With the wallet above, Totem creates it for you and links it with your iStripper account.
So the crypto NFT thing is a hard pass for me so I won't be testing it out; but I am fascinated by the process.
So if you don't create the wallet and there is no 'Know Your Customer" obligation then I assume the wallet isn't yours and must be loaned by Totem for you to use? Hence Totem must own the wallet and its contents and the member just has use of it? Nothing wrong with this I guess as it's similar to an ETF or custodial account but it brings up a lot of interesting questions.
What happens if a model decides she wants her shows removed as several models have already done. I assume those that own their wallet are unaffected but what about those in borrowed wallets?
Also with most crypto and crypto wallets you can convert cash to crypto and back to cash as you see fit but how does that work in a wallet you don't own? And if you can move real money in and out then it seems to me these sort of wallets will be the choice for criminals looking to bypass the KYC regulation. Or ... is that too obvious and I'm missing something?
Lastly and letting my imagination run wild, crypto seems to be the currency of choice for the underworld. What happens if these 'loaned' wallets are hacked and the DOLZ and NFTs are stolen. Is there any kind of insurance or guarantees?
It seems like it's a simpler to use wallet but much more complex to manage and less versatile wallet. I don't want a crypto wallet but if I did I would want it to be my own wallet.