Hot Tokens: How Fintech Is Changing Adult Industry
Crypto and blockchain are those pesky things that got into every single aspect of our lives. Logistics, retail, economy, and finances in general - it’s pretty safe to say, but it’s easier to find anything that hasn’t been touched by the omnipresent hand of digital currencies. And the entertainment industry is no exception here. Video games have blockchain, the music industry has it, and even movies have it! Blockchain is out there and it offers new possibilities when it comes to financing. Entertainment for adults also found a place for blockchain between various 18+ aspects.
Let’s dive head first into the topic. Crypto has some serious benefits for such a sensitive (mostly because of it’s sensual aspects) topic. And the biggest one is pretty simple - anonymity. If put it bluntly - consumers of adult content are being forced to deal with a massive load of social taboos and no-nos that are a devilishly tempting thing to break. But leaving a clear trace of your credit card or payment account is not as fun as the former.
For creators of this kind of content anonymity is also a massive benefit and m9re then welcomed there. For many reasons the workers in the adult industry are not eager to cone clear and announce to the world that that are involved in the industry, mostly because of the possible social complications.
Other than that, “Adult games” are a gray area in the legal framework of many countries. Definitions of “totally legal content for the adults” and criminal “pornographic material” are not as bright as people in the industry would’ve wanted it. So a payment instrument that gives them a way to avoid unwanted attention is a crucial aspect of safety and is very welcome along with the rest of the crypto benefits.
And the adult industry is far more than just a banal “vids’n’pics.” Technological development allowed absolutely new aspects interaction between consumers and platforms and creation of unique, 100% never-seen-before new kinds of the content. However, just like in a mainstream - experimental stuff needs money and tends to be on a pricey side. And the part of the life is the truth that businesses are not eager to spend money when they have a chance of “not breaking even” but even losing money. Blockchain allows performing various forms of crowdfunding while avoiding typical backslash that comes from the traditional crowdfunding mediums. Basically - blockchain is a new stepping stone on the industry ladder of evolution, just because of this very thing.
Crypto is a herald of the everything new in the industry.
Big companies got interested too because this allows them to create an exclusive payment system for the distribution of their content that is obtainable only for the users of the crypto. Which is not that far from your standard loyalty programs. Only instead of a breadmaker 3000, you get unique videos. Or you even can get paid for watching porn.
In his recent conversation with Bitnewstoday.com Stuart DUNCAN described how he planned to insert his crypto deep into the industry.
“The entire will benefit from it. Our initial expected audience is mainly websites online that sell premium content, VR content, cams and people who are looking for better options than current payment processors, viewers are now paid to watch free content (tubes). Later VIT will be used to pay for adult toys, etc. so it can be used as a utility token, which is very good for the industry. I’ve stopped adding affiliates to our list of sites to be tokenized until we have the first 80 or so finished and tokenized with VIT. At the moment we are working on the ERC20 but in October we are planning to switch on our protocol that is a software fork of Steem. Benefits of that blockchain are in the fact that it hasn't been hacked yet and the network itself worked well as a social platform for bloggers. We will, of course, improve on their platform and right now the race is on for VIT to initiate the world’s first smart media tokens ahead of any other similar blockchain”.
But there are also people who see it as a negative thing that considers this “spicing” up as a negative. The issue is its 18+ status. In many countries, this is a highly controversial topic that is banned or borderline forbidden. Even more than that - bitcoin’s blockchain ended up being “tainted” by the erotic material with underage. So in theory, any person that uses bitcoin-based blockchain software or even as much as just downloading its network history can get in a huge pile of trouble.
But this looks just like another “Let’s ban all the bad things” idea and the policy of double standards. Because if follow that logic - the next step is banning fiat because it was also involved in illegal operations. And illicit content had existed a long time before any bitcoin or blockchain itself even existed, in fact - it’s safe to say that it had existed before the Internet as we know and love today was in place. Instead - it should be treated like a car. You can use it to drive your kids to school, or use it as a getaway vehicle that you use to rob banks. It’s a matter of choice that adults should have.
And while some of them are choosing not to implement anything new or fiddle with the blockchain and crypto, it’s unlikely that they will stay the same for long or risking “biting the dust”. Historically - “adult industry” was boldly going where no man has gone before-virtual reality, 360 videos, live streams that allow direct interaction with viewers - all those things are common now in “hot vids” section. In the same time - that is a mere fantasy for the mainstream entertainment, that is a going to stay a dream for years to come.
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