By
Mercy Tukiya Mutanya
May 27th, 2022
Ami Gan, who is currently Chief Executive Officer at OnlyFans, said that the latest feature on the platform is the initial step into expanding the company’s horizons with NFTs at play.
The Non-Fungible Token craze has roped in several companies and organizations from around the world. However, the latest company to have dabbled into the NFT waters has yet again surprised the audiences. OnlyFans, which is an internet online subscription service, has jumped on the NFT bandwagon with its recent implementation of the NFT profile picture feature.
The NSFW creator monetization platform has more often than not, been a part of controversies and conjectures over the content being shared. According to the report by Reuters, the NFT feature was undergoing implementation since December 2021. Particularly, the NFTs minted on the Ethereum blockchain will be backed while being categorized by an Ethereum icon. As and when the subscribers see the NFT profile picture, they will also be able to read the information about the digitized asset from OpenSea.
Ami Gan, who is currently Chief Executive Officer at OnlyFans, said that the latest feature on the platform is the initial step into expanding the company’s horizons with NFTs at play.
In August last year, OnlyFans announced its plans to ban sexually explicit content from its site, which is what the platform’s famous for. While the platform wasn’t built specifically for adult content, it makes the most popular and evident use case. However, pressure from the banks and payout providers led to the company banning NSFW content on the platform. However, it had to eventually put the decision on a halt after receiving immense backlash from users over planned policy changes. The decision by the authorities triggered uncertainty among the creators who realized that the company was in a position to take their source of income away at any time, depending on the impulses of the credit card companies.
The major issue with OnlyFans is its adult content, which has not been able to invite and engage the investors. Any other company with a growth rate like OnlyFans would easily get concrete backing. However, the content on the platform has intimidated the venture capitalists who want to keep this industry at a bay. While many VCs are not allowed to invest in adult content as per limited partnership agreements, many others are scared about minors creating subscription accounts on the site.
While the conjectures around OnlyFans are intense, a platform for adult content creators is not as bad as it sounds, since the creators can generate a stable income source from the platform.
Besides Twitter and OnlyFans, Reddit has also examined an NFT profile picture, while Youtube is still exploring the idea. According to Ami Gan, the purpose of the platform is to empower creators to their full potential.
