said:
“Even if it’s a great idea, there’s a lot of education needed and a lot of demystifying and unlearning about things that might have gone wrong in other areas in crypto that might give a bad reputation to crypto.”
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