However, this sector has a lot of potential because it is such a low-hanging fruit in decentralising traditional networks and facilitating the mass adoption of blockchain technology.

For starters, the top-visited websites worldwide are mostly social media platforms. But they are plagued by centralised risk, restrictions on free speech, and data opacity—not to mention privacy concerns or the fact that they sell data to advertisers. 

The main challenges with decentralised social media, however, are twofold: on the one hand, the need for a decentralised network that can support the social networks at scale and the chicken-and-egg problem of bootstrapping a minimum viable community. 

Interestingly, a new decentralised SocialFi player seems to have cracked the code. 

With a market cap under $50 million, this project is at the right place at the right time to have a clear product-market fit.

Is this SocialFi new project on track to succeed where others have failed?

Let's find out!

TLDR

• We explore SocialFi - an emerging crypto narrative with immense potential
• Our focus is on Only1, a Solana-based social media engagement platform leveraging the creator economy to incentivise user adoption
• We analyse the $LIKE, the utility token that powers the Only1 platform. What does the tokenomics look like?
• Our valuation analysis suggests Only1 could capture a significant market share of the exciting creator economy. How big could this get?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.

Building a minimum-viable community