Since raising $6 million in a 2017 initial coin offering (ICO), the adult entertainment startup SpankChain has differentiated itself from the token-sale pack by actually providing a platform with thousands of users.
SpankChain revealed exclusively to CoinDesk that it contained 6,136 active users as of October. In addition, it paid nearly $72,422 in cryptocurrency to 31 webcam models since the site launched in April. Quite a few freelance SpankChain performers even claim to earn more money on SpankChain, compared to any mainstream porn site.
“I crunched the numbers,” performer River Sunshine, who has been camming for five years, told CoinDesk. “I was making on three sites combined, 6 percent of what I made in the same 30-day period on SpankChain.”
Molly Mae Meow, a fellow performer, camming for more than 6 years, said she also makes more money on SpankChain, which only charges performers 5 percent of their earnings compared to the standard 50 percent across the industry.
“I think a lot of members appreciate that I’m getting almost the whole amount of it,” Mae Meow said. “I was a little skeptical about all of it at first. But now I really, really love crypto.”
Sunshine and Mae Mae are just two examples of sex industry veterans who were introduced to cryptocurrency through SpankChain. They typically cash out the platform’s ethereum-based SPANK tokens as needed for weekly expenses, storing the rest as some form of digital asset for long-term savings.
“I feel more in control of my money than I did using the banks and payment processors son other sites,” Sunshine said.
The word of SpankChain quickly spread across performers’ social networks, while SpankChain’s internal data reports that every week, around 20 new performers sign up to join.