Only1, a new blockchain-based platform aiming to be a decentralized alternative to OnlyFans, has secured $5 million in funding from several venture capital firms. This fresh injection of capital will help accelerate the development and growth of the platform.
Only1 is designed to be a more creator-friendly and transparent platform compared to centralized services like OnlyFans. It utilizes blockchain technology and non-fungible tokens (NFTs) to give content creators greater control and ownership over their work.
“We are thrilled to have the support of our investors as we work to build a fair and equitable platform for creators,” said Alex Liam, Founder and CEO of Only1. “The current landscape heavily favors the platforms over the creators who drive the value. Only1 flips that model on its head.”
The $5 million funding round was led by Antler Global and capital funds focused on blockchain like LD Capital and MHV Ventures. Several angel investors also participated.
According to the company, the funds will primarily go towards expanding the Only1 engineering team, product development, and marketing efforts as they prepare for the platform’s public launch later this year.
Only1 aims to differentiate itself by having very low fees for creators compared to incumbent platforms that can take up to 20% of earnings. It also enables creators to launch their own customized decentralized apps (dApps) and monetize through NFT sales.
While still in private beta, Only1 has already attracted over 5,000 creators to sign up. The company says its mission is to leverage Web3 technology to usher in a new creator economy that empowers artists and content makers.
