Today I have a frivolous topic that could be up for debate, not so much because of the content, but because of the logic that governs all social: centralization.
In this case, blockchain is used precisely to have no central body deciding how, what when and how much. Only the community and the ability, moreover, to create NFTs of their own content.
See you at the end, in the comments!
OnlyFans, the renowned online platform for adult content, now has a clone built on the Solana blockchain. The project, named Only1, developed by Newman Group, has already raised $5 million in funding to challenge its more famous rival, boasting a $1 billion turnover in an industry worth nearly $1.6 billion annually. The driving force behind the idea of a decentralized version lies in the perennial issue of fees, specifically the 20% commissions creators must pay to the OnlyFans platform, subject to further taxation and social security deductions. This fee conundrum parallels many business models, akin to app developers' fees to Apple and Google's App Stores or the fees tenants pay to Airbnb or private drivers pay to Uber.
Moreover, creators are bound by the platform's rules without any say, risking expulsion, not to mention the censorship issues adult sites often face on social media platforms. Hence, decentralized platforms, dubbed DePIN projects, have emerged over the years. They resemble their centralized counterparts but are built on blockchains for maximum democratization, where all actors participate in platform decisions, with zero commissions due to the absence of any central authority.
The Crypto Response to OnlyFans
Only1 is an exclusive content service utilizing Solana blockchain to address market issues in the adult content platform: low trust, censorship, and high fees. From Only1's blog: "By combining social media, NFTs, a scalable blockchain, and the native token – $LIKE, Only1 offers fans a unique way to connect with the creators they love." By utilizing the Only1 platform, fans will have the opportunity to invest in, access, and earn from limited-edition content created by the world's biggest influencers/celebrities, all through NFTs.
This is all part of Only1's vision: "We aim to reward creators and fans and to fairly embrace the creator economy through NFTs and DeFi." Creative Methods for Fairer Earnings. Thanks to NFTs and the Only1 blockchain, new earning possibilities are introduced for both creators and fans. For instance, memberships guaranteeing exclusive content to fans, sold via subscription, can now be resold on the market as NFTs, with creators earning an additional 5% royalty on each exchange. Additionally, creators now receive the entire membership fee since they don't have to pay any platform commission.
The $LIKE token will also serve to earn through staking, rewarding both fans and creators. The idea is to create a sort of symbiosis between creators and fans, collaborating for common purposes and earnings. Will Only1 Succeed? Only1 has raised $3.5 million from venture capital firms, including Animoca Brands (investor in Sandbox) and Newman Capital (the main investor in Memeland), to build a decentralized economy. The latest $1.3 million investment brings the total to $4.8 million.
These investments have proved fruitful as the platform has seen significant adoption and surpassed 40,000 active monthly users. This figure is expected to rise, with several creators with over 10 million followers joining in May, as announced by Only1. Despite not spending a penny on creator acquisitions, Only1 has enabled them to earn over $100,000 through peer-to-peer exchanges. While adoption is on the rise, there is still strong hesitation from some creators who lack a clear understanding of cryptocurrencies and consider them dangerous or even fraudulent, concerns that extend to numerous fans unfamiliar with crypto.
An example is professional content creator Lucas Moreno from OnlyFans, who was drawn to Only1's lack of commissions but still has several reservations: "Although it's a great idea, there's a need for education, to demystify cryptos that currently have a bad reputation." It's impossible not to smile at this statement, if only because the same skepticism expressed towards crypto mirrors that which social networks have towards adult content, much to the creators' chagrin.