TL;DR
- Only1 raised $5 million to develop a platform similar to OnlyFans on the Solana blockchain, led by Newman Group.
- OnlyFans has faced criticism and other complications due to its reliance on traditional banking systems and its policy of charging a 20% commission on creators’ earnings.
- Despite the advantages offered by Only1, such as a commission-free model and greater protection against censorship, some creators expressed concerns about its decentralized moderation strategy.
The convergence of adult entertainment and blockchain technology gives birth to a new player called Only1. The project raised $5 million to develop a platform similar to OnlyFans on the Solana blockchain.
This initiative, led by Newman Group, has attracted the attention of investors and enthusiasts from both the blockchain world and the adult entertainment industry. They accumulated over $4.8 million in a recent investment round. Only1’s goal is to offer a decentralized alternative to adult content, promising greater autonomy and resistance to censorship than other traditional platforms.
Only1 is excited to announce a $1.3M strategic round, bringing our total capital raised to $4.8M to build the OnlyFans on Solana.
AI-powered tools, ref-links, and confirmed creators with 10M+ followers collectively, here is why we are super excited for May 2024 and beyond: pic.twitter.com/D7CFCUaKHz
— Only1 (@JoinOnly1) April 21, 2024
However, the main question is whether Only1 can attract professional creators from established platforms like OnlyFans. The latter has faced criticism and other complications due to its reliance on traditional banking systems and its policy of charging a 20% commission on creators’ earnings. This, combined with its track record of changes in content policies, has led some creators to seek alternatives with more freedom and benefits.
Can Only1 Moderate its Content Properly?
This is where Only1 sees an opportunity. The platform offers a commission-free model on tips and subscriptions, as well as greater protection against censorship thanks to blockchain technology. It also addresses issues related to content ownership and portability, allowing creators to have more direct control over their work and audience.
Despite these advantages, some creators expressed concerns about Only1’s content moderation strategy, which is based on a decentralized structure where community members vote on content-related issues. There is a fear that this could lead to discrimination or arbitrary decisions.
On the other hand, the promise of resisting censorship and offering a fairer and more transparent business model has attracted some creators, especially those who have experienced problems with the content policies of existing platforms.
Only1 has also announced the addition of creators with a combined total of ten million followers, laying the groundwork for an excellent start to the platform. However, its long-term success will depend not only on its ability to attract creators but also on its ability to educate users about the benefits of blockchain and address key concerns about moderation and discrimination.
