In 2021, after DeFi, NFTFi and GameFi ushered in an outbreak. Whether it's DeFi's decentralized asset circulation, NFTFi's making digital works more valuable, or GameFi more in line with the future of games, the progress of these blockchain technologies and the changes in hotspots have accelerated the development of Web 3.0 and spawned SocialFi. With the beginning of the metaverse concept, SocialFi or the updated Web 3.0 social concept has become a strong demand for Web 3.0 and metaverse implementation, and this track has begun to emerge.
In 2022, will Web 3.0 social networking become a new flashpoint in the industry? What are some notable trends in this track? Today, we invite Only1 founder and CEO Leon Lee to talk about the development of the Web 3.0 social track, trend predictions, and the dynamics and layout of Only1.
The following is the transcript of this online sharing:
compere:
Welcome To Leon, can you introduce yourself and briefly introduce the Only1 project to our community?
Leon: I'm the founder and CEO of Only1. I graduated in genetic engineering at Imperial College London, taught myself programming, and have been involved in the start-up of several companies ever since. Since 2017, I have participated in several ICOs and have since sparked interest in blockchain technology.
Only1 is the first Web 3.0 social network built on Solana, supported by Alameda Research. Content creators and social media users create value for the central platform, but fail to reap the rewards. Advertisers, on the other hand, pay centralized platforms to take advantage of the value created by users. Only1 wants to capture the value of the social network through features such as on-chain unlockable content, an NFT marketplace platform, and a staking pool, and re-distribute it fairly to the network's participants.
SocialFi is not a new concept, and the earliest SocialFi projects date back to 2017 or earlier. But the development of new technologies and tools, including DeFi, NFT, and DAO, has expanded the potential of this area. What do you think about how this track has evolved? Is the time ripe for Web 3.0 social development?
Leon: It's true that as a solution to the ills of Web 2.0 social media, "SocialFi" is not a new concept. However, most platforms in the past have only implemented simple reward mechanisms for content creators. They didn't do two things well: rewards led to inflation in the token economy, and there was no uniqueness as Web 3.0 social media.
At Only1, we've provided creators with an NFT launch platform that's already in operation, and it's already generating $2.5 million in sales. In addition, our creator pledge pool is able to redistribute and return rewards to creators and users. Unlockable content, marketplace platforms, and other social features coming next will make the platform a place that's fun and motivating for all users. Not only that, but we also have a plan to implement the DAO (Decentralized Autonomous Organization), which allows users to become decision makers and participate in decisions about content regulation, discovery algorithms, and even token economic mechanisms.
People have been talking about the ills of social media in the Web 2.0 era for a long time, the most prominent of which include data privacy, centralized monopolies, and content harmful to social health caused by imbalances of interests. What solutions can Web 3.0 socials offer to these problems?
Leon: The core of the company's focus behind the major Web 2.0 social platforms is monetization. This led to their discovery algorithm being optimized from the perspective of revenue rather than experience, and the revenue mechanism also benefited the creators favored by the platform, and they also used the personal data of users when browsing the platform for profit.
When it comes to data privacy, Web 3.0 social platforms, such as Only1, allow users to log in using decentralized wallets, so their identities are hidden and only shown if they wish. In addition, the creator economy is also more equitable, and the value captured by the platform from user activities can be returned to users through the creator pledge pool. Finally, the implementation of the DAO also allows users to participate in the decision-making process mentioned above!
In the economic model of SocialFi, there can be a variety of models such as Post-to-Earn, Share-to-Earn, Comment-to-Earn, Active-to-Earn, etc. In your opinion, what should the economic mechanism of Web 3.0 social networking look like? What are the features and features of Only1 in this regard?
Leon: In my opinion, the economic model needs to include the platform revenue while including the incentive mechanism, otherwise the entire token economy mechanism will be too inflationary, which is why many projects can't be done. Therefore, for a model like X-to-Earn to work, there must be other platform revenue streams, such as marketplaces, transaction fees, commissions, or even subscription fees. Achieving net deflation of platform tokens is the best.
According to statistics, among the top 20 websites with the highest number of views by netizens in the world, social networking sites account for 1/3. Arguably, web 3.0 social platforms have great potential, but what barriers do you think Web 3.0 social platforms will need to cross before they can enter large-scale adoption?
Leon: Before these apps made their way into the mainstream market, Web 3.0 lacked the necessary infrastructure and a simpler experience for users. At present, the adoption of Web 3.0 is mainly concentrated in the field of DeFi, but NFTs are beginning to attract great interest from the mainstream market.
Infrastructures such as oracle networks that can support wallets such as social data, connectivity bridges, and Hedgehog can simplify the user experience and make it easier for users to use the platform. I think in the next 2-3 years, we're going to start to see more attention on application-layer projects.
If humanity is to enter the metaverse era, social interaction will undoubtedly be an important function of it. Starting with "Fortnite" and "The Sandbox", large-scale online games and online games have begun to integrate social elements. What do you think social will be like in the metaverse era?
Leon: The metaverse will be decentralized and interoperable. While I think it's smart for Facebook to change its name to Meta and start building its own metaverse, I don't think the metacosm should be owned by big companies. Users will be able to get more immersive social experiences in the world of the metaverse, and now, we're limited to 2D vision and audio, and soon we'll be able to touch, feel, and actually live in another world.
Therefore, Web 3.0 social networks are an integral part of this vision, users will be able to profit from their social activities, as well as form communities with common interests, which is what Only1 strives for.
The Web 3.0 social track has sub-sections such as P2P social platforms, media platforms, and instant messaging. Which section is Only1 in and what competitors are there?
Leon: We're most similar to Patreon and Onlyfans, allowing creators to monetize directly from their fan base. But we also allow users to be rewarded based on the value they create on the platform. Content creators can publish their NFTs on Only1's launch platform and give them exclusive access to the community, users can buy or sell NFTs, and we also have a private message feature that allows users to directly tip cryptocurrencies to creators, while fans can unlock creators' unlockable content.
Recently, Only1 has completely updated its website, white paper, and roadmap, and announced that it will launch Only1 2.0 in May, which includes several novel new features. Can you share with us The Future1's long-term development plan for this year or more?
Leon: Our main goal before the middle of the year was to promote user adoption. Our NFT launch platform is already in operation and generating $2.5 million in sales, and our staking pool is ready, but a little upgrade is needed. The next development will focus on giving creators an end-to-end experience that can directly distribute NFTs to their existing audiences on other social media. In addition, there will be a market platform for these NFTs to be traded.
NFT-based (NFT access) creator access has now become a trend and has been adopted by many mainstream artists. Only1 strives to be a one-stop shop for such use cases on Solana.
Final question, do you have any predictions or expectations for the development of Web 3.0 social in 2022?
Leon: I think the mainstream market is going to start to see adoption of Web 3.0 social. Only1 will help develop infrastructure that will make it easier for users to adopt Web 3.0. We will also continue to improve the features on the platform to serve more creators and fan groups.