Why this change from OnlyFans could mean an IPO is on the cards


OnlyFans cleans up its content ahead of a rumoured IPO, and Finder offers crypto incentives for getting the COVID jab.

Here are five things you might've missed this week.

Mates tipping mates

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Loans between friends are settled with tips almost half the time (47%), according to research from Mozo.

Tips range from rounding up to the nearest dollar to rounding up to the nearest multiple of five.

"How the tables have turned," says Mozo spokesperson Tom Godfrey.

"It used to be that the friend who was left paying the bill was always the one who was left out of pocket but it seems that now, it could end up lining your pockets instead."

The tips may not seem like a lot in isolation, but they can add up if the loans are made on a regular basis. For example, if you were to go out for a $26.40 lunch once a week and round up to the nearest dollar, you would be tipping your friend 60 cents or $31.20 a year. In the same scenario, rounding up to the multiple of five ($30.00) you would be giving away $187.20 a year.

The research also revealed that 16% of Aussies transfer money immediately whilst they are still out. Almost a tenth of us (8%) need reminding, or don't transfer back a loan at all.

"Chasing up our forgetful friends is never a fun task, often making us feel stingy or awkward, but with so many options to choose from, there's no excuse for not staying on top of our debts with friends," says Godfrey.

"From transferring through a third party service like Beemit or Paypal, to linking your bank account to your phone number using PayID, sending your mates money has never been easier."

Bitcoin incentive for vaccination

We've seen all kinds of incentives offered for getting a COVID jab, from free beers in the United States to free chickens in Indonesia.

Now, Finder has announced it will give away up to $100 million worth of Bitcoin to reward Australians for getting vaccinated against COVID-19.

Through its Finder app, any vaccinated member can receive $5 loaded into their Finder Wallet toward the purchase of Bitcoin.

"Vaccination is our path out of lockdowns so we want to do everything we can to support Australians to roll up their sleeves and get back to normal," says Finder founder Fred Schebesta.

"We want to reward you for getting the COVID vaccine and what better way than to give away some Bitcoin."

Finder went with Bitcoin as an incentive due to the rising popularity of cryptocurrency.

A recent Finder survey of 1004 Australians revealed that 25% either own or plan to own cryptocurrency by the end of the year. Still, a fifth (20%) don't know how to buy it.

Bricklayers in demand

Bricklaying remains the most in-demand trade, according to the Housing Industry Association June 2020 quarterly report.

But demand may soon outstrip supply.

Against the backdrop of an ageing bricklaying workforce, bricklaying has been placed on the skilled occupations list. Prior to the pandemic, the trade also provided a pathway to a skilled visa.

"There's a huge opportunity for younger generations to step up to a career with strong earning potential," says Michael Morrissey, CEO of the Australian Brick and Blocklaying Training Foundation.

"If not enough of the younger generation step up before current bricklayers retire, this will hurt the industry. If the older generation has no one to pass their knowledge onto, this will affect the quality of the trade for the long term."

OnlyFans cleans up its content ahead of rumoured IPO

OnlyFans, a site where celebrities and adult-film stars charge admirers for access to photos and videos, is set to ban its users from posting sexually explicit content.

The move has further fuelled rumours that the company is hoping to go public in the near future.

According to reporting from Bloomberg, the start-up is seeking funding at a US$1 billion valuation.

The platform takes 20% from its creators' earnings, and has to date paid out more than $3 billion in creator earnings since its founding in 2016.

Indeed the company is pushing its OFTV app, which is pornography-free (a required feature of iOS and Google Play).

"There's no adult content on OFTV. Because it's not being monetized and there's no direct impact on creators' earnings, we are able to be in the app store," OnlyFans CEO Tim Stokely told Bloomberg.

Aussie teens risk it all on crypto 

One in six Aussie teenagers are ploughing their money into cryptocurrency as a way to get rich quick, new research finds.

The survey of 1000 parents of teenagers commissioned by Charity Financial Basics Foundation found that over 16% of teens had invested or were hoping to invest in cryptocurrency, while a further 20% had expressed an interest in it.

Financial Basics Foundation CEO Katrina Samios says the findings underscore the need for improved financial education.

"It's understandable that young people are interested in it, but the world of cryptocurrency is very complex and it's important to have a thorough understanding of the risks before investing any money," she says.

"[But] it's essential that young people learn the basics first so they're in a better position to understand budgeting, the need to plan for the unexpected and the risk and rewards associated with a range of investments."

To help up financial literacy among school students, the foundation is running a competition from August 16-27 and covers topics such as earning, saving, spending and investing.

Teachers can register at financialbasics.org.au

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David Thornton was a journalist at Money from September 2019 to November 2021. He previously worked at Your Money, covering market news as producer of Trading Day Live. Before that, he covered business and finance news at The Constant Investor. David holds a Masters of International Relations from the University of Melbourne.