Friday, September 30, 2022

OnlyFans to Integrate Ethereum-based NFTs as Display Pictures

According to a report by Reuters, an online content creation website for adults, Onlyfans has announced the launch of Non-Fungible Token (NFT) features for users of its website.

Non-fungible tokens are a form of digital assets or units of data that are stored on the blockchain and provide an easy way to showcase the authenticity and ownership of the stored assets. They have gained popularity in recent times, from gaming to the tokenization of real estate and to the launch of sports collectibles.

Onlyfans may be widely known for its adult-rated content, but the site also hosts musicians, gymnastics, and other creators, all of which can now harness the NFT as a profile picture feature

The London-based company noted that the virtual tokens feature was first introduced in December last year, which makes it join other social media networks, Reddit, Facebook, and Twitter in integrating the non-fungible token (NFT) on its platform.

The internet adult content service was first launched in 2016, and it gained massive subscriptions during the Covid-19 lockdown, as it turned out to be a major source of livelihood for online content creators.

In August 2021, the adult site announced that it was going to suspend the upload of explicit content on the website, just to get funding from investors. Later in the same month, Onlyfans took back its words claiming that the policy change was addressed and users can continue with the upload of 18-rated contents.

According to the same report, the website will only endorse NFTs minted on the Ethereum blockchain. It also included that the display pictures of content creators will reflect an Ethereum symbol to show that they are verified.

In 2020, Onlyfans users reached 85 million, a figure that nearly doubled in 2021 with a current count of 120 million subscribers.

Also in the report, the current CEO of the internet site said the mission of the content creation domain is to enable its users to “own their full potential.” In addition, it was also pointed out that the NFT feature on the platform is one step ahead that promises many other explorations into the budding metaverse world.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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