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March 6, 2022

‘OnlyFans’ Jumps Into The NFT Profile Pictures

The company announced Thursday that the adult content subscription platform OnlyFans had launched a feature that enables users to display verified NFTs as profile pictures.

It joins social media platforms such as Twitter and Reddit, exploring ways to incorporate the digital tokens onto their media.

The company said it introduced the feature in December. OnlyFans, launched in 2016, enjoyed rapid growth during the pandemic as creators could sell content directly to subscribers.

NFTs, or non-fungible tokens, are digital assets on the blockchain. NFTs have gained popularity over the last year, with people buying artwork and sports highlights videos.

The OnlyFans Chief Executive Officer, Ami Gan, told Reuters its mission is to empower creators to reach their full potential. “This is the first step in evaluating the role of NFTs on our platform.”

NFTs minted on the Ethereum blockchain are only supported by OnlyFans. The article said that creators’ NFT profile pictures would show an Ethereum icon to signify authenticity.

This week, YouTube, part of Alphabet (GOOGL.O), said it could use its video library to verify the legitimacy of digital assets. However, there have been complaints of scams, copyright theft, and other predatory behaviour associated with NFTs.

The company’s head Adam Mosseri has also said that NFTs are being developed in December, OnlyFans founder Tim Stokely stepped down as CEO, to be replaced by Gan, the company’s chief marketing officer.

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