“Bitcoin Fixes This.” OnlyFans Banning Sexual Content Due to Pressure from Banking Partners
OnlyFans is banning porn in an attempt to protect its partnerships with banks and payments providers.
On Thursday, the special media platform announced that it will still allow creators to post nude posts and videos provided they’re consistent with OnlyFans’ policy, but not “sexually explicit conduct” with effect from October 1, 2021.
“Legal content, a lifeline for some, effectively banned because it offends the sensibilities of the financial gatekeepers,” commented Neeraj Agrawal of CoinCenter, a non-profit focused on the policy issues facing cryptocurrencies.
— FTX – Built By Traders, For Traders (@FTX_Official) August 19, 2021
The London-based company made this decision as it has been reportedly struggling to raise new funding at a $1 billion valuation as investors are cautious about investing in adult content.
“In order to ensure the long-term sustainability of the platform,” OnlyFans is changing its content guidelines which it said in a statement are “to comply with the requests of our banking partners and payout providers.”
It further added that OnlyFans “(remains) dedicated to our community of 130 million users and over 2 million creators that have earned over $5 billion on our platform.”
The platform's revenue is estimated to reach $2.5 billion in 2022 on total sales of $12.5 billion.
the *disrupt onlyfans* stack:
> @opensea for image NFTs
> @LivepeerOrg for video NFTs
> @ArweaveTeam for content storage
> @graphprotocol for unstoppable UI
> @epnsproject for notifications
> @spankpay for payments
> @UnlockProtocol for subscriptions
> @ceramicnetwork for ID
— Eva Beylin (@evabeylin) August 19, 2021
It isn't something new that companies that feature adult content are struggling to find payment providers willing to do business with them. In 2018, Patreon, which allows creators to charge for their work, ramped up its crackdown on adult content creators due to pressure from payment providers and major banking networks.
“Bitcoin fixes this,” tweeted Edward Sowden in response to this situation, “about middlemen in the transaction chain being pressured to block payments some random group morally objects to.”
Not joking, crypto has to step up quickly to fill the void left behind by OnlyFans
Millennials are already comfortable with holding crypto, so a censorship-resistant way for performers to earn crypto feels like a no-brainer
— Bunny Girl (@0xbunnygirl) August 19, 2021
“If you're an only fans creator, you should consider launching a token gated discord or telegram,” recommended Jess Sloss of Seed Club. “To do this right, there is still a lot to be figured out. Token gated communities in their current state aren’t quite right for most creators.”