ONLYFANS JOINS THE NFT MARKETPLACE

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OnlyFans, a popular adult content subscription site, has announced that it would join the NFT marketplace. According to a Reuters article, OnlyFans will now allow fans to upload verified non-fungible tokens (NFTs) as profile images.

OnlyFans will initially support only NFTs minted on Ethereum, which will be identified by an icon on the profile image. Verified NFTs on profile pictures have moved towards a hexagonal border, rather than the usual circular photo that most platforms have utilized as the profile picture infrastructure. But they’re not stopping there; they’ve stated that this is just the beginning of their research into the function that NFTs can play on their platform. OnlyFans has become a way for creators to earn money selling content directly to subscribers.”Our objective is to empower creators to embrace their full potential,” says Ami Gan, a new OnlyFans CEO. This feature is the initial step towards determining how NFTs can be used on our platform.”

OnlyFans embraced NFTs just six months after threatening to remove sexually explicit content, causing controversy among users and creators. (OnlyFans expanded to its current size primarily as a result of sex workers, who accounted for the majority of its fan base.) A week later, it changed its judgment. According to a pitch deck seen by Axios, OnlyFans had net sales of $375 million in 2020 and predicted $1.2 billion in 2021. It had almost 7 million paying “fans” per month as of last October, and has paid out $3.2 billion to its developers to date.Currently, the company earns 20% of every financial transaction. If that rate of NFT sales holds, the company’s bottom line might skyrocket.


OnlyFans is one of a number of social media companies that have entered the NFT sector. By connecting with their wallets, Twitter users may now upload NFTs as their profile image, and YouTube remarked in a blog post that blockchain and NFTs can empower creators to develop closer interactions with their followers.