Playboy Planning to Have Its Own Crypto Wallet?

There is no doubt that there are a lot of companies that have already ventured into the cryptocurrency market. Mostly, a lot of companies think that it is a good idea to dabble in cryptocurrency mainly because of the hype behind blockchain technology.

It is undeniable how popular Bitcoin is today along with other cryptocurrencies. The total market capitalization of cryptos today is more than $300 billion. And to think though Bitcoin has struggled to maintain $10,000, there is no denying that people are still interested in cryptocurrencies and the possibilities that it could possibly bring to the table.

In fact, you have the likes of Kodak that has turned to cryptocurrencies in order to revive their struggling business. It is quite a trend these days that companies that have used the word “blockchain”, “cryptocurrency”, and other related terms related to the industry.

Playboy and Crypto?

Playboy has been a leader in the adult industry for decades. In fact, it has been considered as a household name that has produced a variety of products over the years ranging from magazines to DVDs. But now, it is planning to dabble in cryptocurrencies.

The company has announced that it is developing an online payment wallet that will help support payments via different types of cryptocurrencies. The crypto wallet will be expected by the end of the year.

In an announcement by Reena Patel, the chief operations officer of licensing and media at Playboy, she mentioned that “As the popularity of alternative payment methods continues to grow around the world, along with the reach of Playboy’s digital platform, we felt it was important to give our 100 million monthly consumers increased payment flexibility”.

Expansion on Crypto

The company isn’t actually stopping there. It has a plan to include crypto payments in its other products such as casual gaming, augmented reality, and virtual reality products in the near future.

Playboy is among the few companies in the porn industries to have embraced the technology. The adult industry, in general, hasn’t really explored the possibilities. Among the few companies that have dabbled in the tech included Wicked Pictures.

An Attempt to Adapt

Playboy is known for its adaptation of modern technology and the current trends. It has no other choice but to adapt to the changing times. In 2015, Playboy has announced that it is going to stop publishing naked photographs in its magazine.

Scott Flanders who was then-CEO of the company mentioned to New York Times that “You’re now one click away from every sex act imaginable for free”. But in 2017, the company reversed that decision and brought back nudity in their magazine on that year.

Among the cryptocurrencies that will be accepted by Playboy is Vice Industry Token which is a decentralized blockchain platform that hopes to capture the adult video market. Vice Token is said to be an alternative to the ad-supported video format that has plagued adult contents for so long. Instead, it rewards the audience for watching the videos. Could this concept actually work? Or is it an attempt that will simply fizzle out later on?