Crypto Money Gaining Ground in Adult Industry Amid OnlyFans Drama

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Published on: 08/29/2021 – 04:46 Modified: 08/29/2021 – 04:44

Washington (AFP)

Pornstars, sex workers and other actors in adult entertainment were taking a closer look at cryptocurrency payments following a series of problems with the traditional financial system, potentially propelling digital currencies into a wider use.

The latest glitch arose earlier this month when OnlyFans announced it would ban sexually explicit content on the creator’s gender-appropriate site, only to turn the tide days later in a backlash.

Nonetheless, the drama could speed up the switch to cryptocurrency to allow anonymous payments to performers outside the banking system.

With tighter payment processor rules and recent issues with OnlyFans, “it’s obvious crypto will be the solution,” said British artist Adreena Winters, who is also a brand ambassador for a future content market. for adults compatible with crypto.

“Pornography has often been the factor in the takeoff of new concepts, whether it’s VHS, online credit card payments and even the internet, so I don’t think it’s surprising that pornography or what will ultimately make crypto mainstream. ”

Jeff Dillon, director of development at Nafty, a cryptocurrency platform launched this year specifically for the adult industry, said the OnlyFans saga “has done more than any marketing we could ever pay for. “.

– Sex drives technology –

Dillon said the sex industry has paved the way for other online innovations, such as online credit card payments and instant verification, and that it could do the same for cryptocurrency if payment processors make it difficult.

PornHub started accepting cryptocurrency payments in 2018 after temporary bans on payment processors Ethan Miller GETTY IMAGES NORTH AMERICA / AFP / File

“This will catapult the momentum for crypto and alternative payment solutions,” he said.

Dominic Ford, founder of JustFor. accelerate rapidly if popular money transfer tools adapt.

“A cryptocurrency that works online and transcends borders seems an obvious evolution, just as email has been the evolution of mail,” said Ford.

CumRocket, a startup that has created a digital room called Cummies for adult content, has announced in recent days that it is ramping up work on its own content platform.

“Sex workers should be given the opportunity to join a platform that will not be subject to any payment processing restrictions, which other OnlyFans alternatives that use fiat may be subjected to in the coming months / years.”

While bitcoin and other digital currencies have seen extreme volatility, adult traders say they can avoid these issues by using them for immediate payments without storing them.

– American law and liability –

OnlyFans wasn’t the only online service struggling with acceptance of mature content.

Valery Lopez prepares for a photoshoot to make content for his OnlyFans profile, in Caracas, December 1, 2020 Cristian HERNANDEZ AFP / File

PornHub accepts cryptocurrency for its premium service “to keep abreast of our community’s privacy and payment preferences.”

Visa and Mastercard temporarily banned payments last year to sites owned by porn giant MindGeek, which owns PornHub and other sites, following reports it was hosting non-consensual “revenge porn”.

And this month, U.S. lawmakers demanded an investigation into the alleged child pornography on OnlyFans.

Ford said congressional passage of the FOSTA-SESTA law in 2018 created pressure on the adult content industry by holding online services accountable for illegal content such as exploitation of children or trafficking. sexual.

Shortly after the law was passed, the social network Tumblr banned explicit content, leading to a dramatic drop in usage.

Crypto can be a mixed blessing, said Deon Glows, a US-based adult content creator, helping to bypass some of the banking system’s restrictions but also attract customers “seeking anonymity for reasons contrary to the law. ‘ethics”.

“There is skepticism (about crypto) because sex workers want to make barriers to entry as low as possible,” she said.

“I would like banking institutions and payment processors to adapt to their times and be more liberal about the type of businesses they allow.”

There is growing interest in bitcoin and other cryptocurrencies for adult content, but some say these systems remain cumbersome Ozan KOSE AFP / File

Some adult traders say the crypto is promising but not ready for the majority of users.

“We will be looking to implement crypto and other alternative payment mechanisms as a safeguard and option to support crypto enthusiasts, but certainly not as a primary source of acceptance or remittance,” said one spokesperson for UK adult social media platform Unlockd. .

Lou Kerner, a cryptocurrency investor and analyst at Quantum Economics, said the adult industry could help bring crypto to more users.

“It’s difficult for people who work in the industry to get bank accounts. So they’ve been discriminated against for many years,” Kerner said.

“As the technology becomes easier to use, the more the porn industry will embrace it … traditional finance, the sooner it gets there. “

AFP 2021

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