The sex industry in US alone generates $10 – $15 billion in yearly revenue. Thanks to brand new platforms like OnlyFans for adding fuel to the fire and allowing anyone to be a part of the industry without going through the old ways of doing things.
OnlyFans minted multi-millionaires within years of inception in the form of Adult content creators. Factoring in the COVID situation, the growth has skyrocketed in recent years. The outcome is in the form of millions of fans & content creators either looking for fun or wanting to earn a passive income.
The same event coincides with the crypto boom that gave birth to WetSpace. The first crypto-enabled platform for adult content creators. In this post, I will dig into WetSpace (without getting wet) & explain the need for cryptocurrencies in the adult industry and how it is helping generate full-time income for sex workers without any interference from the authority. Let’s jump right in –
What is WetSpace?
WetSpace is the first crypto-enabled platform for adult content creators. It aims to empower content creators as partners in its ecosystem with an intention to abolish monopoly in the adult industry. Right now, it’s focused on building these 3 pillars –
The team is focused on joining the league of OnlyFans, Patreon & Fansly by using the power of blockchain technology.
⏰ It’s time for WetSpace.— WetSpace Crypto (@wetspacecrypto) December 17, 2021
A platform made by and for creators.
Total control over your payments and funds thanks to crypto.
Superb features for creators and fans.
➡️ Join our socials to stay up to date! https://t.co/S9umpODgMH pic.twitter.com/p3tri22KVe
Founder of WetSpace:
WetSpace was founded by Allie Rae. She’s the current CEO of the company. Allie is one of the most influential content creators on OnlyFans. Allie was a former ICU nurse from Boston area who left her $84,000 yearly salary to jump early into adult content creation and became a millionaire in less than a year.
Her OnlyFans page alone made her upto $250,000 per month (source: nycpost)
Nothing good was ever born without the need for it. Similarly, WetSpace was born out of the unfriendliness of existing financial institutions & tech firms towards the adult industry.
Recently, Wells Fargo issued notice to several prominent sex workers informing them of account termination with no solid reason behind it. If this wasn’t enough, Instagram removed Pornhub’s account without any concrete reason. Pornhub was adhering to the platform guidelines and this came as a shock to the company. Its Instagram account alone had 13.1 million followers.
Visa & Mastercard are cutting ties with Pornhub
Being dependent on the bank for daily livelihood for the sex workers & adult content creators is becoming difficult with each passing day. Thanks to WetSpace, cryptocurrencies turned out to be the saviour for this industry.
How to use WetSpace?
Like OnlyFans, there’re two ways of using WetSpace – Fan mode & Creator mode. This is a crypto-enabled platform, it’s best to connect the MetaMask wallet than using the traditional sign in-methods. Creators may have to wait longer to get cleared off the waitlist.
The supported wallets are MetaMask, Coinbase & WalletConnect
The platform accepts stablecoins since they are stable, less volatile and 1:1 pegged with US Dollar (not the other peg you were thinking). The top coins accepted are BUSD, USDT, MATIC, ETH & USDC.
I have tried connecting WetSpace with MetaMask wallet on BNB chain & it worked perfectly
How to earn as a Creator?
WetSpace provides multiple earning streams to adult content creators. The creators can choose to get paid under the Pay-Per-View model or they may go for subscription-based services. Because it’s a crypto-enabled platform, the content creators can also display their NFTs on its NFT marketplace & generate revenue by launching NFT Collectibles.
CREATORS: I asked my dev team for chat preferences so we can have better control of our DMs, and this is what they gave me!! God, I love the @wetspacecrypto dev team – always making sure were taken care of! They just “get it” ya know! #wetspace 💦 pic.twitter.com/2po8YCsmOd— The Allie Rae ™ (@MrsAllieRae) September 3, 2022
A flat 15% commission is charged by the platform per transaction
Is WetSpace Safe?
WetSapce has deployed safeguards and proper vetting procedures to make the site legal & keep a check on the legal age. The crypto payments are disbursed under the law and the team is consistently working on improving the platform for both fans & creators. If you’re 18+ years and have a vested interest in blockchain technology, this is another example of a platform using cryptocurrencies as its economic model like DeFi protocols or Play-to-Earn games.
My best wishes to the WetSpace team and the founder Allie Rae. Will keep on adding value to the post. In the next post, I will talk about STEPN DOOAR & Polygon Partnerships If you’re a fan of blockchain technology then do share this post on your social handles and educate everyone around you. Remember to subscribe to my YouTube channel for more informative content, released every week.
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.