OnlyFans experiences booming growth in 2022, even as its Ethereum (ETH) holdings take a hit due to the yearโs tumultuous crypto landscape.
In 2022, while OnlyFans content creators enjoyed significant growth and success, the platformโs Ethereum holdings faced challenges due to the prevailing bearish trend in crypto.
Fenix International Limited, OnlyFansโ parent company, recently released its financial report to the UK government for the financial year that ended on Nov. 30, 2022.
OnlyFans creators saw both increased popularity and financial benefits. However, Ethereumโs journey contrasted sharply with this success.
At the start of the report in May 2022, the companyโs Ethereum assets were worth over $19 million, but by November, their value had fallen to about $11.4 million.
Per the companyโs statement, OnlyFans diversified some of its operational capital into Ethereum during the year. The report noted that the company could freely liquidate its Bitcoin holdings, valuing the asset at its year-end market price.
Last year, OnlyFans, known for adult content, made waves in the crypto space by allowing creators to feature verified Ethereum NFTs as profile images. This move signaled a creatorโs Ethereum asset ownership.
CEO Amrapali Gan shared, โThis step is just the beginning of our exploration into NFTsโ potential role on our platform.โ
2022 saw significant upheavals in the cryptocurrency market, with events like the Terra UST stablecoinโs decline and crypto exchange FTXโs downfall.
Yet, OnlyFans had a stellar year, with revenues rising from $4.8 billion in 2021 to $5.6 billion in 2022. Their user base grew by 27%, and the number of artists on the platform increased by 47%. This growth showcased OnlyFansโ ability to thrive despite challenging conditions.
