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Solana-based OnlyFans platform "Only1" secures $1.3 million in funding, attracting creators with millions of fans.

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Solana-based OnlyFans platform "Only1" secures $1.3 million in funding, attracting creators with millions of fans.

On Solana's SocialFi platform Only1, it was announced yesterday that the platform has completed a new round of funding of $1.3 million, bringing the total amount raised to $4.8 million. They claim to lead creators with tens of millions of fans to join the platform. However, some Web2 creators still expressed concerns about this.

Only1 Secures $1.3 Million in Funding

The SocialFi platform Only1, aiming to build a platform similar to the adult content platform OnlyFans on Solana, announced yesterday on Twitter that it has successfully completed a strategic funding round of $1.3 million, led by crypto venture capital firm Newman Group, bringing its total fundraising amount to $4.8 million.

Other participating companies reportedly include Folius Ventures, Modular Capital, and PetRock Capital.

As a social platform built on Solana, similar to decentralized platform Patreon, Only1 aims to help creators profit through a "Create-to-Earn" model and connect fans with their favorite creators in a unique way.

Creators with Millions of Fans to Join the Platform

In addition, Only1 also emphasized that they are collaborating with talent agencies in Japan, Southeast Asia, and Los Angeles to recruit more creators:

It's worth mentioning that we have confirmed several creators with a total of over 10 million fans who will be joining in May.

Previously, the platform also teased a "vampire attack" on the lending protocol Solend by MarginFi, announcing that they will airdrop the native token $LIKE to users who leave OnlyFans and register on Only1.

Solana Lending Protocol MarginFi CEO Steps Down, TVL Drops by Nearly $200 Million

OnlyFans Creators Discuss Potential Advantages and Concerns

Potential Advantages

However, professional OnlyFans creator Lucas Moreno told The Block that while the Only1 platform does have potential appeal, there are still some concerns.

He emphasized that a major feature is that Only1 can resist the centralized censorship and decisions made by OnlyFans in the past, making creators and users feel more free and secure:

This is not only a big draw for me but for others as well, because this situation keeps happening. Every few months, they publish a new article detailing what content they are banning.

Additionally, facing OnlyFans taking a 20% cut from tips and subscription fees as platform fees, the mechanism of Only1 not charging additional fees is also a significant highlight that he finds very appealing.

Potential Concerns

However, Moreno also indicated that the decentralized content moderation strategy may also have issues of discrimination, and joining a site primarily focused on heterosexual creators could potentially leave room for discriminatory content.

He also mentioned that while interested in the features of Only1, the challenge will be educating and explaining to his fans about migrating and getting accustomed to the new platform.