Business Markets News Report
August 28, 2023

OnlyFans Invests $20 Million into Ethereum Ahead of Anticipated Bull Run

In Brief

Fenix International, OnlyFans’ parent company, has invested nearly $20 million in Ethereum between 2021 and 2022.

Despite a decrease in crypto asset values, the adult platform’s revenue grew by 16.6% to $5.6 billion in 2022.

OnlyFans invests $20 million in Ethereum in Anticipation of a Bullrun in the Markets

Fenix International, the company behind the adult content subscription platform OnlyFans, announced an investment of $19.9 million in Ethereum. Yet, by November 2022, the asset’s value had diminished by $8.5 million, resulting in a remaining carrying amount of $11.4 million.

This action mirrors the overall decline in cryptocurrency markets during the preceding year.

OnlyFans states that this investment corresponds with their comprehensive strategy of portfolio diversification and embracing blockchain technology.

The company is also expanding its platform — allowing users to display Ethereum-based NFTs as profile pictures and launching Zoop, a celebrity trading card platform on Ethereum’s scaling solution, Polygon.

Huge financial loss or smart move?

Despite the crypto investment’s underperformance, OnlyFans reported a 16.6% increase in revenue, reaching $5.6 billion for the year ending November 2022.

The platform also saw a 47% increase in content creators and a 27% increase in total subscribers. Leonid Radvinsky, the company’s owner, amassed around $485 million in dividends as the platform’s demand soared.

OnlyFans’ crypto investment comes during a period of significant growth for the platform. Its revenue model, which retains about $1 for every $4 earned by content creators, has proven highly profitable.

The platform takes up to 25% of users’ income. However, interest in the platform has only grown in recent years.

Fenix International’s substantial Ethereum investment might be viewed as a gamble to some, yet considering the company’s track record and expansion path, it’s more aptly termed a deliberate wager.

This action embodies both portfolio diversification and a stride toward mainstream cryptocurrency adoption. Fenix’s actions underscore the mounting attraction of major enterprises towards cryptocurrencies, particularly Ethereum.

Ultimately, the outcome of this investment maneuver remains subject to the test of time.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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