OnlyFans Parent Company Invests $20 Million in Ethereum (ETH) in 2022, Despite Crypto Market Volatility
Summary:
Parent company of OnlyFans, Fenix International, invested nearly $20 million in Ethereum (ETH) in 2022, according to financial filings. Despite a decline in crypto prices, OnlyFans saw growth in revenue, creators, and subscribers. The company had previously ventured into the digital asset space with NFT profile pictures and a celebrity trading card platform. Adult content creators have been attracted to friend.tech, a decentralized social media platform.
Subscription platform OnlyFans' parent company, Fenix International, has revealed that it invested around $20 million in Ethereum (ETH) in 2022. According to a financial filing submitted to the UK corporate registry on August 24, Fenix International purchased approximately $19.9 million worth of ETH between 2021 and 2022. However, due to the decline in crypto prices, the value of its Ether decreased by $8.5 million by the end of November 2022. As of November 30, 2022, when the value of ETH was $1,295, the company's ETH holdings were valued at $11.4 million. Despite the initial setback in crypto investments, OnlyFans experienced solid growth during the reporting period that ended in November 2022. The platform's revenue increased by 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. Additionally, there was a 47% increase in the number of creators and a 27% increase in total subscribers. This isn't the first time OnlyFans has ventured into the digital asset space. In February 2022, the platform allowed verified creators to use Ethereum-based NFTs for their profile pictures. In June 2022, two former OnlyFans executives launched a celebrity trading card platform called Zoop, which was built on the Ethereum scaling solution Polygon. The disclosure of Fenix International's ETH holdings coincided with adult content creators flocking to friend.tech, the newest decentralized social media platform in the crypto space, hoping to capitalize on its rising popularity.
Published At
8/28/2023 1:49:53 AM
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