Key Points:
- Fenix Intl. buys $20M Ethereum amid market fluctuations.
- OnlyFans explores NFTs, embraces crypto empowerment.
- Ethereum’s appeal persists despite 2022 crypto challenges.
In a strategic move highlighting the expanding amalgamation of cryptocurrency within mainstream business operations, Fenix International Limited, the parent entity overseeing the adult content subscription platform OnlyFans, has executed a substantial investment in Ethereum (ETH). According to the company’s recently submitted 2022 financial report to British authorities, Ether tokens worth $19.889 million were procured during that year.
Fenix International Limited’s acquisition of Ether arrives amid a period of fluctuating dynamics in the broader cryptocurrency market. By November 30, 2022, the purchased ETH had incurred an impairment loss of $8.455 million, thus adjusting the carrying value to $11.434 million. This impairment underscores the volatile nature of the crypto landscape, as Ethereum’s valuation slid from $2,797.43 to $1,298.94 over the reporting timeframe.
OnlyFans Embraces Ethereum with Saylor Approach
The involvement in Ether marks OnlyFans’ venture into the realm of digital assets. In 2022, the platform unveiled a feature enabling creators to employ verified Ethereum-based NFTs as their profile images. This step was seen as an effort to empower creators and explore the potential role of NFTs within the platform’s context. Amrapali Gan, the CEO of OnlyFans, accentuated the initiative’s goal to “enable creators to realize their full potential.”
Nevertheless, the crypto landscape of 2022 encountered its share of challenges. The year witnessed notable disruptions, including the downfall of Terra’s UST stablecoin and its governance token LUNA, the insolvency of crypto lender Celsius, and the collapse of the cryptocurrency exchange FTX. Despite these setbacks, Ethereum perseveres as a center of interest due to its potential as a web3 investment and its integration into established financial systems.
OnlyFans, renowned for its adult-oriented content offerings, recorded substantial expansion during the previous year. The platform’s revenue surged to $5.6 billion in 2022, a rise from $4.8 billion in the prior year. Creators on the platform also increased by 47%, accompanied by a 27% upswing in total subscribers. Concurrently, the platform welcomed over 50 million new users, while its creator base expanded by over 1 million.
Fenix International Limited’s choice to diversify its operational capital into Ethereum reflects a larger trend. As enterprises acknowledge the potential of blockchain technology and cryptocurrencies, investments in assets like Ethereum are progressively becoming mainstream. With its intrinsic attributes as “sound money,” Ethereum garners attention from both individual investors and major corporations.
As the cryptocurrency ecosystem evolves, the assimilation of digital assets into conventional business models is likely to intensify. OnlyFans’ substantial Ethereum investment stands as proof of this pattern and the growing confidence in crypto’s long-term potential.
At the time of reporting, Ethereum is exchanging hands at $1,645.
