The company behind the OnlyFans platform decided to invest in the Ethereum cryptocurrency, but what were the consequences? Let’s trace the investments and strategies of this media giant in the context of digital currency.
OnlyFans, primarily known as a subscription platform, has recently garnered attention not only for adult content but also for its investments in cryptocurrencies. Over the years 2021-2022, Fenix International, the parent company of OnlyFans, decided to purchase Ethereum cryptocurrency worth nearly 20 million dollars.
However, investing in cryptocurrencies can be risky. By the end of November 2022, even though one Ethereum was priced at 1,295 dollars, the value of the company’s Ether holdings dropped by 8.5 million dollars, resulting in a final sum of their investment amounting to 11.4 million dollars.
Yet, one cannot say OnlyFans experienced a financial slump. On the contrary, the platform recorded a solid growth in the reporting period ending on November 30, 2022. The company’s revenue increased by 16.6%, reaching 5.6 billion dollars in 2022, compared to 4.8 billion dollars the previous year. Additionally, the primarily adult-oriented platform saw a 47% increase in the number of creators and a 27% rise in the total number of subscribers.
Interestingly, this wasn’t OnlyFans’ first venture into digital assets. In February 2022, the platform allowed verified creators to change their profile pictures to Ethereum-based NFTs. A few months later, in June of the same year, two former OnlyFans performers launched a trading platform for celebrity collectible cards called Zoop, based on Ethereum’s scaling solution, Polygon. Zoop enabled users to trade three-dimensional digital cards of their favorite celebrities.
OnlyFans’ involvement in cryptocurrencies also became evident when adult content creators began joining Friend.tech en masse, the latest decentralized social media platform based on crypto, wanting to benefit from the growing popularity of this technology.
In light of these actions, one can wonder about the next steps of OnlyFans in the world of cryptocurrencies and whether these investments will yield the expected results. In any case, it’s proof that even entertainment industry companies see the potential and opportunities arising from the cryptocurrency sector.
