- OnlyFans unveils a daring shift into Ethereum, reflecting its commitment to diversification.
- The adult content giant celebrates record revenues in 2022 amidst the ebb and flow of the crypto market.
A revelation by Wu Blockchain on Twitter has brought to light a surprising venture by OnlyFans into the cryptocurrency sphere. The adult content behemoth made headlines by injecting a whopping $19.889 million into Ethereum, the digital currency standing second only to Bitcoin. This audacious investment, however, faced an impairment loss, dwindling down by $8.455 million, to settle at a carrying amount of $11.434 million by the end of November 2022.
Adult content subscription service Onlyfans’ financial report shows that it invested part of its working capital into Ethereum.
Onlyfans purchased $19.889 million worth of ETH. The purchased ETH has a Impairmnent loss of $8.455m as of November 30, 2022, with a Carrying amount… pic.twitter.com/dW1sYQfIkp
— Wu Blockchain (@WuBlockchain) August 27, 2023
Ethereum’s Magnetic Pull on Corporations
Ethereum, boasting a current trading price of $1,643.71 and an awe-inspiring 24-hour trading volume of $2,693,591,545, continues to be a beacon for global businesses. OnlyFans’ foray into this realm is emblematic of a broader trend and suggests an inclination to possibly integrate crypto-centric strategies in the coming times. Ethereum, with its extensive circulating supply, beckons enterprises with the promise of high returns.
OnlyFans: Soaring High Amidst the Storm
The year 2022 stood as a testament to OnlyFans’ unparalleled success. Citing the Evening Standard, the platform experienced a meteoric 17% ascent in sales, proudly standing at $1.1 billion. Coupled with a 21% leap in pre-tax profits amounting to $525 million, its magnetic pull drew in 50 million new users and ushered in 1 million content creators, cumulatively spending a massive $5.5 billion.
However, not all was rosy. Investigations spearheaded by BBC News unearthed potential vulnerabilities involving underage users. But, in the face of adversity, OnlyFans staunchly defended its robust safety measures, underscoring a commitment to safeguard its burgeoning community.
Venturing Beyond Traditional Bounds
OnlyFans’ embrace of the crypto realm wasn’t just limited to Ethereum. Pioneering a new trend, the platform enabled its creators to showcase verified Ethereum NFTs as profile images, mirroring innovations by tech giants like Meta for Instagram and Facebook. CEO Amrapali Gan touted this as a stepping stone towards empowering creators, hinting at an even deeper plunge into the NFT space.
Yet, the volatile nature of the 2022 crypto market proved challenging. Ethereum’s price trajectory took a downturn by year-end, but as of now, the digital currency trades promisingly at $1,645.90.
Despite these crypto hurdles, OnlyFans basked in the glow of success. 2022 saw the company’s coffers swell to $5.6 billion, a marked rise from the previous year. Furthermore, a 47% spike in creator engagement and a 27% uptick in subscribers painted a rosy picture for the platform.
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