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Extra followers, extra creators, extra money. For the content material creator website OnlyFans, 2022 was a reasonably good 12 months. For Ethereum? Possibly not a lot.
Over the weekend, Crypto Twitter zeroed in on a monetary assertion submitted by OnlyFans’ mum or dad firm Fenix International Limited to British authorities on Thursday. It confirmed that the corporate had owned over $19 million in Ether (ETH), Ethereum’s native token, however its worth was slashed to about $11.4 million by the top of the reporting interval in November 2022.
“Throughout this 12 months, the group diversified a part of its working capital right into a cryptocurrency asset—ETH or Ethereum,” the corporate mentioned in a strategic assertion that opens the 48-page doc. “There aren’t any limitations or restrictions on the group’s skill to promote the cryptocurrency belongings. The asset has been impaired to its truthful worth on the 12 months finish.”
Final 12 months, OnlyFans—notorious for the various grownup performers hosted on the platform—made a splash within the crypto house by saying that creators might use verified Ethereum NFTs of their profile photos. Creators who did so acquired an Ethereum image to point out their possession of the asset.
On the time, OnlyFans’ CEO Amrapali Gan mentioned the function—just like one introduced for Instagram and Fb by Meta—aimed to “empower creators to personal their full potential.”
“This function is step one in exploring the function that NFTs can play on our platform,” Gan advised Reuters.
Sadly, the corporate couldn’t have anticipated the crypto bear market lurking across the nook. On the time of the NFT announcement, ETH was buying and selling at $2,797.43, however fell to $1,298.94 by November 30 when the reporting interval ended. On the time of writing, ETH is buying and selling at $1,645.90.
Picture: Coingecko
Final 12 months was a tumultuous one for cryptocurrency markets. It was marked by a cascade of failures together with the collapse of Terra’s UST stablecoin and governance token LUNA, the bankruptcy of crypto lender Celsius, and the implosion of cryptocurrency change FTX.
However aside from its ETH woes, OnlyFans loved a constructive 2022. In response to the monetary assertion, the location noticed the corporate’s income shoot as much as $5.6 billion from $4.8 billion in 2021. It additionally skilled a 47% enhance within the variety of creators on its platform, on prime of a 27% enhance within the whole variety of subscribers.
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