- A blockchain-based competitor to OnlyFans has been announced
- American rapper and OnlyFans creator Tyga has announced the launch of Myystar
- Based on the Ethereum platform, Myystar will be more generous to its creators and performers and freer with its content making rules
The news that adult site OnlyFans is cutting back on its adult content in order to increase its chances of securing external funding has been called cryptocurrency’s “opportunity of a lifetime”, and one entrepreneur has taken up the challenge. American Rapper Tyga, who is actually one of the top grossing OnlyFans creators, took to Instagram over the weekend to announce that he is creating his own version, Myystar, based on the Ethereum platform which will offer performers greater royalties with no potential of being dictated to by outside influences.
OnlyFans Hamstrung by Traditional Finance
OnlyFans has been one of the surprise hits of the Covid pandemic, adding users and performers by the boatload and being praised for its performer-first approach. However, in seeking to attain funding to expand the site the owners have decided to make it more appealing by cutting back on the adult content, leaving the door wide open for competition.
Of course, this is where blockchain platforms come into their own. A blockchain version of OnlyFans would accept cryptocurrencies as payments, with no interference by external pressures from financial institutions. In many ways it encapsulates the core premise of the cryptocurrency movement – freedom to operate in whichever legal field a user desires and away from the machinations of the traditional finance industry.
Myystar Takes Up Performer-first Baton
Tyga said that Myystar will launch soon and will be “more futuristic , better quality & only 10% fee.” Of course cryptocurrency is no stranger to the adult entertainment industry, with PornHub accepting cryptocurrency payments since 2018, but this is more than that – this is an entire platform on a new business model built on the blockchain that can continue to disrupt the adult industry in the way that OnlyFans has done over the past 18 months but without the need to pander to outside agencies.