What is Initial NFT Offering (INO)? An Initial NFT Offering, or “INO”, is a new cryptocurrency crowdfunding innovation — based on the concept of Initial Coin Offering (ICO) — that involves offering a set of limited edition NFTs for sale via the Only1 INO Launchpad. As the NFT market matures, Initial NFT Offering rises as a solution to incentivize and reward investors and the communities.
Test launch: Only1 ($LIKE) INO
Date: October 7th 2021
More details coming soon..
- 10,000 unique mints of Only1 NFTs on October 7th
- All sol raised will be used to buy back $LIKE to reward early users of Only1
- Increased Only1 staking reward for holders
What is Initial NFT Offering (INO)?
From the genius of ICO, there comes the rise of other crypto fundraising mechanisms: STO (security token offering), IEO (Initial Exchange Offering) and IDO (Initial DEX Offering).
NFT is short for non-fungible token. A non-fungible token (NFT) is a unit of data stored on a blockchain. NFT certifies a digital asset to be unique and therefore not replaceable with something else.
An increasing number of platforms are offering NFT drops to their communities. These drops consist of a number of randomly generated images with attributes of variable rarity. These NFT drops usually capitalize $500,000 up to $2,000,000 or more to the team.
Initial NFT Offering (INO) is a new type of offering pioneered by Only1 where capital from the NFT sale goes back to the Only1 platform’s users. Similar to an IDO, Initial NFT Offering provides projects and creators with the ability to engage supporters and communities by issuing NFTs.
Initial NFT Offering empowers participating investors to benefit from the inherent supply scarcity of the NFTs, as well as other perks such as increased Only1 staking reward for holders. Only1 will also use all of the funds raised to buy back $LIKE from the market.
How Does Initial NFT Offering Work?
At the beginning stage, creators and upcoming projects would provide technical documents, plans and roadmaps to the community.
Creators would launch by a First-Come-First-Serve or lottery model to fairly distribute their NFTs, thereby boosting the community engagement. Furthermore, within the Initial NFT Offerings, different criteria and gamification options are available.
On the launchpad, Only1 will grant allocation to these NFTs depending on the number of native crypto tokens — $LIKE held by the user. It encourages users to stake native crypto tokens in order to receive allocations from upcoming NFT projects. Within the Initial NFT Offerings, users in the highest tiers benefit from extremely rare and sought after NFTs for each project.
The funding would then be distributed to the project owner to carry out the roadmap!
What Makes Initial NFT Offering Unique?
As the NFT market grows and matures, the financing nature of NFT issuance is turning clear. The rise of Initial NFT Offerings aims to revolutionize the booming NFT ecosystem, with below unique advantages.
Easy-to-Launch NFT Projects:
Through Initial NFT Offerings, anyone can issue limited edition NFTs through our decentralized platform. Initial NFT Offerings enable everyone — big and small ideas — to be recognised by a wider range of audience. Many creators, still in the process of creating their masterpiece, need new funding to finance their projects. With initial NFT offerings, any artist can raise the needed funds before creating.
Early Community Building:
Only1 allows the community to vote for promising projects to be listed on the platform and reward the winners. The exposure encourages potential investors to look into the NFT projects. The mechanism enables creators to build an early community — active traders and experienced investors — around the NFT project.
Lower Transaction Costs:
Running on Solana, Initial NFT Offerings minimizes the transaction fees creators and investors face.
Higher Investment Returns:
Initial NFT Offering empowers participating investors to benefit from the inherent supply scarcity of the NFTs. Only1 has native social platform capabilities to increase visibility to certain creators, and hence increasing the value of their NFTs.
Conclusion
For NFT projects and creators, Initial NFT Offering (INO) rises as a brand new type of offering that leverages the strongest elements of NFT technology. INO empowers them to kick-start their success stories.
Despite its meteoric growth, the NFT market is still in its infancy. INO serves as an innovative solution to resolve the current challenges that all participants face. The new crypto funding innovation empowers global art lovers and collectors to enter the booming NFT space.
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