OnlyFans’ parent company Fenix International revealed that between 2021 and 2022, they had purchased almost $20 million to Ether (ETH)
In a financial filing for the UK registry last August 24, Fenix International became the latest firm to reveal its crypto investments with $19.9 million invested to Ether from 2021 and 2022. This was in an effort to diversify and explore the possibilities of cryptocurrency. But due to the bearish market that has afflicted the crypto market last year, this initial $19.9 million would be, at the time of writing, worth only around $11.4 million.
Despite this, however, OnlyFans has experienced a 16.6% growth last year owing to a 47% increase in number of creators and 27% increase in subscribers. This move to reveal their crypto holdings might mean that the company is looking to re-explore the crypto space.
The company’s foray into crypto was not limited to its investments. Last February 2022, the platform allowed its verified content creators to change their profile photos to verified Ethereum NFTs. This platform was built on Polygon, an Ethereum scaling solution.
CEO Amrapali Gan said it was the “first step in exploring the role that NFTs can play on [their] platform.” Now, its parent company has decided to reveal its cryptocurrency holdings in a bid to ride the hype surrounding decentralized social media Friend.Tech.
Among other social-based crypto platforms, notably, Friend.Tech is now facing decline after it has exploded post its August 11 launch on Coinbase’s Base network. However, it currently seems to be imploding as it saw its daily fees rapidly plummet by almost 90%. Coinbase payments risk manager Lisandro Rodriguez had suggested that “greed and poor execution” are to blamed. Like Friend.tech, OnlyFans also relies on the whole "influencer marketing" culture and hyped-up campaigns to spread and leverage its presence across the web.
Still, there are other decentralized social media apps out there that OnlyFans can explore and maybe partner with.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
