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OnlyFans’ dad or mum firm, Fenix Worldwide, revealed in its monetary submitting to the UK Company registry on August 24 that it has purchased $19.9 million price of Ethereum between 2021 and 2022.
Grownup content material subscription service Onlyfans’ monetary report exhibits that it invested a part of its working capital into Ethereum.
Onlyfans bought $19.889 million price 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
Nonetheless, this practically $20 million price of Ethereum dropped by $8.5 million in November 2022 after the broader macroeconomic circumstances drove down the ETH worth.
In November 2022, FTX’s scandal extended the crypto winter and prompted the ETH worth to dip to $1259, resulting in OnlyFans’ dad or mum firm’s ETH’s holding price decreasing to solely $11.4 million price of Ethereum.
OnlyFans Elevated Complete Income from 2021 to 2022
Whereas its preliminary step into crypto investing didn’t quantity to a lot progress, Fenix Worldwide reported a rise of 16.6% in its income, from $4.6 billion to $5.8 billion in 2022.
Moreover, there was a rise of 47% within the variety of creators and a 27% enhance within the whole subscribers on this platform.
ETH Funding isn’t OnlyFans’ First Enterprise into Crypto
OnlyFan’s crypto funding isn’t the primary time the social media firm has proven curiosity within the blockchain business.
OnlyFans Provided NFT Profile Image in 2022
In February 2022, when NFTs have been all the craze, the social community created a program to maximise creator good points by integrating NFT capabilities with the platform.
In an announcement given to Reuters round that point, Amrapali “Ami” Gan, OnlyFans’ CEO, acknowledged that creators could make NFTs as their profile image.
“Our mission is to empower creators to personal their full potential. This characteristic is step one in exploring the function that NFTs can play on our platform.”, she mentioned.
Nonetheless, that introduction got here with the caveat that OnlyFans would solely assist NFTs created on the Ethereum Blockchain, which meant having an ETH icon subsequent to the profile image to confirm its authenticity.
The Launch of Zoop
Amrapali additionally launched Zoop in 2022. Powered by the Polygon blockchain, Zoop is a social media platform that permits customers to purchase and promote 3D digital playing cards of their favourite celebrities.
Customers might purchase licensed, restricted version buying and selling playing cards as NFTs and commerce them on secondary markets. Zoop has advanced since then, providing customers utility resembling giveaways and different real-life perks.
Congrats to @ShotokanKid98 – the fortunate winner of our @KarateCombat giveaway! 🎉 Discover Zoop to entry extra on-line and offline experiences together with your favourite celebrities & creators! #kc40 #karatecombat #zoopclub #martialarts pic.twitter.com/DlCLoUaeRU
— Zoop (@zoopclub) June 24, 2023
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