OnlyFans embraces NFTs, Users display tokens in their Profile Pictures

Popular content website, OnlyFans, is embracing the Web3 movement. OnlyFans is a site that features individuals posting adult content in exchange for money and has made over a billion dollars in revenue. The site has recently taken to the NFT craze as members have started using NFTs in their profiles.

The feature was first introduced last December and currently only allows users to display NFTs verified on the Ethereum blockchain. However, in a report by Reuters, the site stated that “This feature is the first step in exploring the role that NFTs can play on our platform.”
While the feature won’t necessarily entice patrons to make transactions, the implication is that the website is open to the new age of technology. Should OnlyFans continue on this trend, creators could perhaps generate NFTs that their patrons would purchase. This move would then potentially create an additional revenue stream for the business.

OnlyFans had net revenue of $375 million in 2020 and expected $1.2 billion in 2021, according to a pitch deck obtained by Axios. Last October, the site had over 7 million users that generated about $3.2 billion to creators to date. Currently, the company takes a 20% cut from all transactions, if the rate remains the same for NFT sales this could significantly increase its bottom line.

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.

Source: Fortune