OnlyFans is a site that allowed people to share explicit content and the company announced earlier this month that it would no longer allow explicit photos on its site. The reason for this is speculated to be that their Credit Card Processors added terms of service that made it impossible for OnlyFans to comply without removing explicit content.
Tyga, one of OnlyFans’ largest earners decided he would leave OnlyFans and create a new site called Myystar that would handle payments via the Ethereum Blockchain, hoping to prevent issues like this in the future. He’s trying to lure creators by only charging 10 percent in fees instead of the 20 percent that OnlyFans currently charges creators.
What to expect from Myystar
Tyga announced that Myystar would be both “more futuristic,” and ” better quality” which is extremely vague. He also announced that he would be charging creators only a ten percent fee rather than the twenty from OnlyFans. While this is a huge perk for creators, it’s unclear how easy the site will be to use, or how large the audience will be. If the site is successful, it could take over as one of the dominant payment platforms for adult content creators but it has a long way to go before that happens.
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The Benefits of Using Cryptocurrency
One of the biggest benefits of cryptocurrencies like Ethereum is they do not have any central authority that can take them down. Nefarious sites are under constant scrutiny as governments try their best to shut them down, but it is impossible with cryptocurrencies because there is no central authority controlling the currency. This is great for Myystar which sounds like it will be a legitimate site that people will use to share content.
The Ethereum Hurdle
This also means they don’t have a payment processor to handle payments and the site will need to be entirely self-sufficient to function properly. To take payments, the general audience will need to buy Ether, which is the cryptocurrency that Ethereum relies on. The problem with this is that it’s not as simple to buy Bitcoin or other cryptocurrencies and there are far more hoops you need to jump through in order to get an account set up.
This lack of simplicity could lead to a lot of people never bothering with Myystar when they could just use other more mainstream platforms.
Another problem that Mystar faces, however, is how slow and expensive Ethereum transactions are. The transaction fees for using the network can rack up quickly.
Explicit Content has always driven technological adoption
The demise of explicit content on OnlyFans and the rise of Myystar may be exactly what the Defi (decentralized finance) movement has been waiting for. The blockchain is an amazing technology that will be as revolutionary to our society as the internet was in the 1990s and it could have huge implications on how we spend money online or offline, but the complexity to enter the market has been daunting for many. If Myystar gives people a large enough incentive to enter the market, it could drive adoption at a much faster rate.
This is not unheard of when it comes to technological disruption. The competing internet technologies of the 1990s led to innovation and more people using it for adult entertainment. And before that, the VHS format became the predominant cassette format over the more cumbersome Betamax, in large part because of how adult content was more readily available on VHS.
Myystar’s role in the future of Ethereum
If Myystar is successful and people start using it to buy Ether on a regular basis then we could see Ethereum slowly become mainstream with sudden adoption from those who would otherwise not have used this type of technology for these precise reasons.
This is a big risk for Myystar because it relies on the adoption of Ethereum in order to be successful. The value of Ether, like other cryptocurrencies or fiat currency, only exists if people are buying the coins through transactions that keep the network running smoothly. If Myystar fails, then it will not only be a failure for the creators who want to share their content but it will also be a disaster for Ethereum, which is currently the second most popular cryptocurrency in the world.
The Tyga Connected Ecosystem
This is not Tyga’s first foray into the Adult creator industry. He also has a company called Too Raww which is a modeling agency who’s mission is to help get people onto OnlyFans. So Tyga has always been in touch with the needs of Adult creators and he is trying to build a better ecosystem for them. And has admitted that he doesn’t want to just manage talent but to become a “full-service” lifestyle company for Adult content creators.
With the launch of Myystar he will have both the pipeline to find new talent but also the platform to share it all. This is a smart move for Tyga because if he can get more people on his site and make them stay, then they will be generating revenue from the 10% fee that Myystar charges creators.
This does mean there’s no telling whether or not this endeavor will work but only time will tell how Myystar will do.
While it sounds like Tyga is just trying to create a new site, the reality of this situation could be quite different. The lack of mainstream appeal and ease-of-use for Myystar means that most people will never bother with using it instead of other sites which would lead to its downfall, but it also means that this could be a big gamble that will pay off. There are certain to be many other sites like Myystar in the future, but how much of an impact they have on the blockchain and cryptocurrencies will depend hugely on what happens with Tyga’s latest project.