OnlyFans Invests $19.9 Million in Ethereum
OnlyFans’ parent company, Fenix International, recently disclosed in a financial filing that it has invested $19.9 million in Ethereum between 2021 and 2022. This move was part of the company’s effort to diversify its working capital.
Key Points:
- OnlyFans purchased $19.889 million worth of ETH.
- The investment suffered an impairment loss of $8.455 million as of November 2022.
- FTX’s scandal and broader macroeconomic conditions caused the ETH price to drop, leading to a reduction in OnlyFans’ Ethereum holdings.
OnlyFans’ Revenue Growth and Expansion
Despite the decline in its ETH investment, OnlyFans experienced a 16.6% increase in revenue, rising from $4.6 billion to $5.8 billion in 2022. The platform also witnessed a significant growth in the number of creators, with a 47% increase, and a 27% increase in total subscribers.
OnlyFans’ Previous Crypto Endeavors
Before its foray into Ethereum, OnlyFans explored the blockchain industry by offering NFT profile pictures in February 2022. This initiative aimed to empower creators and maximize their potential on the platform. OnlyFans CEO, Amrapali Gan, expressed interest in exploring the role of NFTs on the platform.
Introduction of Zoop
In addition to NFTs, OnlyFans CEO Amrapali Gan launched Zoop in 2022. Zoop is a social media platform powered by the Polygon blockchain, allowing users to buy and sell 3D digital cards of their favorite celebrities. It also offers various real-life perks and experiences for users.
Hot Take:
OnlyFans’ investment in Ethereum and its exploration of the blockchain industry through NFTs and Zoop demonstrate its commitment to embracing new technologies and expanding its offerings. Despite the challenges faced in the crypto market, OnlyFans’ revenue growth signifies its resilience and adaptability in the evolving digital landscape.
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