Playboy Enterprises has lost a whopping $4.9 million on its Ethereum-based NFT project, as the drop in Ethereum’s value hits hard. The move into crypto was seen as a bold and innovative step for the company.
Playboy Enterprises, the parent company of the iconic adult entertainment brand, has lost a staggering $4.9 million on its Ethereum-based NFT project.
The projects, which comprised two distinct offerings – Rabbitars, a collection of 11,953 NFTs featuring the Playboy bunny, and Liquid Summer, a collection of photographs of the Playboy model Lenna Sjooblom – were launched in 2021 as part of the company’s foray into the world of cryptocurrencies. However, as early as 2018, the company has reportedly already been accepting bitcoin payments for adult content.
The move into crypto was seen as a bold and innovative move for the company, which had needed help to keep up with changing trends in the adult entertainment industry. However, the move has shown its latest progress, with the company losing almost $5 million due to the drop in Ethereum’s value.