In a move surprising to some, subscription-based social media platform OnlyFans is rolling out a plan to verify Ethereum non-fungible token profile pics on its website.
The technology will function similarly to Twitter Blue’s NFT verification — a way that users can identify when an NFT image used as a profile pic is owned, followed by an option to click on it and see details of the NFT on OpenSea.
So far, the technology only works on Ethereum blockchain NFTs, and it is uncertain whether there are plans to expand the service to other blockchains like Solana or Tezos. Current Ethereum NFTs, when verified, will have a small Ethereum icon next to the picture.
The CEO of OnlyFans, Ami Gan, said this verification technology is the first step in exploring how OnlyFans can integrate the nascent technology that has taken the world by storm since the beginning of 2021.
OnlyFans Not the Only Social Media Platform Interested in NFTs
OnlyFans is not the only social media platform currently flirting with NFT implementation. Twitter, as mentioned, recently released a similar verification service on Twitter Blue.
The verification process involves the user connecting their Ethereum wallet and verifying they own the NFT used in their profile picture. If this is the case, Twitter then displays the profile image in a hexagon rather than a typical circle.
In a letter to creators, YouTube said that part of its 2022 plans may involve NFTs, though the kind of implementation is still unknown. Reddit has also stated it may have plans to verify NFT profile pictures on its website. And Meta, which owns Facebook and Instagram, said that it has plans to create an NFT marketplace where users can buy, sell, or create NFTs.
As NFTs become more popular and resistance to the technology eases, more companies may follow suit.
OnlyFans’ NFT Integration May Prove Boon to Creators
To those on the sidelines, OnlyFans’ decision may seem surprising. However, several use cases have already sprouted up to allow content creators the ability to create and sell non-fungible tokens to their fans.
NFTs can allow content creators to release collectible material specifically for their audiences. Content creators can include membership options, such as access to exclusive content or giveaways, and fans can get a much closer and more personal view of the person they admire.
NFTs are a way for creators to raise money, sometimes quickly, without the steep cuts in income that usually come from centralized companies that control published material.
One example of an entity that already leverages the relationships between famous athletes and fans is Tom Brady’s NFT marketplace Autograph. There, fans of particular athletes can find specific NFTs geared to them, all with perks.
Because OnlyFans is primarily a site for adult entertainment, it remains to be seen how the content creators will leverage NFTs if OnlyFans gives them the option.