Only1 Secures $5 Million for Solana-Based OnlyFans Clone

cryptonews.com:

Only1 has raised $5 million in investment funds to build a Web3 “OnlyFans clone” adult content platform on Solana, led by Newman Group.

This move comes to take on OnlyFans, the leading adult content platform, with a $1 billion share of the $1.6 billion industry. 

To capitalize on the platform’s dominance, creators must pay a 20% fee on their earnings, feeding billions in revenue to the business. A creator’s content, followers, and earnings are all tied to the platform, making it difficult to leave once you’ve built a following. 

The platform has been threatened multiple times in the past. In 2021, banks nearly forced OnlyFans to ban all adult content on the platform, according to its CEO. 

This is a representation of the social media space as it stands today. Creators are stuck between a rock and a hard place: they require social media to promote their work, but the platforms do not fairly compensate them for their efforts.

Creators are at the mercy of centralized companies, which can completely erase the community they have built with bans, enforced by rules that are constantly shifting.

These factors present an opportunity for crypto enthusiasts, who cite OnlyFans as a Web2 platform ripe for disruption.

Enter Only1, an exclusive content service that uses Solana as the settlement layer to solve the largest problems in the adult content platform market — low trust and payment censorship. Per Only1’s blog:

“Mixing social media, an NFT marketplace, a scalable blockchain, and the native token — $LIKE, Only1 offers fans a unique way of connecting with the creators they love. By using the Only1 platform, fans will have the ability to invest, access, and earn from the limited edition content created by the world’s