Adult Content Platform Onlyfans' 9,000 Ethereum Drops 25% in Value
Rebeca Moen Aug 27, 2023 09:20
Onlyfans' Ethereum holdings, valued at $11.43 million, have experienced a 25% decline due to the current ETH price of $1,650, highlighting the industry's volatility and risks. The company also introduced a feature for verified NFTs.
On November 30, 2022, Onlyfans' Ethereum (ETH) holdings had a book value of $11.43 million. On that day, the price of ETH was approximately $1,270, suggesting that Onlyfans held around 9,000 ETH. The purchase cost of these holdings was calculated to be $19.889 million, indicating an average purchase price of $2,210 per ETH.
However, with the current ETH price standing at $1,650, the value of these holdings has decreased to $14.85 million. This represents a floating loss of $5 million, or a 25% decline in value. The information was shared by Twitter user EmberCN.
Another tweet from wublockchain12 corroborated the data, stating that financial reports showed Onlyfans purchased ETH worth $19.889 million. As of November 30, 2022, the value of this ETH had depreciated by $8.455 million, bringing its book value to $11.43 million.
The decline in values of OnlyFans' Ethereum holdings serves as a stark reminder of the inherent volatility and risks associated with the cryptocurrency industry.
Beyond its cryptocurrency holdings, OnlyFans, a prominent adult content subscription service, has further augmented its wealth by diversifying into the crypto realm with offerings like NFTs. In February 2022, OnlyFans introduced a new feature allowing users to display verified NFTs (non-fungible tokens) as their profile pictures. This initiative by the UK-based company followed its announcement of the feature's introduction in December. Joining the ranks of platforms like Twitter and Reddit, OnlyFans is exploring ways to integrate digital tokens into their services.
NFTs, digital assets maintained on blockchain technology, have seen a significant rise in popularity, with individuals purchasing various digital artworks and videos as NFTs. Former OnlyFans CEO, Ami Gan, who stepped down in July 2023, had emphasized the company's mission to empower creators. She stated that the introduction of the NFT feature marked the beginning of their exploration into the potential role of NFTs on their platform. It's noteworthy that OnlyFans supports NFTs minted exclusively on the Ethereum blockchain, and creators' NFT profile pictures will display an Ethereum icon, signifying their authenticity.
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