Navigating Financial Challenges in the Adult Entertainment Industry
“I began my journey on OnlyFans for additional income… and also because I enjoy sharing captivating photos,” laughs Singaporean OnlyFans creator Lucy. “Now, I earn more from that than my regular job.”
With a blend of composure and enthusiasm, Lucy shares her transition from a typical office worker, or ‘OL’ as she refers to herself, to an emerging star on OnlyFans during the night. OL to OF, as she playfully describes it.
When she discloses her age as 33, she assures me she’s being truthful. “I don’t pretend to be younger like many do,” she chuckles. “Mostly because I didn’t realize that was a trend. Most others do.”
It took Lucy only a year to surpass her earnings from the finance sector with her OnlyFans content. However, despite the attractive income, accessing her funds from her online venture is far more complicated than it appears.
Lucy explains that several years ago, OnlyFans creators could receive their payments directly into their bank accounts. Yet, this has become much more convoluted, especially for those based outside the United States.
“Now, we have to utilize a payment gateway called Paxum, which has steep transfer fees and poor conversion rates,” Lucy elaborates. “We incur charges when money moves from OnlyFans to Paxum, and again when it’s transferred to our bank accounts.”
“Moreover, their conversion rates from US dollars to Singapore dollars are terrible, meaning we lose more. For high earners like us, the cuts are substantial.”
The only alternative to this costly method is to have earnings credited directly to a credit card. “However, the downside is that you can’t access cash or invest your earnings,” Lucy says. “I find it perplexing that I can’t use my income as I wish.”
Although these issues seem considerable, Lucy notes they merely scratch the surface of the challenges online entertainers face when receiving their income.
Another prevalent issue is chargebacks—when a payment processor retracts funds that have already been paid. This often occurs when a customer who purchased OnlyFans content claims it was a fraudulent transaction to their bank.
“That essentially results in lost income,” Lucy clarifies. “There’s nothing you can do to prevent that.”
The Financial Exclusion of Sex Workers
OnlyFans creators like Lucy aren’t alone in grappling with financial systems; this is a widespread issue across the adult entertainment sector.
In 2020, Visa and Mastercard severed ties with PornHub, affecting countless sex workers who depend on that platform for their livelihood. PayPal and Stripe, two other major payment processors, also refuse to conduct business with anyone in the adult industry.
To shield herself from an increasingly unwelcoming financial landscape, Lucy has begun exploring alternative payment methods. So far, cryptocurrencies have emerged as one of the most promising options.
“I initially didn’t know how to use crypto, so I began with simple staking and earning without much speculation,” she explains. “I just invested a small amount on a platform called PancakeSwap because the bunnies were cute.”
Since then, Lucy has started accepting payments from her clients in cryptocurrencies, receiving USDT and Ethereum for her services.
Similarly, professional dominatrix Eva Oh is exploring crypto payments after experiencing multiple challenges with payment processors.
“As sex workers, cryptocurrencies provide a viable alternative because…” she pauses to gather her thoughts before continuing.
“What happened with my payment processor that accepted MasterCard and Visa about two years ago? They failed to pay me for nearly a year and then declared bankruptcy, taking my entire year’s earnings.”
“Crypto is a means for us to reclaim our power and earning potential,” she asserts. “There are numerous limitations on the financial products available to sex workers online. It constitutes structural violence against us, excluding us from earning a living.”
Security, Anonymity, and Domination
“I once sat across from someone with millions in their crypto wallet, and I asked them, why don’t you transfer it all to me, and I’ll send it right back?” Eva recalls eagerly.
Eva recounts an instance when she requested her submissive to transfer millions of dollars in crypto during a play session.
This aligns with Eva’s approach to lifestyle domination. Occasionally, she has ‘slaves’ living with her—willing submissive men who assist with her house, manage her social media, and handle her makeup. While she currently isn’t living with any submissives, she has previously taken them on as partners.
Eva also engages in a degree of financial domination.
Most of her submissives hold positions as board members or CEOs.
Frequently, she requests more equity in their companies than they possess, instilling a sense of obligation.
Cryptocurrency introduces a new dimension for her to explore, although her clients seem hesitant to fully embrace it.
“They couldn’t go through with it,” Eva says. “That taught me a lot about their trust in me, but I think it would have been exciting to have someone hold millions of dollars temporarily.”
Beyond being a playful element in sessions, cryptocurrencies offer tangible benefits, especially concerning anonymity and security.
For instance, one of Lucy’s main motivations for using crypto is to provide a more discreet payment method for clients who prefer confidentiality. She also appreciates that there’s no chargeback risk with crypto—once payment is received, it cannot be reversed.
A Thorny Solution
“Crypto empowers us to reclaim our financial independence.”
—Eva Oh
Thus far, Eva’s experiences with cryptocurrencies over the past few years have been largely positive. She keeps her earnings in her crypto wallet and only cashes out when coin values reach significant heights, as seen during the early pandemic year.
“Even now, despite the market downturn, I’ve still doubled my initial Bitcoin investment,” she shares.
Still, not all of Eva’s investments yield substantial returns. She’s had coins that completely plummeted. One was given to her by a submissive who worked in the Web3 space and supported the coin’s creation.
“At that time, I felt confident in my earnings, so I thought, why not, and treated it as an experimental run. But that currency tanked. That’s the inherent risk, which is why I don’t rely on it as a primary payment method; it’s more of a supplementary addition to my portfolio.”
This highlights one of the most significant downsides of cryptocurrencies—the environment remains too volatile for most individuals who lack expertise.
Countless projects have attempted to create coins specifically for the adult industry, from Sexcoin to Bigboobscoin. Many have since gone quiet, leading both entertainers and clients to become wary of new initiatives in the sector.
Simultaneously, entrepreneurs in the Web3 space are tirelessly working to develop adult entertainment models on the blockchain that are more stable and secure.
Adult entertainment platforms like WetSpace, which describes itself as “a crypto-based platform ensuring reliable payment processing for creators and the anonymity often sought by fans,” don’t require users to purchase specific coins for their services.
Instead, fans can use most stablecoins pegged to the US dollar, such as USDT and USDC, protecting both consumers and entertainers from highly volatile currencies.
Why Isn’t Crypto Being Mass Adopted Yet?
Sherry, a street-based sex worker for over a decade and researcher at Project X, reveals that most sex workers in Singapore still rely on PayNow for transactions. Project X is an organization advocating for sex worker rights.
Sherry also notes that cash remains a commonly used payment method, but when possible, workers often request a downpayment through PayNow.
“For us, receiving funds upfront provides an added layer of security,” she explains.
However, PayNow poses privacy concerns, as it reveals extensive personal information, including full names and phone numbers. This is problematic for clients who prefer to pay anonymously, but even more so for sex workers who wish to protect their identities.
Sherry recounts instances where clients obtained the personal details of sex workers via PayNow and shared this information with acquaintances.
As a result, some of her colleagues ask clients to transfer funds through PayNow to Sherry, who then withdraws the cash for them—a tedious and time-consuming procedure.
Sherry admits that while cryptocurrencies could resolve many of these issues, she doubts that most street-based sex workers or their clients are ready to adopt them.
“It’s quite a hassle to download the app and then request clients to do the same,” she explains. “PayNow is already established, and we’re all familiar with it, making it simply easier. Perhaps when more people adopt crypto, we will as well.”
Although street-based workers currently have limited exposure to digital currencies, this situation may change in the future. Last year, Sherry noted that Geylang, Singapore’s infamous red-light district, was deserted.
“It’s already over,” she said while walking through the vacant streets of her former work areas.
Since then, Sherry and many former Geylang workers have transitioned their operations almost entirely online. She believes that engaging clients digitally could pave the way for her to incorporate cryptocurrencies in the future.
Financial Literacy
For Eva and Lucy, who have always maintained a strong online presence, the transition to alternative payment methods like cryptocurrencies is more feasible.
Yet, Eva admits, “I don’t view it as a near-future solution for me.” Blockchain technology hasn’t advanced sufficiently to enable a complete transition for anyone.
“It’s more of a minor investment fund I dabble in. Most cryptocurrencies are unstable, so I don’t feel secure enough to fully integrate them, especially when I’m already in a precarious position due to my profession.”
Moreover, adaptability poses a challenge—both Eva and Lucy have university degrees and corporate job experience, which makes it easier for them to navigate the often intricate nuances of cryptocurrencies and their exchanges.
“A lot of sex workers lack white-collar backgrounds. Additionally, they face immediate expenses, like rent, which can only be settled in cash or bank transfers,” Eva explains.
Disrupting the System or Gradual Change?
While many find the allure of cryptocurrencies in their lack of regulation, Eva asserts that more oversight is necessary for crypto to thrive as an alternative payment method within the adult entertainment and sex work industries.
“As much as it may seem we desire minimal regulation, the more oversight there is, the easier it would become for clients to adopt it. This would enable us to cover our basic needs seamlessly,” she states.
With increased regulation, the cryptocurrency market could become more stable and secure, fostering greater confidence in their use.
It could also lead to more initiatives aimed at making cryptocurrencies more user-friendly for a broader audience and potentially integrate them with existing, more traditional financial systems.
For now, however, crypto is unlikely to become mainstream within the industry just yet. However, it serves as a safety net. If more established payment institutions turn their backs on sex workers, there is one alternative they know that will not do the same, by design.
Ultimately, it may be the one refuge they can turn to for genuine financial equality as workers in a volatile and unregulated industry.
