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Fenix Worldwide, the corporate behind the grownup content material subscription platform OnlyFans, introduced an funding of $19.9 million in Ethereum. But, by November 2022, the asset’s worth had diminished by $8.5 million, leading to a remaining carrying quantity of $11.4 million.
This motion mirrors the general decline in cryptocurrency markets through the previous yr.
OnlyFans states that this funding corresponds with their complete technique of portfolio diversification and embracing blockchain expertise.
The corporate can also be increasing its platform — permitting customers to show Ethereum-based NFTs as profile photos and launching Zoop, a celeb buying and selling card platform on Ethereum’s scaling answer, Polygon.
Grownup content material subscription service Onlyfans’ monetary report reveals that it invested a part of its working capital into Ethereum.
Onlyfans bought $19.889 million value of ETH. The bought ETH has a Impairmnent lack of $8.455m as of November 30, 2022, with a Carrying quantity… pic.twitter.com/dW1sYQfIkp
— Wu Blockchain (@WuBlockchain) August 27, 2023
Enormous monetary loss or sensible transfer?
Regardless of the crypto funding’s underperformance, OnlyFans reported a 16.6% improve in income, reaching $5.6 billion for the yr ending November 2022.
The platform additionally noticed a 47% improve in content material creators and a 27% improve in complete subscribers. Leonid Radvinsky, the corporate’s proprietor, amassed round $485 million in dividends because the platform’s demand soared.
OnlyFans’ crypto funding comes throughout a interval of great development for the platform. Its income mannequin, which retains about $1 for each $4 earned by content material creators, has confirmed extremely worthwhile.
The platform takes as much as 25% of customers’ earnings. Nonetheless, curiosity within the platform has solely grown in recent times.
What’s fascinating about @OnlyFans mum or dad firm investing in #Ethereum, not due to hype.
They see it’s a device for them to earn cash and achieve exercise. $20M in $ETH is them getting ready themselves to construct and develop utilizing Ethereum. pic.twitter.com/aO03F4SRV2
— Ethprofit.eth 🦇🔊 (@Ethprofit) August 27, 2023
Fenix Worldwide’s substantial Ethereum funding is perhaps considered as a bet to some, but contemplating the corporate’s monitor file and growth path, it’s extra aptly termed a deliberate wager.
This motion embodies each portfolio diversification and a stride towards mainstream cryptocurrency adoption. Fenix’s actions underscore the mounting attraction of main enterprises in the direction of cryptocurrencies, notably Ethereum.
In the end, the result of this funding maneuver stays topic to the take a look at of time.
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