OnlyFans, the well-known adult content subscription platform, has made a bold move into the world of cryptocurrencies. Its parent company, Fenix International, recently revealed its significant investment of nearly $20 million in Ether (ETH) in 2022.ย
According to official financial filings submitted to the UK corporate registry, Fenix International acquired nearly $20 million worth of ETH over a two-year period.
While the companyโs investment in Ether demonstrates its progressive approach, it wasnโt immune to the marketโs inherent volatility. By the end of November 2022, the value of Ether had plummeted by $8.5 million, leading to an impairment loss on the investment.
The remaining carrying amount of Ethereum stands at $11.434 million, reflecting the broader trends and uncertainties in the cryptocurrency market.
OnlyFans Ventures Beyond Traditional Offerings
The move to invest in Ether aligns with OnlyFansโ broader strategy of diversification and technological innovation. Investing in intangible assets with an โindefinite useful lifeโ showcases the companyโs willingness to embrace emerging technologies like blockchain, positioning itself at the forefront of industry trends.
The disclosure about Fenixโs acquiring a substantial amount of Ether has not seemed to provide a lift yet to the price of the crypto. At the time of writing, ETH was trading at $1,636, down -0.8% in the last 24 hours, and sustaining a slight 2.2% loss in the last seven days, data from crypto market tracker Coingecko shows.
The financial filings offer a glimpse into OnlyFansโ multi-faceted performance. Despite the challenges posed by its cryptocurrency investment, the company reported impressive financial results for the year ending November 2022.ย
Source: SignHouse
With revenue surpassing the $1 billion mark, driven by an influx of over 50 million new users and more than a million content creators, OnlyFans solidified its position as a revenue-generating powerhouse. Users collectively spent an astounding $5.5 billion on the platform.
OnlyFans Pioneers NFT Integration And Celebrity Trading Cards
Leonid Radvinsky, the visionary entrepreneur of Ukrainian origin who acquired OnlyFans in 2018, has reaped the rewards of the platformโs surging popularity.
The filings unveil that Radvinsky amassed dividends approximating $485 million since the inception of the previous year, in line with the escalating demand for OnlyFansโ offerings.
This recent crypto venture is not the companyโs first stride into the digital asset domain. In early 2022, OnlyFans facilitated a pioneering move by enabling verified creators to replace their profile pictures with Ethereum-based non-fungible tokens (NFTs).
Bitcoin slides back into the $25K region. Chart: TradingView.com
Moreover, in June of the same year, former OnlyFans executives unveiled Zoop, a celebrity trading card platform leveraging the Ethereum scaling solution Polygon. Zoop allowed users to trade 3D digital playing cards depicting their favorite celebrities.
The disclosure of Fenix Internationalโs Ethereum holdings dovetailed with an industry-wide trend, as adult content creators began flocking to Friend.tech, a decentralized social media platform rooted in the cryptocurrency realm. This rush underscores how cryptoโs recent surge has not only captured financial marketsโ attention but also influenced sectors far beyond conventional investments.
Featured image from Veritร e Affari
