OnlyFans, an online platform that is known for publishing adult content and a lot of other inappropriate content, offered the chance to make a huge impact on crypto. A very lucrative merger has begun between the porn and crypto industries.
This world of payment methods is known for its hypocrisy and control and has not supported sex work in the past.
OnlyFans reported that they had shut down sexually explicit material earlier in the year due to pressure from payment processors and banks. The ban was met with huge protests. stopped days after its announcement, alleging that the platform had “secured assurances necessary” from the banks.
The platform’s founder and chief executive told TimeBanks refused to accept adult-related payments.
“OnlyFans stands for inclusion”, they said, but they had been trying to distance themselves from the porn industry, interested in launching a streaming service –which doesn’t allow adult content.
For years payment methods have proved to be a problem for porn producers around the world. Their gains are often subject to frozen funds, huge losses, and since there’s not much protection and support offered for sex workers, they need to be extra careful to not become subject to scams and other dangers.
This industry is all about anonymity and digital wallets. Cryptocurrency has been embraced by many producers and creators.
Crypto’s Not The Only One With A Bad Reputation
Cristobal Medoza producer and co-creator of a top Argentinian porn channel called ‘My Bad Reputation’ was one of many to adopt crypto in order to find financial stability and more opportunities. His personal experiences allowed us to see the industries people love but don’t support.
There are many new platforms that link the crypto and porn industry. A great niche for all parties if successful –it needs to be simple, safe, and well-executed–.
It’s a demystification that goes both ways: the amount of porn consumers is very high. Crypto-related adult content platforms could lead to an explosion in mainstream adoption.
Medonza said that crypto has been adopted by the top porn websites (paying with Bitcoin or USDT). This is in contrast to other payment methods that are restrictive and can lead to too many problems and downfalls.
However, many smaller adult content platforms don’t use crypto yet, and that becomes a major problem that comes with huge fees to convert the creators’ money to digital assets.
Mendoza said that porn authors are frequently affected by banks. He claims they have frozen funds and closed accounts for many of them when it became apparent their income was related to sexual content.
Commenting on OnlyFans’ sketchy days in adult content baning, he said that many new platforms for porn started to emerge, trying to grab a big part of an extremely profitable market.
There’s always going to be someone that will take a stake at that market because it generates huge gains. OnlyFans decided to take a backward step at the end because they were afraid they’d lose too much and that others would soon fill their shoes.
Mendoza stated that his adult content channel takes its payments through Binance, and it has become a great option since “it doesn’t question where the incomes come from, there are no types or morality issues with how we make the money,” plus they can easily exchange it.
He and his co-creator have been able to use crypto for a more secure payment system, and they’ve also made a few trades and investments using the cryptocurrency.
There’s many people from the industry that still don’t know how to use crypto as a tool for payments and administration.
Ich denke [they] would greatly benefit from crypto … comissions are low, there’s full control over one’s own income.
While he mentioned that there were many projects claiming to connect the crypto industry and adult content, some of these scams are real. Creators should be cautious and educated about cybersecurity.
