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Extra followers, extra creators, more cash. For the content material creator web site OnlyFans, 2022 was a fairly good yr. For Ethereum? Possibly not a lot.
Over the weekend, Crypto Twitter zeroed in on a monetary assertion submitted by OnlyFans’ mum or dad firm Fenix Worldwide Restricted to British authorities on Thursday. It confirmed that the corporate had owned over $19 million in Ether (ETH), Ethereum’s native token, however its worth was slashed to about $11.4 million by the tip of the reporting interval in November 2022.
“Throughout this yr, the group diversified a part of its working capital right into a cryptocurrency asset—ETH or Ethereum,” the corporate stated in a strategic assertion that opens the 48-page doc. “There are not any limitations or restrictions on the group’s means to promote the cryptocurrency property. The asset has been impaired to its truthful worth on the yr finish.”
Final yr, OnlyFans—notorious for the numerous grownup performers hosted on the platform—made a splash within the crypto house by asserting that creators may use verified Ethereum NFTs of their profile pictures. Creators who did so acquired an Ethereum image to indicate their possession of the asset.
On the time, OnlyFans’ CEO Amrapali Gan stated the characteristic—just like one launched for Instagram and Fb by Meta—aimed to “empower creators to personal their full potential.”
“This characteristic is step one in exploring the position that NFTs can play on our platform,” Gan informed Reuters.
Sadly, the corporate couldn’t have anticipated the crypto bear market lurking across the nook. On the time of the NFT announcement, ETH was buying and selling at $2,797.43, however fell to $1,298.94 by November 30 when the reporting interval ended. On the time of writing, ETH is buying and selling at $1,645.90.
Final yr was a tumultuous one for cryptocurrency markets. It was marked by a cascade of failures together with the collapse of Terra’s UST stablecoin and governance token LUNA, the chapter of crypto lender Celsius, and the implosion of cryptocurrency change FTX.
However other than its ETH woes, OnlyFans loved a optimistic 2022. In line with the monetary assertion, the positioning noticed the corporate’s income shoot as much as $5.6 billion from $4.8 billion in 2021. It additionally skilled a 47% improve within the variety of creators on its platform, on high of a 27% improve within the whole variety of subscribers.
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