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No More OnlyFans Fees $5M Crypto Upstart Has Creators Drooling Over Its Decentralized Model


No More OnlyFans Fees? $5M Crypto Upstart Has Creators Drooling Over Its Decentralized Model

Only1, a crypto startup building an OnlyFans-type adult content platform on the Solana blockchain, has announced a $1.3 million strategic investment round led by Newman Group. This brings Only1’s total funding to $4.8 million as it aims to disrupt the centralized adult content industry dominated by OnlyFans.

According to The Block, the traditional OnlyFans platform charges creators a 20% fee on all earnings, generating billions in revenue for the company. Creators’ content, followers, and income remain locked to the platform, making it difficult to transition once they have built a following. There have also been concerns around censorship, with OnlyFans previously considering banning all adult content due to pressure from banks.

Only1 is positioning itself as a decentralized, censorship-resistant alternative where creators can earn crypto without platform fees on tips and subscriptions. It utilizes Solana’s high throughput to enable capabilities like AI content moderation tools and creator referral links.

The startup has teased that several popular OnlyFans creators with over 10 million combined followers will soon join its platform in May 2024. Well-known adult creator Lucas Moreno expressed interest in Only1’s fee structure and censorship resistance but raised concerns about potential discrimination on the platform given its currently feminine creator base.

“On the one side, having the community decide on content seems more democratic,” said Moreno. “But joining a site with predominantly straight creators would leave room for discrimination against gay creators, even if not intended.”

Moreno also noted the educational challenges in convincing his followers to adopt a new blockchain-based platform after negative past experiences in crypto.

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David Adler is an entrepreneur and freelance blog post writer who enjoys writing about business, entrepreneurship, travel and the influencer marketing space.

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