OnlyFans’ Parent Company Invests $20 Million in Ethereum as Revenue Soars
The parent company of the popular subscription platform OnlyFans has recently disclosed its investment in cryptocurrency, revealing that it has purchased nearly $20 million worth of Ether (ETH) in 2022.
According to a financial filing submitted to the UK corporate registry on August 24th, Fenix International reported acquiring around $19.9 million worth of ETH between 2021 and 2022. However, due to a decline in crypto asset prices throughout last year, the total value of its Ether decreased by $8.5 million by the end of November 2022.
As of November 30th, 2022, with ETH priced at $1,295 per coin, the company’s ETH holdings were valued at $11.4 million.
Despite the initial setback in crypto investing, the platform experienced significant growth within the reporting period ending in November 2022.
As per the filing, the company’s revenue surged by 16.6%, from $4.8 billion in 2021 to $5.6 billion in 2022. Moreover, the primarily adult entertainment platform witnessed a remarkable 47% increase in the number of creators and a 27% increase in total subscribers.
Related: While Friend.tech booms, decentralized social has a retention problem
This recent crypto investment is not the first time the company and its executives have explored the digital asset space. In February 2022, OnlyFans allowed verified creators to use Ethereum-based NFTs as their profile pictures.
In June 2022, two former OnlyFans executives unveiled Zoop, a celebrity trading card platform built on the Ethereum scaling solution Polygon. Zoop enabled users to trade 3D digital playing cards featuring their favorite celebrities.
The revelation about the parent company’s ETH holdings coincided with adult content creators flocking to Friend.tech, the newest decentralized social media platform, in an attempt to capitalize on the growing hype.
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The Impressive Growth of OnlyFans
OnlyFans, the subscription-based platform known for its adult content, showed remarkable growth in the reporting period ending in November 2022. Here are the key highlights:
- Revenue increased by 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022.
- The number of creators on the platform grew by 47%.
- Total subscribers increased by 27%.
This impressive growth demonstrates the platform’s appeal and its ability to attract both content creators and subscribers. Despite the initial setback in their crypto investments, OnlyFans has managed to thrive and capitalize on the increasing demand for adult content online.
OnlyFans Explores the Digital Asset Space
OnlyFans and its executives have shown a keen interest in the digital asset space. Here are some key examples:
- In February 2022, OnlyFans allowed verified creators to use Ethereum-based NFTs as their profile pictures, showcasing their commitment to embracing cryptocurrencies and blockchain technology.
- In June 2022, two former OnlyFans executives launched Zoop, a celebrity trading card platform built on the Ethereum scaling solution Polygon. Zoop offered users the opportunity to trade 3D digital playing cards featuring their favorite celebrities, further expanding OnlyFans’ presence in the digital asset market.
These ventures signify OnlyFans’ willingness to explore new opportunities and leverage the benefits of blockchain technology to enhance user experiences and expand its offerings beyond traditional adult content.
The Rise of Friend.tech and Adult Content Creators
The disclosure of OnlyFans’ investment in Ethereum coincided with adult content creators flocking to Friend.tech, a decentralized social media platform. This phenomenon can be attributed to the following factors:
- The hype around cryptocurrencies and blockchain technology has attracted content creators seeking new revenue streams and opportunities beyond the traditional platforms.
- Friend.tech offers a decentralized and censorship-resistant environment, which appeals to adult content creators who face challenges and restrictions on mainstream social media platforms.
- The potential for financial gains motivates adult content creators to explore new platforms and tap into the growing market demand for their content.
It remains to be seen whether Friend.tech will sustain its growth and provide a viable alternative to established platforms like OnlyFans. However, the influx of adult content creators highlights the increasing relevance and influence of cryptocurrencies in the adult entertainment industry.
Editor Notes: Embracing the Opportunities in Cryptocurrency and Blockchain
The parent company of OnlyFans’ decision to invest $20 million in Ethereum exemplifies the growing acceptance and integration of cryptocurrencies and blockchain technology across industries. As more companies and individuals recognize the potential benefits, the adoption of digital assets is becoming increasingly widespread.
If you’re interested in staying updated on the latest news and developments in the crypto world, make sure to check out Uber Crypto News. They provide comprehensive coverage of the crypto market, offering valuable insights and analysis for crypto enthusiasts and investors.