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MacKenzie Scott, Melinda French Gates, and Lauren Sánchez Bezos are rewriting the rules of billionaire giving—one quietly, one strategically, one very publicly

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After donating $48 billion to the Gates Foundation, Warren Buffett is quietly ending one of the biggest philanthropic relationships in history
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OnlyFans gets into the NFT game

By
Chris Morris
Chris Morris
Former Contributing Writer
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By
Chris Morris
Chris Morris
Former Contributing Writer
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February 11, 2022, 10:57 AM ET
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OnlyFans is embracing Web3.

The popular site, which has made billions of dollars for people posting adult content, is now embracing NFTs—specifically NFT profile pictures for its content creators, according to a Reuters report.

OnlyFans began rolling out the feature in December and, at present, is only allowing users to display NFTs verified on the Ethereum blockchain as their profile pictures, but the company tells Reuters, “This feature is the first step in exploring the role that NFTs can play on our platform.”

An NFT profile picture isn’t likely to do much to entice patrons to pay sex workers and others a monthly subscription fee (which generally ranges from $10 to $20 per month). However, should the site begin working with its creators to generate NFTs that patrons can purchase, it could be another layer for both sides to benefit from financially.

The embrace of NFTs comes just six months after OnlyFans caused outrage among users and contributors after threatening to ban sexually explicit content. (OnlyFans grew to its current size directly because of sex workers—and the majority of its fan base came because of those performers.) It reversed that decision a week later.

OnlyFans had net revenue of $375 million in 2020 and expected $1.2 billion in 2021, according to a pitch deck obtained by Axios. It had, as of last October, over 7 million paying “fans” per month and has shelled out $3.2 billion to its creators to date.

The company makes 20% off every financial transaction right now. If that rate holds for NFT sales, it could dramatically increase its bottom line.

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About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

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