Cryptocurrencies have only just begun their journey of disrupting many established industries.
Satoshi Nakamoto started it all by inventing a better form of money, Bitcoin. Then Ethereum provided a censorship-resistant platform for financial services that could compete with traditional banks.
However, money and finance aren't the only industries being derailed by blockchain technology.
In previous articles, we talked about how DePIN projects are starting to roll-out physical infrastructure using token incentives. This could revolutionize everything from cellular networks and solar power grids, to AI compute power.
Social Finance (SoFi)
Hive and InLeo are also showcasing how token incentives can be used to reshape the content creation industry. Instead of ad revenue going directly to tech giants like Google or Facebook, these platforms distribute rewards (as tokens) directly to the authors.
On top of that, we now have blockchain-based startups that are taking on subscription-based adult platforms like OnlyFans (OF). In this post, we are going to talk about one called Wink (previously Only1).
OF took off rapidly during covid, when the government forced everyone to stay in and socialize online. With the majority of men being overlooked in the online dating scene, many turned to sites like OF to build virtual relationships with content creators.
Unlike OF, Wink is a social platform that rewards its creators in crypto. It has its own token (LIKE) that is used for tipping, purchasing memberships, staking, and governance, but payments can be made in other tokens too.
Let's cover the pros and cons of Wink versus OF.
Wink's Advantages
Payment efficiency - on a Web2 platform like OF, the subscription fee (or tip) has to go from the subscriber's bank account, through several payment intermediaries, to finally reach the creator's bank account. The whole process can sometimes take weeks.
In the case of Wink, the payment (whether it be in SOL, LIKE, or a stablecoin like USDC) is sent directly from one crypto wallet to another, and is settled nearly instantaneously on the high-speed Solana blockchain.
Fewer commissions - OF takes a fixed 20% cut of creator earnings, whereas Wink only takes 5-20%, depending on whether a tip, pay-per-view, or creator pass (NFT) was sold.
Less censorship - Unlike the traditional banking system, a payment cannot be held or blocked when made over the Solana blockchain, further empowering Wink creators.
NFT Integration - Wink’s “Passes” are digital collectibles (Non-Fungible Tokens) that grant access to exclusive content or perks. This adds a layer of ownership and scarcity for fans, potentially increasing creator earnings beyond subscriptions.
Hurdles To Adoption
Technical barriers - Persuading content creators to generate and safely store their own seed phrases could be an obstacle to adoption, especially when most OF models are accustomed to using bank accounts and credit cards.
Fake accounts - What's stopping someone from stealing another model's photos and uploading them as their own? Creators in the "featured" tab are manually verified for now. Perhaps a reputation built over time on a public Solana address would also be a feasible solution.
Competition - The creator market is still wide open to blockchain-based competitors like Friend.Tech, Wetspace, Proof of Peach, CumRocket, and more. Most of these projects seem dead compared to Wink though, however they could always make a "cumback".
Until next time...
Cryptocurrencies are just starting their journey of disrupting many established industries. Instant and peer-to-peer crypto payments empower content creators to work independently of banks.
That said, the technical barriers of private key management and fake accounts could hinder adoption of this innovative application of blockchain technology.
If you learned something new from this article, be sure to check out my other posts on crypto and finance here on the Hive blockchain. You can also follow me on InLeo for more frequent updates.
Further Reading
- Wink Whitepaper
- How Earning Works On Hive And InLeo
- Are NFT Platforms Powerful Enough to Replace Tech Giants like Instagram and Spotify?