A new cryptocurrency start-up is trying to monetize sex. SEXN’s business model is comparable to that of a play-to-earn video game, insofar as it is promising to reward users with a proprietary cryptocurrency for completing challenges when they engage in sexual activity.
Having said that, there are plenty of reasons to question SEXN’s ability to deliver on that promise, beginning with the privacy consideration. Sex is an inherently intimate act. Users would therefore need to provide SEXN with incredibly sensitive personal information to demonstrate that they are having sex. To that end, SEXN says that it is planning to release a wearable device that will capture biometric data to determine when someone is masturbating or achieving coitus. However, the company has yet to offer any real details about that wearable, or the app that would be used to record performance results.
In the meantime, SEXN has stated that people will be able to use their own watches or wristbands to track their activity. The company claims that the biometric data (including heart and respiratory rate) of someone having sex is meaningfully different from that of someone engaged in regular exercise, especially when paired with GPS data. People do not travel as far when having sex as they do when they go for a run, and the hand movements also tend to be more distinct, at least according to SEXN.
Whether or not SEXN’s algorithm can deliver that level of accuracy remains to be seen. If it does work as intended, people will need to purchase one of SEXN’s NFTs to get in on the scheme. The NFTs depict condoms and vibrators, which currently go for 0.8 Binance Coin (roughly $259 USD) on the SEXN marketplace, and SEXN users need to have one of those NFTs in their account in order to unlock different sex-to-earn modes. For example, those with a condom NFT will have access to Coitus Mode, which lets them earn SEXN’s Sex Orgasm Tokens ($SOT) through traditional intercourse (users will still need to remember to hit a button on their app to mark the beginning of a session).
Other modes include Masturbation Mode (which generates fewer tokens), Super Mode (for longer sessions), and Sadism & Masochism Mode, which is still in development due to safety concerns. In each case, users will be rewarded in $SOT, which generated $125,000 in presales. SEXN has also released a $SST governance token, which crashed in value shortly after its debut.
At the moment, it’s unclear whether SEXN will become a real service, or whether the company is trying to bring in as much cash as possible before abandoning the scheme. The company also has yet to answer some major cybersecurity questions, which is noteworthy in light of recent hacks targeting the crypto space. Either way, SEXN is clearly banking on the fact that sex sells to generate interest with potential customers.
June 3, 2022 – by Eric Weiss