The book value of Onlyfans’ Ethereum (ETH) holdings on November 30, 2022, was $11.43 million. Onlyfans likely possessed over 9,000 ETH on that day, when the price of ETH was at $1,270. These holdings cost $19.889 million to buy, which corresponds to an average price of $2,210 per ETH.
The value of these holdings has now dropped to $14.85 million, with the price of ETH standing at $1,650. This entails a value decrease of 25% and a floating loss of $5 million. EmberCN, a Twitter user, posted the information. Another tweet from wublockchain12 backed up the information, adding that financial reports showed Onlyfans bought ETH worth $19.889 million. This ETH’s book value was $11.43 million as of November 30, 2022, a loss of $8.455 million in value.
OnlyFans’ Ethereum assets have lost value, serving as a sharp reminder of the industry’s fundamental instability and dangers.In addition to its bitcoin investments, OnlyFans, a well-known adult content subscription service, has increased its riches by diversifying into the cryptocurrency market with products like NFTs.
Users can now show certified NFTs (non-fungible tokens) as their profile images thanks to a new functionality from OnlyFans that was released in February 2022. The UK-based business announced the launch of the feature in December and then took this action. OnlyFans is looking into ways to include digital tokens into its services, joining websites like Twitter and Reddit in this endeavour.
With more people buying different digital artworks and films as NFTs, blockchain-based NFTs, or non-fungible tokens, have become significantly more popular. The company’s objective to empower creators was emphasised by the outgoing CEO of OnlyFans, Ami Gan, who left the position in July 2023. The commencement of their investigation into the potential function of NFTs on their platform, according to her, was the introduction of the NFT feature. It is significant that OnlyFans only accepts NFTs created on the Ethereum blockchain, and that the Ethereum icon will appear on the producers’ NFT profile images to denote the legitimacy of their work
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