OnlyFans launches verified NFT functionality

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OnlyFans, an online subscription platform known for adult content, has launched a feature for users to display verified NFTs as profile pictures, it has said.

The UK-based company, which said it introduced the feature in December, joins social media companies such as Twitter and Reddit that have explored ways to incorporate the digital tokens on their platforms.

OnlyFans, which was launched in 2016, boomed during the pandemic as it became a way for creators to earn money selling content directly to subscribers.

NFTs, or non-fungible tokens, are a type of digital asset that exist on the record-keeping technology blockchain. They have surged in popularity over the last year, with people buying artwork and videos of sports highlights as NFTs.

“Our mission is to empower creators to own their full potential,” OnlyFans CEO Ami Gan said in a statement to journalists at our partner news agency Reuters. “This feature is the first step in exploring the role that NFTs can play on our platform.”

OnlyFans said it only supports NFTs minted on the ethereum blockchain. It said creators’ NFT profile pictures would show an ethereum icon to mark them as authentic.

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Alphabet’s YouTube this week elaborated on its own plans around NFTs, saying it could offer ways to verify the legitimacy of digital assets using its video library. Sales of NFTs soared last year, but critics have said scams, copyright theft and other predatory behavior are too common.

Instagram’s head Adam Mosseri has also said the company is working on NFTs.

In December, OnlyFans founder Tim Stokely said he was stepping down as CEO and would be replaced by Gan, who was previously its chief marketing officer.

The team at Platform Executive hope you have enjoyed the ‘OnlyFans launches verified NFT functionality‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Elizabeth Culliford. Editing by Barbara Lewis.

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