In a strategic transfer that underscores the rising integration of crypto into mainstream enterprise operations, Fenix Worldwide Restricted, the dad or mum firm of the grownup content material subscription platform OnlyFans, has made a major funding in Ethereum (ETH). The corporate’s monetary assertion for 2022, not too long ago submitted to British authorities, reveals a purchase order of Ether price $19.889 million in 2022.
The acquisition of Ether by Fenix Worldwide Restricted comes at a time when the broader crypto market skilled a sequence of highs and lows. As of November 30, 2022, the bought ETH had an impairment lack of $8.455 million, bringing the carrying quantity to $11.434 million. This impairment displays the risky nature of the crypto market, with Ethereum’s value dropping from $2,797.43 to $1,298.94 through the reporting interval.
OnlyFans Goes Saylor Mode With Ethereum Buy
The funding in Ether isn’t OnlyFans’ first foray into the world of digital belongings. In 2022, the platform introduced a characteristic permitting creators to make use of verified Ethereum NFTs as their profile photos. This transfer was seen as an try to empower creators and discover the potential position of NFTs on the platform. OnlyFans’ CEO, Amrapali Gan, emphasised the initiative’s purpose to “empower creators to personal their full potential.”
Nonetheless, the crypto panorama in 2022 was not with out its challenges. The yr witnessed vital disruptions, together with the collapse of Terra’s UST stablecoin and governance token LUNA, the chapter of crypto lender Celsius, and the implosion of the cryptocurrency trade FTX. Regardless of these setbacks, Ethereum stays a focal focal point for its potential as an funding into web3 and its integration into mainstream monetary methods.
OnlyFans, identified for its grownup content material choices, has seen substantial development over the previous yr. The platform’s income surged to $5.6 billion in 2022, up from $4.8 billion within the earlier yr. The variety of creators on the platform additionally noticed a 47% improve, with a 27% rise within the whole variety of subscribers. Concurrently, the platform attracted over 50 million new customers, and greater than 1 million new content material creators joined its ranks.
The choice by Fenix Worldwide Restricted to diversify its working capital into Ethereum is indicative of a broader pattern. As companies acknowledge the potential of blockchain expertise and cryptocurrencies, investments in belongings like Ethereum have gotten more and more frequent. With its inherent properties as an “ultra-sound cash”, Ethereum continues to draw consideration from each particular person traders and enormous firms.
Because the crypto ecosystem evolves, the mixing of digital belongings into conventional enterprise fashions will probably change into extra prevalent. OnlyFans’ vital funding in Ethereum is a testomony to this pattern and the rising perception within the long-term potential of crypto.
As of press time, Ethereum is buying and selling at $1,645.
Featured picture from iStock, chart from TradingView.com
