In 2022, OnlyFans experienced significant growth and success among content creators, while its Ethereum (ETH) holdings faced challenges due to the cryptocurrency market’s volatility. Throughout the year, as content creators on OnlyFans enjoyed remarkable expansion and achievement, the platform’s Ethereum investments encountered difficulties due to the bearish trend prevailing in the cryptocurrency sphere.
Fenix International Limited, the parent company of OnlyFans, recently released its financial report to the UK government, covering the fiscal year that concluded on November 30, 2022.
Content creators on OnlyFans experienced heightened popularity and financial gains. Nonetheless, Ethereum’s trajectory differed as it faced challenges amidst this overall prosperity.
At the beginning of the report in May 2022, the company held Ethereum assets valued at over $19 million. However, by November, their value had reduced to approximately $11.4 million.
According to the company’s statement, OnlyFans diversified a portion of its operational funds into Ethereum during the year. The report emphasized the company’s ability to liquidate its Bitcoin holdings, determining their value based on the year-end market price.
In the preceding year, OnlyFans, recognized for its adult content, made a notable entry into the cryptocurrency domain by enabling creators to showcase verified Ethereum NFTs as their profile images. This innovation marked a creator’s ownership of Ethereum assets.
CEO Amrapali Gan remarked, ‘This step is just the inception of our exploration into the potential role of NFTs on our platform.’
The year 2022 witnessed significant upheavals within the cryptocurrency market, including events like the decline of the Terra UST stablecoin and the downfall of the FTX crypto exchange.
However, OnlyFans enjoyed a remarkable year, with revenues surging from $4.8 billion in 2021 to $5.6 billion in 2022. The user base expanded by 27%, and the number of artists on the platform grew by 47%. This substantial growth demonstrated OnlyFans’ ability to flourish even in demanding circumstances.
