Join Our Telegram channel to stay up to date on breaking news coverage
OnlyFans’ parent company, Fenix International, revealed in its financial filing to the UK Corporate registry on August 24 that it has bought $19.9 million worth of Ethereum between 2021 and 2022.
Adult content subscription service Onlyfans’ financial report shows that it invested part of its working capital into Ethereum.
Onlyfans purchased $19.889 million worth of ETH. The purchased ETH has a Impairmnent loss of $8.455m as of November 30, 2022, with a Carrying amount… pic.twitter.com/dW1sYQfIkp
— Wu Blockchain (@WuBlockchain) August 27, 2023
However, this nearly $20 million worth of Ethereum dropped by $8.5 million in November 2022 after the broader macroeconomic conditions drove down the ETH price.
In November 2022, FTX’s scandal prolonged the crypto winter and caused the ETH price to dip to $1259, leading to OnlyFans’ parent company’s ETH’s holding worth reducing to only $11.4 million worth of Ethereum.
OnlyFans Increased Total Revenue from 2021 to 2022
While its initial step into crypto investing didn’t amount to much growth, Fenix International reported an increase of 16.6% in its revenue, from $4.6 billion to $5.8 billion in 2022.
Furthermore, there has been an increase of 47% in the number of creators and a 27% increase in the total subscribers on this platform.
ETH Investment isn’t OnlyFans’ First Venture into Crypto
OnlyFan’s crypto investment isn’t the first time the social media company has shown interest in the blockchain industry.
OnlyFans Offered NFT Profile Picture in 2022
In February 2022, when NFTs were all the rage, the social network created a program to maximize creator gains by integrating NFT capabilities with the platform.
In a statement given to Reuters around that time, Amrapali “Ami” Gan, OnlyFans’ CEO, stated that creators can make NFTs as their profile picture.
“Our mission is to empower creators to own their full potential. This feature is the first step in exploring the role that NFTs can play on our platform.”, she said.
However, that introduction came with the caveat that OnlyFans would only support NFTs created on the Ethereum Blockchain, which meant having an ETH icon next to the profile picture to verify its authenticity.
The Launch of Zoop
Amrapali also launched Zoop in 2022. Powered by the Polygon blockchain, Zoop is a social media platform that allows users to buy and sell 3D digital cards of their favorite celebrities.
Users could buy licensed, limited edition trading cards as NFTs and trade them on secondary markets. Zoop has evolved since then, offering users utility such as giveaways and other real-life perks.
Congrats to @ShotokanKid98 – the lucky winner of our @KarateCombat giveaway! 🎉 Explore Zoop to access more online and offline experiences with your favorite celebrities & creators! #kc40 #karatecombat #zoopclub #martialarts pic.twitter.com/DlCLoUaeRU
— Zoop (@zoopclub) June 24, 2023
Related
- Australian Exchange Independent Reserve Partners with Paypal to Hedge Against Bank Restrictions on Crypto Payments
- Best NFTs to Buy
- Low Market Cap Cryptos
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
