Web3 Popular Among OnlyFans and Patreon Creators for Payment Worries

Web3 Popular Among OnlyFans and Patreon Creators for Payment Worries

The Rise of Decentralized Platforms: Empowering Content Creators in the Blockchain Industry

The blockchain industry has been witnessing a significant shift in the content creation landscape, with adult content creators turning to decentralized alternatives such as Only1 and WetSpace amid payment challenges and fears of being de-platformed. These creators are finding solace in the promising potential of Web3 technology, which offers greater control and financial security.

According to Leon Lee, the founder and CEO of Only1, a decentralized version of OnlyFans, a power shift is occurring from intermediaries to content creators, thanks to Web3. Lee emphasizes that the role of intermediaries is diminishing while the role and earnings of creators are increasing. This shift is primarily driven by the desire to overcome the obstacles faced on traditional platforms, such as banking issues and sudden content reversals.

For instance, in August, Patreon, a popular content creation platform, faced difficulties when creators encountered problems withdrawing their earnings due to fraudulent payment flags raised by banks. Similarly, OnlyFans made headlines in 2021 when it attempted to ban sexually explicit content but eventually reversed the decision due to public backlash. These incidents highlight the risks creators face on centralized platforms that rely on traditional payment systems.

Lee argues that content creators will always be vulnerable to de-platforming as long as they remain on centralized platforms. To truly maximize their earning potential and safeguard against censorship, he advocates for the adoption of decentralized platforms that leverage blockchain technology. This would provide creators with greater control over their content and earnings, minimizing the risk of sudden crackdowns.

• One firm is pushing for tokenization to potentially solve domain ownership issues.
• XEC Price Surges and AI Web3 Utility Coin Raises $1.7 Million from Global Investors
• OKX partners with Solana Mobile for expanded Web3 access with Saga.

Several startups have already embraced decentralized alternatives for adult subscription platforms. Only1, launched on the Solana blockchain in March 2023, with the support of Animoca Brands, provides a crypto-centric approach to adult content distribution. Additionally, platforms like WetSpace, Proof of Peach, SEXN, and Keyhole are operating in the Web3 space, catering to adult entertainment creators.

More recently, creators on OnlyFans have started exploring Friend.tech, a decentralized social media platform built on Coinbase’s layer-2 network Base. It’s predicted that a mass migration of creators will occur as more individuals become disillusioned with the censorship rules imposed by centralized intermediaries. As Lee notes, creators are already awakening to the fact that they can be less dependent on intermediaries to monetize their content.

While traditional players like TV producers, advertisers, and brands will still play a role in the creator economy, Lee believes that a peer-to-peer payment infrastructure based on blockchain is the logical next step. Blockchain technology offers an inevitable future, where content creators have the opportunity to regain control and unlock their unrealized potential.

The potential of blockchain technology extends beyond the adult content space. Marketers, particularly in the activewear and luxury brand sectors, have been intrigued by Web3 despite setbacks caused by the 2022 crypto crash. Companies like Nike and Adidas have been early adopters, integrating blockchain technology into loyalty programs and building communities around it. For example, Nike’s .Swoosh community, launched in November 2022, allows members to engage in online and real-world activations, interact with Nike athletes and creatives, and even use virtual Nike gear in games.

Overall, the rise of decentralized platforms in the blockchain industry is empowering content creators. By leveraging the potential of Web3 technology, creators can gain greater control over their content and earnings, reducing the risk of censorship and de-platforming. With a variety of decentralized platforms emerging in the adult content space and beyond, a new era of content creation and monetization is dawning, driven by the capabilities of blockchain technology.

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