OnlyFans continues to bet on Ethereum (ETH) despite the fall

OnlyFans had a mixed year in 2022. On the one hand, content creators saw significant growth and success and on the other hand, the company’s Ethereum (ETH) holdings declined significantly. This, due to the prevailing downtrend in the crypto sector.

In short :

• 2022, an exceptional year in the evolution of OnlyFans
• The bearish trend significantly lowers the value of the company’s Ethereum (ETH) coins

Exceptional growth for OnlyFans creators

Despite the challenges in crypto, OnlyFans had a bumper year in 2022. Indeed, the company’s revenue grew 16.6%, from $4.8 billion in 2021 to $5.6 billion. Additionally, the user base and number of artists on the platform grew by 27% and 47% respectively.

There growth of OnlyFans is partly due to the growing popularity of adult content online. Last year, the platform welcomed over 50 million new users and over 1 million new creators. In addition, she has taken steps to diversify her sources of income. Notably, by adding direct payment functionalities and introducing NFTs.

Significant losses on ETH

However, Ethereum’s journey contrasts sharply with this success. In May 2022, the assets ETH of the company were worth more than $19 million. Unfortunately, in November, their value was estimated at around $11.4 million. The reason for this 40% drop? The overall bearish trend of the cryptocurrency market.

This was the work of a series of factors. Among others: inflation, rising interest rates and the war in Ukraine. Moreover, despite this loss, OnlyFans continues to invest in crypto. Last year, the company announced that it would allow creators to feature verified Ethereum NFTs as profile pictures.

For supporters, this decision is a sign of its commitment to exploring new technologies. Incidentally, the company’s CEO, Amrapali Gan, says the team is investigating the potential role of NFTs on the platform.

The year 2022 has been marked by significant upheavals in the cryptocurrency market. However, OnlyFans had a stellar year despite market challenges. The company’s growth demonstrates its ability to thrive despite difficult conditions.