Genesis NFT and how to stake and earn from Creator Staking Pool
Introducing Only1 Genesis NFTs and Creator Staking Pool - where Defi meets social in only1. Each creator passed KYC will be minted a Genesis-NFT, which they can associate with perks and rewards and trade it in the marketplace. Users on the platform can stake $LIKE tokens on individual creators and earn based on the pool’s APY, which adjusts according to the creator’s engagement.
Only1 believes that the future of NFTs will serve a key function within the tech world and that utility NFTs will inevitably spill into other verticals outside gaming. They also think art and collectible NFTs will slowly be replaced by utility NFTs, and hence have made them an integral part of their concept and earning mechanisms. There are two main methods that Only1 uses to prioritize social engagement between fans and influencers.
Genesis NFTs and Creator Staking Pool
1. Mint: When a new creator is onboarded to Only1, a Genesis-NFT is minted and a staking pool is created
2. Buy: Fans can bid for Genesis-NFTs via the Only1 marketplace with $LIKE tokens. Bid tokens are also burned to create scarcity and increase buying pressure
3. Stake: Fans can stake $LIKE tokens on influencers that they support. The annual percentage yield (APY) of the staking pool changes depending how active and engaging an influencer is — higher the activity, higher the APY. Both the creator and owner of the Genesis-NFT split staking rewards!
Visit www.only1.app to see our creator staking pool in live!
