In a statement released to CoinDesk this week, SpankChain (SPANK), the Ethereum token built for the adult entertainment industry, announced that they have paid their models $72,422 since their launch in April. In a few short months, the platform has attracted over six thousand active users and thirty-one regular performers.
Since the platform works on a blockchain, SpankChain (SPANK) is able to cut out the middleman that typically stands between the performers and their fans, allowing the performers to make more money than ever because they no longer need to split their profits with the platform. Traditional cam sites typically charge models 50% or more to use their platform, while SpankChain (SPANK) just charges a 5% service fee.
Cam model River Sunshine told Coindesk:
“I crunched the numbers. I was making on three sites combined, 6 percent of what I made in the same 30-day period on SpankChain. I feel more in control of my money than I did using the banks and payment processors on other sites.”
Spankchain also allows performers and their fans to have a stake in the platform by giving them the option to hold their tokens to earn rewards.
Another performer, Molly Mae Meow, said that SpankChain has changed her mind about cryptocurrency. Mae Meow said:
“I think a lot of members appreciate that I’m getting almost the whole amount of it. I was a little skeptical about all of it at first. But now I really, really love crypto. Giving models that much power in your site can be very beneficial. You’re not just working on the site, everyone on the site is also working for you.”
Proof of Concept
Earlier this month, CryptoGlobe reported that activists and journalists who were facing censorship through traditional channels are finding a new home in decentralized blockchain-based platforms.
Adult entertainers and sex workers are facing similar challenges as they regularly lose access to payment channels like PayPal or Patreon, so now they too are finding a new home on the blockchain.
SpankChain (SPANK) offers a censorship-resistant platform in an industry that desperately needs it, making it one of the most interesting use-cases in the cryptocurrency market. Just this week, adult entertainers across the US found their PayPal accounts locked and funds frozen after extremists known as "Incels" started a campaign to report sex workers and models to regulators and payment processors. SpankChain offers a solution to problems like this because on a decentralized platform there is no middle-man to freeze your funds.
Since SpankChain (SPANK) is a disruptive technology in a taboo industry, some investors have voiced concerns about problems from regulators, especially because SPANK had an ICO.
SpankChain (SPANK) CEO Ameen Soleimani believes that since the company never promoted the project as a money making opportunity, which should keep them safe from scrutiny.
Soleimani made a statement in the Discord channel for the project saying that the team “never discussed price appreciation of the token” and “deliberately tried to keep SPANK off the major exchange,” to avoid issues with regulators.