• Tyga is launching his own subscription-based platform called Myystar
  • The rapper deleted his OnlyFans account after the website announced it will no longer allow sexually explicit content
  • Tyga said he is eyeing an October launch for Myystar, which will take only a 10% cut from creators' earnings

Tyga has announced that he's deleted his OnlyFans account and plans to launch a competing platform.

The 31-year-old rapper, who joined OnlyFans in October last year, deleted his account just a day after the content-sharing website announced that it will no longer allow sexually explicit content on its platform starting Oct. 1. He shared a video on Instagram showing him taking down his OnlyFans account and promoting what he hopes will be its replacement, Myystar.

Tyga revealed in the caption of his post that his "more futuristic" and "better quality" platform will offer creators more favorable profit splits compared to OnlyFans.

Myystar will apparently only take 10% of subscription fees and purchases, as opposed to OnlyFans’ 20%, and will offer creators the option to sell their own NFTs using the Ethereum blockchain, according to a press release.

"Creators will also be able to make content of their choice!" he wrote.

Although Myystar won't launch until October, Tyga invited creators to apply via the platform's website.

In less than 24 hours, Tyga's post has received 2.6 million likes, as well as thousands of comments showing support for his platform.

"[I'm going to] join," Melody Haase commented, while Brandon Almengo wrote, "You are a genius!!!"

Bri Teresi and Nicole Garcia left clapping hands emojis. Meanwhile, Lexi Drew, Philipp Plein and more left fire emojis.

In an interview with Forbes, Tyga said, "I know how many people make a lot of money on OnlyFans, and that’s where most of their revenue is at. I want to give those people hope."

Tyga partnered with Forbes 30 Under 30 Art & Style alum and creative director of OKFOCUS Ryder Ripps to design Myystar. Ripps made his name in the industry by working with Travis Scott's Cactus Jack and Kanye West's Donda organization.

Aside from supporting explicit videos and photos, Tyga also said that he wants Myystar to be a platform open for podcasters, comedians, athletes and musicians and envisions it to be the place where creators can sell their own NFTs.

Tyga did not disclose how much he earned from OnlyFans. However, he was reportedly the fourth-highest earner before he left. According to Forbes' unverified report, he made approximately $8 million, a figure only surpassed by his ex-girlfriend Blac Chyna, Bella Throne and Cardi B.

Tyga is eager to lavish his next girlfriend with lots of gifts. In this photo, the rapper arrives at the Met Gala in the Manhattan borough of New York on May 2, 2016. Reuters/Lucas Jackson