Only1, a new Web3 platform aiming to disrupt the adult content industry, has secured $5 million in investment funds, spearheaded by Newman Group. This move seeks to challenge the dominance of OnlyFans, a leading player in the industry with a substantial $1 billion share of the $1.6 billion market.
OnlyFans’ model imposes a 20% fee on creators’ earnings and ties their content, followers, and earnings to the platform, making it challenging for creators to transition away once they’ve built a following. Moreover, the platform has faced threats in the past, such as potential bans on adult content by banks in 2021.
Crypto enthusiasts see an opportunity for disruption in platforms like OnlyFans, which operate within the Web2 paradigm. Enter Only1, which leverages Solana as the settlement layer to address issues of low trust and payment censorship prevalent in the industry.
Only1 combines social media, an NFT marketplace, and a scalable blockchain, powered by its native token $LIKE. This approach aims to provide fans with a unique way to engage with their favorite creators, offering exclusive content and investment opportunities through NFTs.
Creators on Only1 have multiple revenue streams, including selling passes for exclusive content and earning 100% of subscription fees through peer-to-peer transactions. These transactions bypass traditional payment processors, allowing creators to retain a larger share of their earnings.
The platform also rewards both creators and fans with LIKE tokens for their contributions, fostering a symbiotic relationship rather than a parasitic one.
Only1 has received $3.5 million in funding from venture capital firms like Animoca Brands and Newman Capital, bringing its total investment to $4.8 million. With over 40,000 monthly active users and plans to onboard high-profile creators with millions of followers, Only1 is gaining momentum in the industry.
However, there are challenges ahead, including skepticism from users accustomed to established platforms like OnlyFans. Despite the promised benefits, such as 0% fees on tips and subscriptions, there is a need for education and awareness-building to overcome crypto skepticism and drive adoption.