The digital world that we live in now is powered by huge growth in smartphone usage and rapid penetration of the Internet. This has led to a big spike in the number of users on content subscription platforms like OnlyFans. The platform launched in 2016 in the market has more than 30 million users who watch entertaining content created by 450,000 content creators.
The top stars and models get their income through a Pay-Per-View (PVV) business model. 20% of the revenue goes to the OnlyFans platform while the remaining 80% is distributed to the creators of the original content.
Similarly, the Non-Fungible Token (NFT) market tripled its value in 2020 and is now worth more than $250 million. The market cap of popular NFTs has increased by a mind-boggling 1785% in 2021. NFTs refer to unique cryptographic tokens developed on different blockchain networks. They cannot be interchanged.
The market is optimistically shifting towards NFT selling platforms, NFT insurance, NFT trading, and fractionalization of digital assets. This indicates that there is a huge interest in the virtual economy from both retail and institutional investors due to a rapid spike in transactions, prices, and trading volume.
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Some latest news regarding NFTs and Subscribed Content
BaeBay offers the sale of virtual girlfriend tokens to NFT investors. A social token named $BAE is available to be provided as a tip to the content creators.
$HAREM allows creators to sell their content in a decentralized manner powered by the usage of Artificial Intelligence (AI) and Machine Learning (ML). The HAREM token can also be purchased on the Uniswap DeFi platform by exchanging it with Ethereum (ETH).
Cryptonatrix sold her content in the form of an NFT for $1772
How NFTs are joining hands with an app like OnlyFans?
The content (GIFs, photos, and videos) created by models and stars will be minted as a Non-Fungible Token (NFT) and the original creator will retain the ownership rights.
The interested investors will be invited to purchase the exclusive digital content in the form of an NFT on our NFT marketplace.
In-depth verification measures will be taken so that the buyer only purchases an authentic piece of content from the seller.
The payments for the exclusive content can be made by the buyers through the leading cryptocurrencies via compatible digital wallets.
Once the sale is completed successfully, the distributed ledger will automatically update itself and record the details of the transaction and the subsequent transfer of ownership to the buyer of the content.
Analyzing how the OnlyFans Clone App helps in monetizing content through Non-Fungible Tokens
The content creators develop a variety of content by performing on their own.
They post their exclusive content as NFTs for sale on the OnlyFans clone app by charging a specific payment from users who wish to access it.
The sale of personalized content created by models is available only for a certain period. Users can purchase their desired photos easily. They can also watch attractive videos by becoming members of subscription plans.
The total receipts from the sale will be divided between the creators of content and the OnlyFans clone platform on a proportional basis.
Exclusive access can be offered to the content to a specific group of users if they own a particular type of NFT.
The creators of content can establish a strong personal brand for themselves by gamifying their body of work.
Royalties are also provided to the content creators when a buyer purchases their content and resells it to someone else.
More traffic is received for content creators leading to increased sales and also better traffic for the NFT marketplace.
How is the content safeguarded through the usage of NFT’s on an app like OnlyFans?
Platforms like MintGate can be utilized – by the creators to develop digital content.
MintGate is built on the Ethereum blockchain network – and is powered by the InterPlanetary File System (IPFS).
Secret links are generated – and only the holders of a specific NFT will have the right to access the content.
The NFTs are gated – to a particular group of users.
Not just content in the form of photos and videos – even an entire website, a blog, and an app can be offered for sale by gating it as a crypto token through APIs.
The investor who is interested in watching the exclusive content – created by models has to open the Secret URL.
MintGate automatically verifies – if the user’s crypto-compatible digital wallet like MetaMask and Trust wallet holds the correct NFT.
The content creators get maximum revenue – as their content will be offered only to a limited number of users leading to greater value for it.
The creators of content need not pay any commission – to any intermediaries or middlemen. Hence, they have full freedom to determine the price of their content.
There is no possibility of transaction censorship issues – like freezing of accounts of the content creators and refusal to process payments.
The content generated is immutable on the blockchain network – and no one can manipulate or remove it anytime.
Challenges faced by content creators in the launch of NFTs
The gas fees on blockchain networks like Ethereum are quite high due to the huge consumption of computational power to process every transaction.
The risks of NFT marketplaces banning content created by models and stars similar to strict guidelines imposed by the mainstream social media platforms.
The possibility of their exclusive content getting morphed and bought by other users. This is legally acceptable only when the original content creator has permitted the same.
Some NFT marketplaces have put policies in places to restrict using personal names in describing digital assets, smart contracts, and crypto collectibles.
Security risks on NFT selling platforms like Nifty Gateway where funds of crypto token investors got swindled in the absence of security measures like two-factor authentication.
Cases of copyright infringement when the exclusive content is sold in an unauthorized manner on an NFT marketplace without seeking permission from the content creator.
Lack of age verification of the NFT buyer or seller in NFT selling platforms.
The powerful combo of NFTs and content subscription platforms like OnlyFans helps content creators to enjoy the benefits of decentralization. Their value is based on the content they create and they need not deal with any intermediaries or big technology companies.
This fast-growing trend has started just now and the possibilities are immense in the market. More interest is predicted from crypto investors who wish to watch exclusive content by accumulating their holdings of digital collectibles in the future. Hence, join this profitable bandwagon by initiating OnlyFans clone app development now to start accepting NFTs for selling content soon.
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