The Bitcoin and crypto neighborhood obtained one more reason that would strengthen their convictions on the sector. Per a Bloomberg report, content material subscription service OnlyFans has determined to ban all pornographic content material from their web site.
The resolution will come into impact as of October 1st, 2021, the reported claims. The firm apparently took this measure after experiencing a number of strain from its companions, financial institution, and fee suppliers.
Based in London, OnlyFans was based in 2016, its enterprise mannequin introduced it nice reputation and success. The platform permits content material creators, a majority comprised of sexual employees, to monetize their merchandise. Users known as “followers” purchase the content material instantly from creators.
Despite its success, the corporate allegedly has been having issues attracting traders. A separate report by TechCrunch claimed that OnlyFans was looking for funding at a $1 billion valuation. In a possible preamble to its resolution to ban express content material, the platform launch a “secure for work” app.
The transfer attracted the eye of the Bitcoin and crypto neighborhood, many customers categorized the choice as a “scummy transfer” by the platform and a low blow to the content material that allowed it to succeed. The crypto trade has confronted comparable censorship from content material platforms, banking establishments, and regulators.
Investors Alistair Milne said: Bitcoin doesn’t shut anybody down…
authorized content material, a lifeline for some, successfully banned as a result of it offends the sensibilities of the monetary gatekeepers pic.twitter.com/sJDYKoHo3O
— Neeraj Okay. Agrawal (@NeerajKA) August 19, 2021
OnlyFans Version Running On The Bitcoin Lightning Network?
Legal knowledgeable Preston Byrne stated that OnlyFans’ resolution to ban express content material creates an “alternative” to launch a “crypto-first model”. This may very well be supported by the corporate’s “personal financial institution and bank card rail”. Byrne added:
It would instantly have thousands and thousands of shoppers and wouldn’t need to cope with this problem ever once more (…).
Many platforms and tasks, equivalent to Bitclout, took the chance to advertise their advantages. As Bitcoin advocate Matt Odell said, there’s already a lighting network-based mission Sphinx.chat that already allows customers to promote content material in alternate for BTC.
This platform allows users to chat, paid, and stream podcasts over the Bitcoin Lightning Network. According to their web site, customers obtain a devoted server and may select their very own node.
OnlyFans’ resolution emphasised the necessity for social networks, and content material platforms to have decentralized alternate options, one thing that the crypto neighborhood has been asking for a few years. Across each main platform, together with Twitter, YouTube, Facebook, there was an incident associated to crypto censorship.
As Director of digital rights group Fight for the Future Evan Greer said, OnlyFans’ resolution might have a unfavorable impact, particularly amongst its most essential income, content material creators:
All it does is take away a secure(r) income stream for lots of marginalized people who’re engaged in consensual, authorized, on-line self expression. This is why we want an Internet with much less choke-points for censorship.
At the time of writing, Bitcoin trades at $46,480 with a 3.8% within the each day chart.