OnlyFans announced at the end of August that they’ll ban sexually explicit content. They took it back after a week of backlash, but not before Rapper Tyga announced a crypto-friendly replacement. Talk about opportunity meets preparation and planning.
OnlyFans became famous for giving adult performers greater financial independence by allowing them connect directly with their fans via subscriptions. Adult content was not all OnlyFans was created for, but the platform’s sex-friendliness is its biggest draw.
OnlyFans’ Money Problem: The platform, which has been having trouble raising funding despite huge revenues admitted via Twitter that the changes are “to comply with the requests of our banking partners and payout providers”.
Analysts believe this is a symptom of a larger problem: as traditional finance is part of the decision making, platforms that accommodate unconventional creators, like OnlyFans, are at risk. They believe that this is an opportunity for creators and crypto to create a win-win world.
Spotlight's on Myystar. Soon after OnlyFans’ announcement, rapper, Tyga - one of their biggest name users - announced on his Instagram that he had “just deleted” his account and will be creating his own version, Myystar which will offer greater royalties and more creative freedom.
Is this a first? Not particularly. Cryptocurrency is no stranger to adult entertainment, but this is the first time a platform of this nature has built its business and revenue model on Blockchain. OnlyFans disrupted the adult content industry. If successful, Myystar could finish the race.
In more crypto-creator news, Bitcoin might be coming to Twitter.
MacRumors reports that Twitter could be set to integrate Bitcoin tips into its ‘Tip Jar’, which allows users to tip their favorite creators.
All of this Cryptocurrency potentially in circulation could indicate more adaptation and stability in the foreseeable future. This might be why investors who usually invest in Gold, one of the most stable assets in the world, are taking more chances with bitcoin than ever before.