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OnlyFans Adopts Ethereum NFT Profiles

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According to Reuters, OnlyFans, a platform that connects content creators with paying customers, announced Thursday that its members can now utilize confirmed Ethereum NFTs in their profile photos. Creators who do so will earn an Ethereum symbol indicating ownership of the asset.

NFTs are blockchain-based ownership deeds that are frequently linked to digital photographs. In 2021, they became a massive business as celebrities used them to indicate status and artists discovered new methods to sell their work. According to the firm’s own calculations, OpenSea, the largest NFT trading platform, is valued at $13.3 billion following its Series C financing.

The concept of digital ownership is important to a Web3 worldview in which decentralized networks allow people to trade value without being controlled by a single institution. It’s also crucial to OnlyFans, a Web2 firm whose business strategy has put it at conflict with the traditional finance system at times.

“Our mission is to empower creators to own their full potential,” CEO Amrapali Gan told Reuters. “This feature is the first step in exploring the role that NFTs can play on our platform.”

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OnlyFans became a haven for adult models after its introduction in 2016, with many looking to take their act direct to audiences and cut out (at least some of) the middlemen. OnlyFans, like Patreon, takes a share of the action in exchange for using the platform. OnlyFan’s top earners include former adult industry star (and Dogecoin fan) Mia Khalifa and topless entertainer Blac Chyna.

However, the website has worked hard to shed its filthy image. Back in August, it announced a restriction on “sexually explicit materials,” blaming stodgy “banking partners and payment providers”—the same organisations who cut off funding to Pornhub in 2020. Following a public uproar, the ban was rescinded.

Nonetheless, Gan has emphasized the company’s non-nude material since taking over in December after a 15-month term as chief marketing and communications officer. Its Twitter feed features live performances by artist NEVRMIND, as well as cosplay lessons and fashion advice from a fashion designer. Of course, it continues to emphasise sex appeal with provocative photographs and videos.