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OnlyFans jumps into NFT profile pictures

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

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. read more

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. read more

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 Chief Executive Officer Ami Gan said in a statement to 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.

Alphabet’s (GOOGL.O) 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.

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