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The crypto industry saw the opportunity of a lifetime this year when OnlyFans, a platform known mostly for its adult content, announced it would ban sexually explicit content. The crypto and porn industry together represents a very profitable merge that has just started to happen.
The world of payment methods has a history of hypocrisy, control, and morals, and it tends to not support anything related to sex work.
Reportedly, earlier in the year OnlyFans had decided to shut down all sexually explicit content because of pressure from banks and payment processors. There was a huge backlash and the ban stopped days after its announcement, alleging that the platform had “secured assurances necessary” from the banks.
The platform’s founder and chief executive told Time that banks were refusing to process adult content-related payments.
“OnlyFans stands for inclusion”, they said, but they had been trying to distance themselves from the porn industry, interested in launching a streaming service –which doesn’t allow adult content.
Payment methods have been a burden for porn creators worldwide for years. Their gains are often subject to frozen funds, huge losses, and since there’s not much protection and support offered for sex workers, they need to be extra careful to not become subject to scams and other dangers.
So anonymity and safe digital wallets go really well with this industry. Naturally, many creators and producers have started to see an answer in crypto.
Crypto’s Not The Only One With A Bad Reputation
Cristobal Medoza producer and co-creator of a top Argentinian porn channel called ‘My Bad Reputation’ was one of many to adopt crypto in order to find financial stability and more opportunities. He gave us inside comments on his personal experience, allowing us to take a peek at the industry people love to consume from but try not to support.
New platforms are surging that connect the porn and crypto industry. A great niche for all parties if successful –it needs to be simple, safe, and well-executed–.
It’s a demystification that goes both ways: the amount of porn consumers is very high. If adult content platforms are related to crypto, this might become a blasting cap of mainstream adoption.
Medonza explained that the major porn platforms have already adopted crypto (paying in Bitcoin and USDT), which contrasts with other payment services offered that are very restrictive and using them comes with too many complications and downsides.
However, many smaller adult content platforms don’t use crypto yet, and that becomes a major problem that comes with huge fees to convert the creators’ money to digital assets.
Mendoza added that porn creators are often affected by the banks, which he claims have closed the accounts of many and frozen their funds when finding out their income is related to adult content.
He commented on the OnlyFans sketchy days of adult content baning, alleging that a large of new pornography platforms started to appear, trying to take that big chunk of a very profitable market.
There’s always going to be someone that will take a stake at that market because it generates huge gains. At the end, OnlyFans took a step back because they knew they would loose too much money and others would quickly fill into their role.
Mendoza stated that his adult content channel takes its payments through Binance, and it has become a great option since “it doesn’t question where the incomes come from, there are no types or morality issues with how we make the money,” plus they can easily exchange it.
Further than using crypto as a better payment method, it has also allowed him and his co-creator to make a few investments through trading and hodling.
There’s many people from the industry that still don’t know how to use crypto as a tool for payments and administration.
I think [they] would greatly benefit from crypto … comissions are low, there’s full control over one’s own income.
He mentioned there are many new projects that claim to link the adult content industry with crypto but some are scams, and creators need to be wary and start to educate themselves about cyber security.
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