On November 30, 2022, Onlyfans’ Ethereum (ETH) will be released possessions had a book value of $11.43 million. On that day, the price of ETH was around $1,270, indicating that Onlyfans held around 9,000 ETH. The purchase cost of these assets was calculated to be $19.889 million, indicating an average purchase price of $2,210 per ETH.
However, with the current ETH price at $1,650, the value of these assets has dropped to $14.85 million. This represents a floating loss of $5 million, or a 25% drop in value. The information was shared by Twitter user EmberCN.
Another tweet from wublockchain12 confirmed the data, stating that financial reports showed that Onlyfans bought ETH worth $19.889 million. As of November 30, 2022, the value of this ETH had fallen by $8.455 million, bringing its book value to $11.43 million.
The drop in value of OnlyFans’ Ethereum holdings serves as a stark reminder of the inherent volatility and risk associated with the cryptocurrency industry.
In addition to its cryptocurrency holdings, OnlyFans, a prominent adult content subscription service, has further increased its wealth by diversifying into the crypto realm with offerings such as NFTs. In February 2022, OnlyFans introduced a new feature that allows users to display verified NFTs (non-fungible tokens) as their profile pictures. This initiative by the British company followed the announcement of the introduction of the feature in December. OnlyFans joins platforms like Twitter and Reddit in exploring ways to integrate digital tokens into their services.
NFTs, digital assets maintained on blockchain technology, have seen a significant surge 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 of the potential role of NFTs on their platform. It is noteworthy that OnlyFans supports NFTs minted exclusively on the Ethereum blockchain, and the NFT profile pictures of the creators display an Ethereum icon, signifying their authenticity.
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