John 3:16 reads “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life”. Jesus is the only begotten Son.
Jesus is only implies his uniqueness. I know of none other who walked on water, who was not only sinless but also blameless for his accusers could find no fault in him, who died and came back to life again. Can you think of any other?
Jesus is the begotten. One of the definitions in Merriam-Webster’s for the word ‘begotten’ is ‘to produce especially as an effect’. As the begotten of God, Jesus is the very image (effect) of God (Hebrews 1:3). He was not created (made) in the image of God but He is God. Even though, Joseph and Mary were commissioned to play the part of Jesus’ earthly parents, Jesus is the manifestation of the essence of God, the Father. In fact, Jesus said that whoever has seen Him has indeed seen the Father.
Jesus is the Son, the only one of whom, God made a promulgation that Jesus was his beloved Son, with whom God was well pleased.
The only begotten Son of God made way for us to be blameless before the throne of God, having borne our sinfulness and through the shedding of His blood imputed righteousness on us, so that we can be adopted into the family of God, to live as God’s sons and daughters. In this was manifested the love of God toward us, because that God sent his only begotten Son into the world, that we might live through him. (1 John 4:9).
For a related reading – see I had no father, but God