2024-04-22
The adult content platform OnlyFans, often seen as a potential target for disruption by crypto enthusiasts, is facing scrutiny.
With a hefty 20% fee on creator earnings, the company has amassed billions in revenue.
However, once creators build a following, they find themselves locked into the platform, making it difficult to leave.
Furthermore, OnlyFans had a close call when banks pressured them to ban all adult content.
In response to these challenges, Only1 has emerged as a potential alternative.
Recently, the company Announced a successful strategic raise of $1.3 million led by Newman Group, bringing their total fundraising to $4.8 million.
Only1 plans to create an adult content platform on Solana, similar to OnlyFans.
They have also hinted at a roster of creators with a combined following of ten million who will be joining the platform.
But will established OnlyFans creators be willing to transition to Only1?
Lucas Moreno, a prominent OnlyFans creator, believes Only1 offers compelling features, particularly its resistance to censorship decisions like those made by OnlyFans in the past.
Moreno expresses frustration with the recurring pattern of new bans being imposed.
However, as a gay creator observing Only1, which seems to be predominantly populated by feminine creators, Moreno has concerns about Only1's decentralized Content Moderation Strategy.
This strategy involves token stakers participating in voting on flagged content.
While Moreno acknowledges the fairness and democratic nature of community decision-making, he worries that joining a platform primarily comprised of straight creators might leave room for discrimination.
Despite his skepticism towards crypto, Moreno finds Only1's promised 0% fee on tips and subscriptions appealing.
However, he anticipates challenges in convincing his existing following to embrace a new platform. Moreno emphasizes the need for education and dispelling misconceptions around crypto, which may have tarnished its reputation in other areas.
In summary, OnlyFans, a prominent adult content platform, is facing disruption from Only1, a new platform built on Solana.
Only1 aims to address the issues faced by OnlyFans, such as high fees and limited content ownership.
While some creators are intrigued by the potential benefits of Only1, concerns remain regarding decentralized content moderation and potential discrimination.
The success of Only1 will depend on its ability to attract and educate creators about the advantages of transitioning to a crypto-based platform.
