Only1 Aims to Compete with OnlyFans via CryptoCurrency
In an industry grappling with censorship and centralized control, Only1, a blockchain-based platform, is looking to disrupt the digital adult…
In an industry grappling with censorship and centralized control, Only1, a blockchain-based platform, is looking to disrupt the digital adult entertainment landscape.
With a fresh capital infusion of $4.8 million, including a strategic $1.3 million investment from the Newman Group, Only1 is set to challenge industry giant OnlyFans with a pioneering business model built on the Solana blockchain.
OnlyFans has long been a dominant force in the adult content sphere, providing creators with a lucrative platform to monetize their influence. However, its business model, which includes a 20% cut from creators’ earnings, has been contentious. This, coupled with past controversies over content restrictions due to banking pressures, has highlighted the platform’s vulnerabilities stemming from centralized control.
Only1 (only1.app) offers a decentralized alternative, eliminating platform fees on tips and subscriptions and minimizing censorship. This approach is a significant draw for creators like Lucas Moreno, who have faced periodic content restrictions on OnlyFans.
Key Features of Only1:
- Decentralized Governance: Only1 employs a governance model involving token stakers in content moderation decisions. This democratic approach contrasts with OnlyFans’ centralized administration but raises concerns about potential bias, especially from minority groups within the community, such as LGBTQ+ creators.
- Financial Incentives: By removing fees on earnings from tips and subscriptions, Only1 presents a financially attractive option for creators. This model prioritizes creator profit, potentially disrupting traditional revenue streams in the adult content market.
- Enhanced Privacy and Security: Blockchain technology ensures that transactions and interactions on the platform are secure and transparent, reducing the risk of data breaches that have plagued other online platforms.
Transitioning to a blockchain-based platform presents challenges. Moreno highlights the significant effort required to educate and transition an existing follower base accustomed to traditional platforms. The stigma associated with cryptocurrency and previous failures in the crypto space complicates this further, necessitating a robust strategy to foster trust and understanding among potential users.
Additionally, Moreno expresses apprehension regarding the platform’s community-driven content moderation. For LGBTQ+ creators, the prospect of facing discriminatory practices under a public voting system could be a deterrent despite the overall appeal of Only1’s model.
As Only1 prepares to launch with a lineup of creators boasting a significant collective following, the adult industry is watching closely. The platform’s success could herald a new era of content distribution that empowers creators through better earnings and greater autonomy over their content.
If successful, Only1 could set a precedent for other digital content domains to explore decentralized and creator-centric models, potentially influencing broader media and entertainment industries.
David Gross, CEO of Only1: “Creators need discoverability and promotion. Consumers need intimacy and connection. We merge best-in-class commerce and social tools for creators to connect with and monetize their audiences directly while helping users discover their new favorite content. These funds will advance the growth and development of Only1 on the heels of year-over-year platform success.”
Austin Rosen, General Partner at Electric Feel Ventures: “From predatory business models for creators to a lack of guardrails and identity verification for users, adult content platforms have proven too risky to investors for the last decade. Slushy’s status as the first venture-backed content platform is a testament to the company’s sustainable payout structure for creators and emphasis on compliance and regulation. We are thrilled to recommit to the platform’s continued growth.”
Only1 stands at the cusp of potentially revolutionizing the adult content industry by aligning blockchain technology with the needs of content creators. However, its ability to balance innovative tech solutions with equitable community practices will be crucial in determining its position in the competitive digital adult entertainment landscape. As the platform evolves, it will be imperative to monitor how it navigates the complex interplay of technology, creator needs, and community dynamics to truly fulfill its promise as a fairer, more secure alternative to established players like OnlyFans.
You can follow Only1 on X at @JoinOnly1.