Washington (AFP)
Pornstars and sex workers and adult entertainment professionals may turn to cryptocurrency for pay, after a series of pitfalls with the traditional financial system.
The latest episode came earlier this month when, after struggling with banks, the OnlyFans platform announced it was banning the sexual content that made it popular.
OnlyFans then reversed its decision, ensuring that it once again had the support of banks and payment operators who threatened to cut ties for fear of seeing their reputation tarnished.
The episode could speed up the switch to cryptocurrency to allow anonymous payments to industry players outside the traditional banking system, say experts and professionals.
With payment operators and banks becoming more stringent and in view of OnlyFans' recent worries, "it's obvious that crypto is going to be the solution," promises British actress Adreena Winters, also a leading figure in the industry. 'a new X site that accepts cryptocurrencies.
"Pornography has often been a pioneer in the take-off of new concepts, be it VHS, online credit card payments and even the Internet," she recalls.
"So I wouldn't be surprised if it's pornography that is making cryptocurrencies mainstream," she concludes.
For Jeff Dillon, director of development at Nafty, a cryptocurrency platform for the porn industry, the episode of OnlyFans "did more for us than the most expensive of marketing campaigns."
- Sex drives technology -
He too recalls that the sex industry has paved the way for other online innovations, such as online credit card payments, and that it could do it again with digital currencies if payment operators complicate task.
"This will increase the momentum for crypto and alternative payment solutions," he said.
Dominic Ford, founder of JustFor.Fans, a rival of OnlyFans who accepts bitcoin, points out that cryptocurrency only represents a small fraction of transactions on his platform because the process is cumbersome.
But he admits that share could swell quickly if the most popular money transfer tools adapt.
The porn site Pornhub, which accepts cryptocurrency for its premium service, had a problem last year with Visa and Mastercard Ethan Miller GETTY IMAGES NORTH AMERICA / AFP / Archives
“A cryptocurrency that works online and transcends borders seems an obvious evolution as email has been the evolution of mail,” summarized in a blog post CumRocket, a startup that created a digital token called Cummies, especially for content for adults.
“This is truly a once-in-a-lifetime opportunity, so we are taking it to the next level,” says the article from CumRocket, which announced that it is accelerating the work of its platform.
“Sex workers should be able to join a platform that will not be subject to any payment processing restrictions,” the blog adds.
While bitcoin and other digital currencies remain extremely volatile, operators of adult content say they can avoid these problems by using them for immediate payments without storing them.
- Rights and responsibilities -
OnlyFans is not the only online service to have encountered obstacles with payment services.
The pornographic site Pornhub, which accepts cryptocurrency for its premium service, had a problem last year with Visa and Mastercard.
Following reports that the site was hosting non-consensual "revenge porn", the companies temporarily banned payments to sites from porn giant MindGeek.
The group owns Pornhub and other sites.
And this month, U.S. lawmakers demanded an investigation into suspicion of child pornography on OnlyFans.
Pornstars, sex workers and adult entertainment might turn to cryptocurrency for pay Ozan KOSE AFP / Archives
Cryptocurrency could be a mixed blessing, says Deon Glows, a US-based adult content creator.
On the one hand, it will help get around some of the restrictions in the banking system, but at the same time, it will attract customers "seeking anonymity for immoral reasons".
Some adult traders say the cryptocurrency is promising but still "too immature" to be "the primary source of payments," says a spokesperson for UK adult social media platform Unlockd.
For Lou Kerner, an investor and analyst at Quantum Economics, the porn industry may well help popularize the use of cryptocurrencies.
"It's difficult for these sex workers to get bank accounts," he recalls.
"The easier the technology becomes to use, the more people in the porn industry will embrace it."
© 2021 AFP