When they say that blockchain technology has applications in many different industries, they really mean it. Whether developing decentralized games, adapting it to the supply chain process, or creating cryptocurrencies, it has already made its mark across a variety of different areas and markets. One such market where it is beginning to see progress is the adult entertainment market.
Just as in other industries, projects have been looking into ways to change and revolutionize the adult market for the better, making it safer, easier, and faster to be a part of. Whether donating money to models or facilitating private cam sessions, the blockchain is making a difference.
A Burgeoning Market
As is common with many new technologies in the digital age, the cryptocurrency market is most popular with the younger demographic, typically male and between the ages of 25-34. As such, there is potentially some overlap between cryptocurrency traders and those who consume adult content. With that in mind, the integration of blockchain and cryptocurrency within the industry should come naturally.
While uptake was slow at the beginning, numerous projects have begun springing up to fill the void. Each looks to tackle different aspects of the adult entertainment industry, ultimately making it more accessible and attractive to users.
Some projects are more credible than others, with the more successful ones showing much more promise and direction. Understandably, there have been several unsuccessful attempts made, especially in the earlier days. Issues like price volatility add to the difficulties already faced when building up the infrastructure for crypto. Factors like these will need to be overcome for the market to achieve success.
Privacy and Anonymity for Adult Video
The privacy aspect of cryptocurrencies on the blockchain is a major strength when it comes to the adult industry. It upholds a level of anonymity not possible with traditional fiat, and so keeps these activities more private. The idea is that this will promote more engagement where before users would be worried about being ‘discovered’.
On the other hand, safety and security are also strengths that will greatly benefit the industry. Many people are understandably distrustful of inputting their bank details online at the best of times. This is especially true for the notorious market of ‘shady’ adult websites. This barrier can be removed with the use of crypto, which is far more secure.
Major players in the industry have already started accepting crypto like Bitcoin or Ethereum for payment on their platform, signaling that there is demand. With the industry facing slowing revenue and the number of users actually paying for entertainment dropping, instead opting for the free, ad-based models, this offers users an easier, safer, and more private means of payment may help boost uptake of premium services. Crypto for adult sites will likely become the norm.
Thanks to decentralization, there is no need for trust between the involved parties, censorship becomes very difficult, and there is less chance of there being a single point of failure. The application for blockchain goes beyond just payment, however.
Rewarding Participation with Crypto
This model has been theorized, developed, and used in other areas. Now, it is being brought to adult entertainment. It fits well with this use case, being a content consumption heavy industry. In general terms, it works by rewarding viewers of free content with tokens which can then be spent within the platform’s ecosystem – whether for premium memberships or otherwise.
Rewards can be created, for example, by interacting with the content being watched. This can include liking and commenting on content. Likewise, the content creators can also be paid for uploading content. Incentivizing users is an effective way to get them to return – as well as bring in new ones.
Retention and time spent on the website are the ultimate goals to be achieved through this system. This model benefits both the cryptocurrency and the content platform, a synergetic relationship where both parties are able to grow their user base.
Helping to Make Online Dating Safer
Online dating is an area that has seen tremendous growth in recent years. Free dating sites have a bad reputation, with dating apps not faring much better. With the blockchain, however, things can be made safer while ensuring users are genuine. User verification will help to prevent catfishing and other similar tactics used online by scammers and the like. If accounts are tied to the users’ personal wallets, it is possible to not only deter malicious activity but also to prevent that particular user from using the service.
Similarly, by developing an ecosystem using dedicated tokens, one of the many safeguards put in place, projects in this space can charge users to send messages, dissuading scammers by making it difficult to message on a mass scale. Again, payment with crypto is also becoming an option for users.
Marketing is also an important part of a successful dating service. The user base is their biggest asset, so growing this will ensure they have a chance of succeeding. The affiliate marketing model lends itself well to online dating. Having high-profile influencers endorsing and using a platform will add legitimacy to the website. These affiliates can then receive payment for the number of new users brought in. Cryptocurrency can easily facilitate this process, which would prove especially useful and convenient for international payments.
The Impact of Blockchain on the Adult Industry
Blockchain and cryptocurrency adoption is expanding, which can be seen in the adult industry. While the industry has a bad reputation, the introduction of this technology may help to attract new users and revolutionize its image.
The projects pioneering this new wave of blockchain uses have already shown the innovation possible that can improve adult entertainment to the benefit of all involved. From maintaining the privacy of the users to making dating safer, its reach can be seen on many different levels. There are still areas that can be improved further too, beyond just regular adult crypto coins. The use of non-fungible tokens would make things even safer, for example, if it was used as a means of identity. For now, these are some promising developments in an industry where it is much-needed.
As always, due diligence needs to be practiced to ensure the project is legitimate and worthwhile. Otherwise, it is always great to see new and innovative applications of the blockchain, especially where it has the potential to vastly improve the industry it is being applied to.
KuCoin is home to many unique cryptocurrencies.
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