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Recent financial documents from the UK have unveiled that Fenix International, the leading company behind the subscription service OnlyFans, had a significant investment in Ethereum, the popular cryptocurrency. The disclosure shows a close to $20 million investment made over the span of 2021 and 2022.
However, as crypto witnessed some fluctuations last year, the investment didn't entirely go in their favor. By the close of November 2022, the value of their Ethereum holdings shrunk by $8.5 million. By that month’s end, when Ethereum’s market price stood at $1,295 per unit, the company's total Ethereum was valued at roughly $11 million.
Yet, this financial setback in the crypto domain didn't cast a shadow on the company’s overall performance. Fenix International, throughout the year ending November 30, 2022, saw its revenues soar. There was a noticeable 17% boost in their earnings, rising from $5 billion the previous year to an impressive number of almost $6 billion.
Moreover, the subscription-based platform, predominantly known for adult content, also reported substantial growth in its user base. The numbers were clear – a 47% surge in content creators and a 27% growth in subscriber count.
Diving into the digital asset world isn't new for Fenix International. Early in 2022, they paved the way for their verified creators to adopt Ethereum-fueled NFTs as their profile images.
Additionally, in the summer of 2022, two ex-executives from OnlyFans launched Zoop, an innovative platform dedicated to trading 3D celebrity cards. What made Zoop stand out was its foundation on the Ethereum-based solution, Polygon.
Fenix International's revelation of its Ethereum holdings happens at a time when the adult content community is increasingly exploring the decentralized digital landscape. Many are turning their attention to Friend.tech, a fresh decentralized social media outlet in the cryptocurrency world, aiming to leverage its rising popularity.
