The wave of companies publicly announcing their cryptocurrency holdings continues to swell. Fenix International, the parent company of popular subscription platform OnlyFans, has recently revealed its investment of nearly $20 million in Ethereum’s cryptocurrency, Ether (ETH), during the span of 2021 to 2022.
This disclosure, made in an August 24th financial filing to the UK corporate registry, revealed that the company’s investment faced a significant depreciation. Due to a broader downturn in the cryptocurrency market last year, the company’s ETH holdings reduced in value by a whopping $8.5 million by November 2022. This puts their Ethereum investment at a value of $11.4 million as of November 30, 2022, with the ETH price standing at $1,295 each.
However, this setback in cryptocurrency did not reflect the company’s overall performance. OnlyFans witnessed substantial growth, as indicated by the financial report. The company recorded a revenue surge of 16.6% year-on-year, growing from $4.8 billion in 2021 to an impressive $5.6 billion in 2022. This upswing is further supported by a 47% increase in content creators on the platform and a 27% uptick in total subscribers. It’s evident that despite the turbulence in their digital asset investments, the core business remains robust.
The platform’s foray into the world of digital assets and blockchain technology is not a new endeavor. Earlier in February 2022, OnlyFans introduced a feature allowing verified creators to showcase Ethereum-based NFTs as their profile pictures. Further entrenching their ties with the digital realm, June 2022 saw the launch of Zoop, a novel celebrity trading card platform, by two ex-OnlyFans executives. This unique platform, powered by the Ethereum scaling solution Polygon, facilitates the trading of 3D digital cards featuring popular celebrities.
The digital shift of the adult entertainment industry is becoming more prominent, especially with the rise of decentralized platforms. Notably, the new decentralized social media platform, Friend.tech, has been gaining traction among adult content creators, eager to capitalize on the burgeoning crypto trend.
This blending of the adult entertainment industry with the crypto world indicates a broader trend: industries are finding innovative ways to integrate, adapt, and grow with blockchain technology and digital assets. While Fenix International’s Ethereum investment may have faced short-term setbacks, their strategic moves into the crypto sphere suggest a long-term vision of embracing the digital future.
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