OnlyFans’ parent company, Fenix International Limited, reported a financial statement to British authorities on Thursday revealing the site had owned more than $19 million in Ethereum (ETH) at the beginning of 2022, but the value had dropped to $11.4 million by the end of the reporting period in November. To diversify their working capital, the company had invested in ETH, the native token of the Ethereum blockchain.
In the same year, OnlyFans made headlines in the crypto space by introducing verified Ethereum NFTs for creators’ profile pictures. To show their ownership of the asset, creators received an Ethereum symbol. CEO Amrapali Gan commented that the feature was the first step in exploring the role NFTs could play on the platform to “empower creators to own their full potential.”
Unfortunately, the company could not have predicted the crypto bear market that followed, with ETH prices dropping from $2,797.43 to $1,298.94 by November 30. At the time of writing, ETH is trading at $1,645.90.
Despite the drop in ETH value, OnlyFans had a successful year overall. Revenue grew to $5.6 billion from $4.8 billion in 2021, and the number of creators and subscribers increased by 47% and 27%, respectively.
Overall, it was a pretty good year for OnlyFans. But for Ethereum, maybe not so much.
