The RarePorn NFT marketplace has secured record funding for a French startup in 2021 so far as it pushes for ethical adult entertainment. As of the last round of financing, the platform had drawn in $5.8million; the largest amount of funding in its home country this year.
It should go without saying a non-fungible porn platform could revolutionise the industry. Although ethical pornography has long been ‘a thing’, the sector is traditionally — and stereotypically — associated with exploitation and controversy.
Now RarePorn is promising to use the decentralisation of Ethereum Blockchain and Binance Smart Chain to introduce pornography to the “world of fair play”, with 1% of transactions donated to charity.
What Does That Mean?
Simply put, any NFT by RarePorn can utilise decentralised blockchain technology to ensure fairer pay and contractual agreements for those working in porn. The platform is also positioning itself as a hub for ethical adult content in terms of what it hosts. This means LGBTQIA+ inclusivity, female creators and women’s rights, and raising awareness about sexual health.
Privacy will also be at the forefront of the platform, with both creators and consumers offered true anonymity thanks to the way RarePorn works.
One look at the record so far shows RarePorn has got off to an impressive start, hence the high level of funding. So far six NFTs have been sold — officially known as NFPs [non-fungible Pokens] — with the first going for $10,000. It featured the French adult star Clea Gaultier, with the other five also featuring prominent faces from the porn world.
The Technical Side of RarePorn NFT Marketplace
Thanks to the traceability of NFTs, minting porn as a token effectively prevents producers from uploading any content that breaks laws. For example, revenge or child pornography. NFPs can be traded directly between creators and users, with payments made using cross-chain smart contracts between BEP-20 and ERC-20.
RarePorn’s initial funding round raised $2million from private sale to French tech professionals. It has now opened out to a token sale/ICO, which has garnered over $5.8million to date. It is still possible to get involved as an investor until 31st July. Those interested in other adult entertainment NFT projects should take a look at NAFTY, and Legends.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
