If Femdom and Female Led Relationships are the redefinition of the sexual hierarchy (women rule / men serve), CFNM is the physical representation of those redefinitions. Traditionally, women are the sex objects for men's pleasures- whether in 'men's magazines' or in gentlemen's clubs. CFNM makes the man the sex object. There is no doubt that nudity makes a man more vulnerable, especially if the woman or women are fully dressed. But it goes much deeper than that.
Take the picture above: it is probably some kind of party and a naked man is serving the amused young woman some wine. His nudity and her being dressed instantly and tacitly establishes a D/s relationship. It also establishes a role-reversal, as the man becomes a sex object for the woman; which is traditionally how men have treated women (think Hooters or “gentleman’s clubs”). To convey this additional D/s dynamic, some use the term CFnm.
In addition, his bright red buttocks cannot hide the fact that he has recently received a spanking or paddling (from his female leader or as part of the party entertainment?) for some misbehavior. This exposed memento of his disciplining at the hand of a woman reinforces the humiliation of his punishment beyond the immediate ceremony, and further reinforces his subordinate status.
Because his genitals are fully exposed to any woman who might be interested, he cannot hide how well endowed he is, or the state of his arousal. This might further expose him to ridicule and humiliation. Even more humiliating and submissive role-defining might be if his manhood is locked up in a male chastity device.
There are many other aspects of CFnm that might be used in a Female Led Relationship, but they all share some aspect of the naked man’s vulnerability, humiliation and sex object role-reversal.
Have you been involved in a CFnm dynamic? What were the circumstances? How did it feel? If not, would you like to?