OnlyFans is embracing Web3.
OnlyFans began rolling out the feature in December and, at present, is only allowing users to display NFTs verified on the Ethereum blockchain as their profile pictures, but the company tells Reuters, “This feature is the first step in exploring the role that NFTs can play on our platform.”
An NFT profile picture isn’t likely to do much to entice patrons to pay sex workers and others a monthly subscription fee (which generally ranges from $10 to $20 per month). However, should the site begin working with its creators to generate NFTs that patrons can purchase, it could be another layer for both sides to benefit from financially.
The embrace of NFTs comes just six months after OnlyFans caused outrage among users and contributors after threatening to ban sexually explicit content. (OnlyFans grew to its current size directly because of sex workers—and the majority of its fan base came because of those performers.) It reversed that decision a week later.
OnlyFans had net revenue of $375 million in 2020 and expected $1.2 billion in 2021, according to a pitch deck obtained by Axios. It had, as of last October, over 7 million paying “fans” per month and has shelled out $3.2 billion to its creators to date.
The company makes 20% off every financial transaction right now. If that rate holds for NFT sales, it could dramatically increase its bottom line.
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