In a remarkable move that heralds a significant step forward for Ethereum adoption, Fenix International, the holding company behind the renowned streaming giant OnlyFans, has unveiled an impressive investment of approximately $20 million in Ether. This bold entry into the realm of digital assets was disclosed in a financial filing submitted to the UK corporate registry on August 24.
The journey into Ether began between 2021 and 2022, with Fenix International acquiring Ether valued at nearly $19.9 million. However, the tumultuous bear market that defined 2022 took its toll, causing the value of the acquired assets to plummet to $8.5 million. Despite these initial setbacks in their cryptocurrency venture, the platform exhibited robust growth during the stipulated reporting period.
As of November 30, 2022, with Ethereum priced at $1,295 per unit, Fenix International’s Ethereum holdings were appraised at $11.4 million. Surprisingly, the financial filing also unveiled an impressive 16.6% surge in revenue, with figures soaring from $4.8 billion in 2021 to an impressive $5.6 billion in 2022.
Notably, the platform that gained fame primarily for its subscription-based adult content took a dive into the world of digital collectibles. In a pioneering move, it allowed verified creators to embrace Ethereum-based NFTs as their profile pictures in February 2022. While major institutional players maintained a cautious stance throughout the year, OnlyFans emerged as a steadfast supporter of cryptocurrencies.
Continuing this trailblazing momentum, former members of the OnlyFans team introduced “Zoop” in June 2022. This innovative platform, built on the Ethereum scaling solution Polygon, introduced an entirely fresh concept by enabling the trading of 3D digital playing cards, each featuring beloved celebrities.
Despite its association with adult content, the subscription-based platform experienced a remarkable 47% increase in the number of creators, soaring to 3.2 million during the previous year. Moreover, the user base witnessed an impressive 27% surge, totaling a staggering 238.8 million users.
Ethereum Gains Momentum to Challenge Bitcoin’s Supremacy
The era of Ethereum taking a back seat to Bitcoin has passed. The leading alternative cryptocurrency is poised to challenge and potentially surpass Bitcoin’s dominance. BTC.D, which monitors the proportion of the overall global cryptocurrency market value, revealed that Bitcoin’s stronghold is experiencing a continuous decline.
This suggests a shift in market sentiment and capital allocation by investors towards alternative coins. As Ethereum stands as the prominent alternative coin, its value might continue to outperform Bitcoin in the latter half of the year if this trend endures.