In the wake of the COVID-19 pandemic, content subscription platform OnlyFans recorded a spike in creators and users joining the app. The platform’s users grew from under 10 million in late 2019 to over 120 million by April 2021.
Despite its platform offering other mainstream content, OnlyFans has since been known for NSFW material and dominated the subscription-based adult content industry with its freelance approach. OnlyFans, which launched in 2016, grew in popularity during the pandemic owing to its strategy as government lockdowns forced people to work from home — even adult content creators.
Unsurprisingly, OnlyFans has had its fair share of challenges, especially with creators. While the platform’s popularity has created a bustling ecosystem around it on social media, many creators have started raising concerns regarding their problems on OnlyFans.
OnlyFans started as a platform where fans could access exclusive content from their favorite creators by paying subscription fees. Unlike many other social media platforms, OnlyFans supports explicit content, making it popular with adult content creators.
Despite receiving plaudits for transforming the lives of many, especially sex workers, some creators started facing challenges on OnlyFans. These revelations have exposed the bureaucracy in the company as creators’ concerns are barely resolved. Among the issues that have marred the company includes:
Privacy: Many creators enjoy the freedom and flexibility that OnlyFans brings to their work. Creators have more control over the content they produce, unlike exploitive agencies. However, as user acquisition soared on the platform, some creators started feeling uncomfortable as people close to them would learn intimate details about them. Given the inherent taboos involving sex work, some creators putting out risqué material have opted to quit the platform, fearing that they would damage personal relations with their family or friends. For instance, one creator felt overly exposed when her high school friends started following her using pseudonymous accounts.
Cyber Threats and Piracy: Like any other digital environment, OnlyFans is exposed to high cybersecurity risks and illegal content sharing. It is barely possible for a creator to remain anonymous while selling NSFW content. The limited privacy on the platform makes creators more susceptible to threat actors who may easily target them with malware. In one case, a hacker seized a creator’s account and uploaded terrorism videos costing her almost all her revenue as users unsubscribed from her account. Also, while the platform’s structure ensures that content is accessed from a paywall, users who access it may distribute it publicly without the creators’ permission.
Minimal Returns: Despite content being shared on a subscription basis, the platform has created a thriving ecosystem around it. Some YouTubers have created a niche around OnlyFans, posting reviews of popular creators with titles in the format “I paid for a creator’s OnlyFans, so you don’t have to.” Some YouTube videos have racked millions of views, potentially influencing many fans from subscribing to their favorite creators. The review content could hurt subscriptions and limit revenue for creators. Piracy concerns have also hurt creators’ returns as their fans opt for free or cheaper pirated content. What’s more, creators risk getting removed from the platform.
Unfair Competition: Even after getting popular for its freelance approach to creating exclusive content, OnlyFans has its own stars while many less-known creators languish in diminishing revenues. As of June 2021, the average creator earned $180 per month. During the same period, some 500 creators have bagged at least $1 million each. Celebrities who wield influence in other sectors such as actors (and actresses) and musicians who have joined OnlyFans often attract more users to themselves. This leaves the small creators hapless. Worse still, in one incident, actress Bella Thorne was accused of scamming users. In response, the company restructured its payments instead of restricting Thorne’s account.
HoneyX: Decentralizing Adult Content Creation
The problems that adult content creators face on OnlyFans are increasingly harder to ignore. With blockchain technology, HoneyX aims to resolve the issues for creators, from promotion to privacy and content protection.
As a decentralized platform, HoneyX is turning the adult entertainment sector on its head through its user-focused platform built to enable creators and fans to interact directly and flexibly. HoneyX cuts to the chase in solving long-standing issues with subscription-based social media for adult content. At its core, HoneyX is dedicated to supporting adult content, and the platform’s future changes are controlled by the users. Unlike HoneyX, centralized platforms may opt to focus on mainstream content and sideline NSFW material.
In the rapidly expanding crypto space, HoneyX is the first of its kind to leverage blockchain technology. With its native currency, $HONEYX, the platform runs sustainably to ensure both creators and fans maximize their potential while benefitting. So, how does HoneyX achieve this?
Proportional Profit Sharing: Transactions on HoneyX incur a 10% fee via PancakeSwap decentralized exchange (DEX). The earned charges are distributed partly as rewards to token holders depending on the number of tokens they hold. The rest of the fees automatically adds liquidity to $HONEYX pools. Compared to 20% fees imposed on creator earnings on OnlyFans (OF), HoneyX’s lower charges do not go to a central entity but are earned back either as rewards or liquidity to the platform’s users.
Distributed Governance: Centralized institutions will use any method to provide returns to their shareholders, even if some stakeholders are left out. HoneyX’s decentralization offers users an equal stake in governing the protocol. This devolution is critical in ensuring fair practices and enforcing policies that work for a majority of the users rather than just the elite. For instance, creators and fans holding the platform’s governance token have an equal say as the project’s developers in setting up caps on tipping or accessing pay-per-view (PPV) content.
Privacy-Focused Interactions: HoneyX requires no paperwork, bank details, or crucial personal information from users joining the platform. Therefore, the minimal personal information on the platform disincentivizes hackers from directing cyber threats to the medium. Additionally, HoneyX runs on Binance Smart Chain (BSC), adding another layer of security to the platform. The platform finds the right balance for creators to comfortably produce NSFW content without fear of societal judgment as creators maintain control of their account profiles.
Multi-use Token: Creators and fans can use the $HONEYX token for various applications on the platform including, purchasing exclusive content, subscription, and tipping. Also, creators can receive faster payouts for their earned revenue, paid directly to their wallets. Since the tokens have a capped supply, their deflationary model will earn holders’ interest over time as the price increases.
Tokenization of Digital Content: HoneyX will support the minting of non-fungible tokens, aka NFTs. Creators can deploy these unique digital tokens in offering their digitally exclusive content by tokenizing their work and selling them as NFTs. Fans are sure to get the original exclusives as the underlying BEP-721 token standard mitigates against counterfeit digital work. Such standards are unimaginable on OF and other subscription-based social platforms marred by piracy.
The Go-To Platform for Fans and Creators
HoneyX offers value for fans and creators alike. Currently, the platform partners with content creators to accelerate user acquisition. Given the rising number of disgruntled creators on OF, HoneyX is a viable alternative for them. On the other hand, fans access their favorite content directly from creators for maximum pleasure. Beyond that, both fans and creators can earn by holding the $HONEYX token.
Want to Get Started on HoneyX?
1. Create a BSC-compatible crypto wallet if you have none yet (Metamask), and top up your wallet with $BNB or any other major crypto.
2. Open PancakeSwap here and click ‘Connect’ on the top right to connect your wallet. Then, select the token you’d like to swap for $HONEYX.