Adult content creators are turning to crypto-based platforms after mainstream financial and tech firms have moved to cut them off from cash payments.
Adult performers told The Post that corporate America’s shunning of the sex industry — which generates between $10 billion and $12 billion a year in the US annually — has them worried about their livelihood.
“The adult industry is incredibly lucrative, but its relentless stigma limits its opportunity for growth,” one creator who goes by the Instagram handle @jaigaux09 told The Post.
“We’re simply not taken seriously.”
Her solution was to join WetSpace, an OnlyFans-esque platform that processes payments in cryptocurrency and thus doesn’t depend on the whims of mainstream lenders.
“My business is fortified and expanding exponentially,” she told The Post.
“Peace of mind never felt so good.”
The shift to crypto payments comes as Wells Fargo recently sent out notices to several prominent sex workers informing them that their accounts would be terminated.
Allie Rae, 38, a former Boston-area nurse who left her $84,000-a-year job to perform on OnlyFans, founded WetSpace in March. Her OnlyFans page was lucrative — netting her up to $250,000 per month.
But the site’s threat last year to shut down sexually explicit content changed her thinking. OnlyFans reversed its decision in the face of widespread subscription cuts and a backlash from content creators.
“We are not at the mercy of the banks, because we are crypto and do not answer to them, therefore we do not have that threat hovering over us,” Rae said, though she added that WetSpace has instituted safeguards and vetting procedures to make sure that the content on the site is provided by those of legal age.
The site accepts eight stable coins, including ethereum, tether, USD coin, and dai.
Rae added that the site’s added advantage is “providing anonymity for the fans by them not having to use a credit card to consume this type of content, and this has proven to be of great value to this audience.”
Instagram, Meta Platforms Inc.’s photo-sharing social media platform, last week removed Pornhub’s account, which by and large adhered to the site’s rules and did not feature any nudity or explicit sexual content. No explanation was given by Instagram.
Before it was shut down, Pornhub’s Instagram account amassed some 13.1 million followers.
Earlier this summer, Visa suspended payments for ads on Pornhub and its parent company MindGeek after the credit card giant was named in a lawsuit filed by a woman who says a sex tape that was filmed without her consent when she was 13 years old was posted on the site.
Mastercard has also cut ties with Pornhub.
An adult performer who made the jump to WetSpace after OnlyFans announced its ban said the move gives her peace of mind that she will be paid.
“I’ve joined a handful of platforms and I always get hit with the fear that maybe one day I might not get my payout because I’m selling adult content,” an adult performer who goes by the name “Ellie” told The Post .
“I’m glad I joined WetSpace since they use crypto, I don’t have to worry about not receiving my payments due to banking issues, plus the payments get to you in the snap of a finger.”