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Why wouldn't it be possible? Yes. Fifty Shades et al are Twilight fanfics. Note that you may have to reskin a work (change characters, names, settings, etc) to get far enough away from the origina...
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#3: Attribution notice added
Source: https://writers.stackexchange.com/a/39385 License name: CC BY-SA 3.0 License URL: https://creativecommons.org/licenses/by-sa/3.0/