NFTs and Cryptocurrencies For OnlyFans Creators: OnlyFans Meets the Crypto Wave

NFTs and cryptocurrencies have been super hot buzzwords for the last couple of years. Stories have circulated the news of people getting rich from trading them, and everyone seems to be trying to get in the game The nature of digital currencies makes it adult content friendly – no old bankers or government officials are regulating it and saying what spenders can and cannot buy.

It’s also still an emerging industry, so has huge potential as another revenue stream for your business.

OnlyFans has also been experimenting with NFTS by allowing them as the profile picture of accounts, and it’s rumored that they will allow the sale of NFTs on the platform in the future. Web 3 and the adult industry are only making more and more sense going together.

In this blog, we’ll walk you through what the technical terms are, how to make and sell NFTS, and why this is a smart and pretty safe thing to do.  

Table of Contents

What are NFTs?

NFT stands for a Non-fungible Token.

Non-fungible??

Non-fungible means something is one of a kind or irreplaceable. It can be copied, but just like a real-life work of art from Van Gough, copies will never be the original.

Each NFT has a digital signature which makes it unique and cannot be replaced by another NFT.

In simple words, NFT is a digital asset that can be an image, GIF, music, art, or video clip.. NFTs run on Ethereum blockchains (way more complicated than what you need to know) but basically, this is what gives it value and makes it unique.

NFTs can be bought and sold with the help of Cryptocurrencies.

What are Cryptocurrencies?

Cryptocurrency is essentially a digital currency that is based on blockchain technology. These are a lot of big complicated words, but it’s really a lot simpler than it sounds!

Compared to the money we make & spend in a day to live, which is regulated by banks and the government, cryptocurrency is “decentralized” money because there is no authority involved in the rise and fall of the currency.

It can be all over the place, and rises and falls kind of like stocks do – based on the number of values people think it has.

Units of cryptocurrency are created through a process called “mining”, which just involves using computer power to solve complicated mathematical problems that generate coins. Basically a payment system for the processing power of computers.

Cryptocurrency is used to buy and sell NFTs – and more and more adult content creators are jumping in on the hype to monetize their content in this new style.

Are NFTs and Crypto Safe?

NFTs are generally very secure depending on how you make them and where you host them.

As is true with anything in the digital world, you need to be aware of hackers and scammers – this means doing things like making elaborate unique passwords, enabling two-factor authentication on your accounts, and protecting your digital wallet information.

Don’t share your information, or click links in messages or emails from unfamiliar senders.

The money you make through selling NFTs will probably fluctuate based on the value of the cryptocurrency you’re using. This may appear super high one day and super low the next, but don’t let that scare you.

Wait out the drops until the value is high and then cash out, or keep your money in and it has the potential to keep growing with the currency.

Popular cryptocurrencies are also generally stable. Avoid very new currencies that may seem to have a lot of hype around them, as these may be “pump and dump” schemes –  when people use misleading information to raise the price of a currency, after which they sell it at a profit and tank the value.

It’s much like investing. Be patient, stay calm, do some research, and think with a long-term perspective!

What is Cryptocurrency in Adult Industry creator platforms like Onlyfans?

Cryptocurrency refers to digital currencies that use cryptography to secure and verify transactions. In the realm of adult entertainment, cryptocurrencies have emerged as an increasingly popular form of payment and transaction between creators and their subscribers.

The most well-known cryptocurrencies used in the adult entertainment space are Bitcoin (BTC) and Ethereum (ETH). Bitcoin was the first successfully established cryptocurrency, created in 2009 as a decentralized digital currency without oversight from banks or governments. Ethereum is the second largest crypto network, launched in 2015, that facilitates smart contracts and allows developers to build applications on the blockchain.

Both Bitcoin and Ethereum operate on public blockchain networks. This means all transactions are recorded transparently on a distributed ledger that anyone can view, but the personal identities of those involved in the transactions remain private.

Cryptocurrencies have caught on rapidly among adult content creators and fans because mainstream financial institutions and payment processors like Stripe, Visa and Mastercard impose restrictions on adult businesses, Not to mention PayPal having an extremely bad rep for denying adult content creators access to their funds.

For instance, when OnlyFans announced in 2021 that it would ban sexually explicit content under pressure from its payment partners, there was a huge backlash. OnlyFans eventually reversed the planned ban, but the incident highlighted why decentralized cryptocurrency transactions appeal to adult creators.

With cryptocurrency payments, no central authority can freeze funds, delay payouts, or threaten to deactivate accounts. Creators have full autonomy over their funds and content.

The anonymity of crypto protects the privacy of creators and subscribers. Lower fees associated with crypto transactions also allow creators to maximize their earnings.

For these reasons, accepting cryptocurrency has become hugely beneficial for adult creators building their businesses on platforms like OnlyFans.

Benefits of Cryptocurrency on Sites like OnlyFans:

Quicker Transactions:

If OnlyFans would have accepted cryptocurrency it would make for a much quicker payment process. Cryptocurrency transfers take place directly between the sender and receiver, with no need for bank approvals. This results in instant payment completion and automated payouts to creators.

Instead of waiting days or weeks to receive subscription fees and tips from fans, creators can access their crypto earnings immediately. The high velocity of transactions provides cash flow stability for creators.

Lower Transaction Fees:

Cryptocurrencies like Bitcoin and Ethereum impose much lower transaction fees than traditional payment processors. Credit card companies and payment services can charge fees of up to 15% per transaction.

In contrast, a standard Bitcoin transaction costs under $1, and Ethereum transaction fees are typically under $5. Those savings quickly add up for creators earning thousands of dollars per month on OnlyFans. Lower fees let creators take home more of their hard-earned money.

Secured Transactions:

The blockchain technology behind cryptocurrencies offers a heightened level of transaction security. Every transaction is encrypted and requires confirmation on the blockchain from parties on both sides.

Unless the creator authorizes a refund, payments made in crypto are irreversible. No central overseer, like a bank or payment processor, can withhold funds without the creator’s consent.

This protects creators from delayed payouts, locked accounts, and fraudulent disputes. The blockchain acts as a neutral third party facilitating transactions. Overall, crypto transactions carry less risk than traditional payment methods.

Privacy:

Cryptocurrency transactions on OnlyFans are more private than using a credit card or other mainstream payment methods. Banks and credit card companies collect their customers’ substantial personal information and transaction histories.

With crypto, OnlyFans creators can shield their identities and maintain privacy over their finances. While crypto transactions are recorded on a public ledger, the parties involved remain anonymous through encryption. Maintaining privacy and increasing security gives creators peace of mind.

How would Onlyfans Accept Cryptocurrency Payments?

If OnlyFans chose to support direct cryptocurrency transactions in the future, creators would likely have two options: personal wallets or third-party payment processors.

Personal Wallet:

To receive cryptocurrency directly, creators need a personal digital wallet to store their coins. Popular crypto wallets include Exodus, MetaMask, Trust Wallet, Ledger, and Trezor. These act like virtual bank accounts to deposit, receive, hold, trade, and withdraw crypto assets.

OnlyFans creators can share their public wallet address or QR code with subscribers. Fans can then use crypto from their own wallet to directly pay for subscription fees, tips, PPV content pricing, etc. This allows peer-to-peer transactions with no intermediary.

Third-Party Payment Processor:

Another option is integrating third-party crypto payment processors like Coinbase Commerce or BitPay. These providers act as middlemen, similar to how PayPal facilitates transactions between parties.

The processor immediately converts crypto payments to cash, shielding merchants like OnlyFans creators from crypto price volatility. Creators can conveniently cash out to their bank account without handling cryptocurrency directly.

Using a payment processor may involve fees of 1% or less per transaction (In addition to the usual 20% OnlyFans commission). This is still far lower than traditional payment processing fees. Crypto processors also handle compliance standards, making transactions easier for creators.

How do you create adult NFTs?

It’s actually not as hard as it sounds!

1. Choose the digital asset that you want to convert into an NFT.

2. Choose a blockchain that you want to use for your NFT. One of the most popular among creators and artists is Ethereum (ETH). There are other options as well, like Polkadot, Cosmos, Binance Smart Chain, etc.

3. Set up your digital wallet since you’ll need cryptocurrency to fund your investments at the initial point. Some of the top NFT wallets are Coinbase Wallet, Trust Wallet, Math Wallet, AlphaWallet, and Metamask.

4. Select the NFT Marketplace on which you want to buy and sell your artwork. After selecting it, you’ll need to link it to your digital wallet.

5. Upload your asset that you want to convert into an NFT. Each marketplace has a different step-by-step guide to upload the artwork to its platform. It will enable you to convert your digital asset into a marketable NFT.

6. Now set up your sales process. Decide how you would like to monetize your NFT depending on the platform. You can sell it at a fixed price, set a timed auction, or start an unlimited auction.

Now you are all set to rock the Adult NFT world!

Cryptocurrencies you need to be aware of

Bitcoin (BTC):

As the first decentralized cryptocurrency, Bitcoin (BTC) has the longest track record and highest overall market value. It has exhibited volatility over the years but remains relatively stable compared to newer altcoins. Conducting transactions in Bitcoin comes with very low fees, usually under $1 per transfer. Overall, it is a trusted option accepted widely across merchants and exchanges.

Ethereum (ETH):

Ethereum operates on blockchain technology like Bitcoin but has expanded capabilities by supporting smart contracts and decentralized applications. The lower barriers make Ethereum more accessible for things like minting and trading NFTs. Transaction fees fluctuate with traffic but remain below $10 on average. Along with Bitcoin, Ethereum is one of the most reputable and widely used cryptocurrencies.

Stablecoins (USDC, BUSD, etc):

Stablecoins are cryptocurrencies pegged to real-world assets like the U.S. dollar for price stability. Popular stablecoins include USD Coin (USDC), Binance USD (BUSD), and Tether (USDT). The value of coins like USDC remains steady at $1. Stablecoins allow creators to transact in crypto without exposure to volatility. They provide the speed and privacy of crypto with minimal risk.

Altcoins to Avoid:

Creators should avoid newly launched altcoins that seem too good to be true. These obscure cryptocurrencies often turn out to be pump-and-dump schemes. Developers create hype and falsely inflate prices before cashing out, leaving investors holding worthless coins. Stick to established, trusted cryptocurrencies like Bitcoin and Ethereum to avoid becoming victims of schemes. Research any new altcoins extensively before buying in.

Popular Adult NFT Platforms and Currencies

There are some great adult-oriented NFT platforms where you can buy and sell content with ease,  with more options popping up all the time.

CumRocket (CUMMIES)

CumRocket is an established NFT marketplace where content is bought and sold with the currency CUMMIES. Many popular creators sell content there.

xxxNifty

It is a marketplace for the artwork created by people aged 18+, where the collectors and creators can profit from their artworks.

Taboo Token

It is an Adult NFT token that focuses on limited content. At Taboo nothing is forbidden and it aims to become a playboy of Blockchain.

NaftyArt

This is a creative ground for sexual artists, collectors, and curators to buy and sell their artwork. NaftyArt was the world’s first Adult NFT marketplace.

Does OnlyFans accept payment in cryptocurrency?

Currently, OnlyFans does not directly accept any form of cryptocurrency for payments on its platform. Subscriptions must be paid with debit, credit, or gift cards that OnlyFans approves.

OnlyFans does offer creators other electronic payment options like PayPal and direct bank transfers for receiving earnings payouts. However, cryptocurrencies are not yet available options when cashing out.

While OnlyFans itself does not support crypto transactions, creators can accept cryptocurrency payments independently through channels like their website or social media. For instance, a creator could include a Bitcoin wallet address in their Instagram profile for tips. Some creators also sell exclusive content available for crypto purchases on their personal sites. Important to stress that OnlyFans aren’t big fans of alternative payment methods so make sure you only mention these on your other social account and NOT on your OnlyFans account.

For now, OnlyFans maintains fiat currency transactions while they continue evaluating how to integrate cryptocurrency payments and payout methods in the future. Adding crypto capabilities aligns with their commitment to empowering creators. However, the company wants to ensure proper security, compliance standards, and usability if they pursue this route.

Alternatives of crypto on OnlyFans

While OnlyFans does not currently facilitate direct cryptocurrency transactions, creators have alternatives to earn and move money besides fiat currencies like the U.S. dollar.

Virtual Credit Cards:

Services like Privacy.com generate virtual, one-time-use credit card numbers. Creators can easily cancel these virtual cards if their information is ever compromised. Using a virtual card also masks creators’ financial records and personal details. However, standard credit card fees still apply.

Prepaid Cards:

Loadable prepaid cards allow creators to keep OnlyFans transactions separate from bank accounts. These include gift cards and reloadable options like Cash App cards. Transactions display as “prepaid” instead of OnlyFans. But creators can still incur fees when adding funds, swiping the card, etc.

Online Wallets:

Digital wallets like PayPal keep payment info private and work internationally. Both fans and creators can instantly send/receive funds. PayPal does charge fees, but creators can instantly cash out earnings to bank accounts. PayPal also offers dispute resolution if issues arise.

Payout Cryptocurrency:

Even if OnlyFans does not yet allow crypto subscriptions, creators might convert payouts to cryptocurrency using an exchange. They can cash out fiat currency from OnlyFans to a crypto trading platform and purchase Bitcoin, stablecoins like USDC, etc. This allows them to benefit from crypto without managing crypto payments directly.

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