OnlyFans’ parent company, Fenix International, has revealed that it purchased nearly $20 million worth of Ethereum (ETH) between 2021 and 2022. However, due to the decline in crypto asset prices, the value of its Ether holdings decreased by $8.5 million by November 2022.
As of November 30, 2022, the carrying amount of Fenix International’s ETH holdings stood at $11.4 million. Despite their initial crypto investment experiencing a decline, the platform experienced significant growth during the reporting period.
Revenues increased by 16.6% from $4.8 billion in 2021 to $5.6 billion in 2022. Furthermore, the number of creators on the platform increased by 47%, and the total number of subscribers grew by 27%. Fenix International had previously entered the digital asset space by allowing verified creators to use Ethereum-based NFTs for their profile pictures.
Additionally, two former OnlyFans executives launched a celebrity trading card platform called Zoop, which operated on the Ethereum scaling solution Polygon. The disclosure of Fenix International’s ETH holdings coincided with adult content creators moving to Friend.tech, a decentralized social media platform built on blockchain, to capitalize on the growing crypto hype.
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