The popular subscription platform Onlyfans is set to enable fans to use verified NFTs as their profile pictures.
NFTs on Onlyfans
Onlyfans may not be familiar to everyone. However, its decision to accept NFTs as profile pictures should have a significant ripple effect on technology adoption across technology platforms.
Onlyfans is mainly known for hosting adult content that can be monetised via its subscription model. Models working in the adult entertainment industry produce photo and video content and share it with their fans, who are paying a small subscription fee and tips for custom-made content. The platform surged in popularity during the pandemic as many people were stuck at home and turned to web-based services to find companionship.
The turn to NFTs marks an exciting shift in the company’s approach and is probably a sign of what is yet to come. CEO Am Gan said:
“This feature is the first step in exploring the role that NFTs can play on our platform.”
After founder Tim Stokely stepped down as CEO in December, Gan, previously serving as Chief Marketing Officer and Communications Officer, took over. This move seems to be the first of a broader change in strategy that could see Onlyfans incorporate blockchain technology on a much broader scale.
Other tech companies lead the way
Onlyfans, of course, is just following the path that much bigger players have laid out.
For instance, Samsung announced the launch of an NFT platform on its Smart TVs, and GameStop announced the launch of its own NFT marketplace. Not to mention the biggest and most significant announcement that nobody could have missed: Facebook going Meta.
How exactly Onlyfans plans to use NFTs and blockchain technology besides as a gimmick is still unknown. Twitter recently launched a similar feature, allowing its US-based users to brandish their NFTs as profile pictures. However, the utility of this feature will be limited, apart from generating more social proof if the NFT is from a valuable connection.
On the other hand, an NFT platform that follows the examples of Samsung and GameStop may be an additional option that Onlyfans can explore. Undoubtedly, many of its creators would appreciate another monetisation option. However, whether the company has the financial and technical resources to implement such a solution is unclear.
How NFTs could change subscription models
Still, NFTs will likely become a massive part of the subscription business model in the future. For the first time ever, creators can benefit from unique digital content, which opens up many new possible areas of monetisation.
For instance, models on Onlyfans may come up with NFT collections of pictures or videos, similar to what the recent successful launch of Twitter crypto influencer Irene Zhao did. Another option would be rewarding the most loyal and dedicated fans with provably custom-made content, allowing a mark-up in price and better targeting of customers.
The possibilities are virtually endless, as the NFT revolution is just getting started. Onlyfans creators may want to brush up on their knowledge about blockchain technology.