Civitai, an AI model-sharing platform, is starting to accept cryptocurrency payments after being banned by its credit processor.
Integration of Cryptocurrency at Civitai
Civitai faced disruption when its credit card processor suspended services due to AI-generated content. Instead of reducing content, Civitai opted to onboard a high-risk payment processor. CEO Justin Maier remarked, "The payment processor dropped support specifically due to platforms that allow AI-generated explicit content and not due to user behavior or illegal content."
Impact of Transaction Suspension
The processor's suspension impacted Civitai's revenue streams, halting fiat transactions. The market response indicates a possible increase in crypto demand. Community reactions reflect mixed feelings, emphasizing the importance of content freedom.
Comparison with OnlyFans Financial Crisis
Similarities with OnlyFans' 2021 crisis are evident, where mainstream payment disruptions led to rapid strategic adaptations in the financial models of platforms with contentious content. Experts from Kanalcoin suggest this shift might stabilize Civitai amid regulatory pressures.
Civitai's transition to cryptocurrency payments is a response to challenges faced with traditional financial institutions and may indicate a growing interest in digital currencies among users of AI-generated content platforms.
