$4.9 million loss on Ethereum NFT project
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 to crypto was seen as a bold and innovative step for the company.
Playboy Enterprises, the parent company of the iconic adult entertainment brand, has suffered a staggering loss 4.9 million dollars on its Ethereum-based NFT project.
The projects, which included two distinct offerings – Rabbitars, a collection of 11,953 NFTs featuring the Playboy rabbit, and Liquid Summer, a collection of images of Playboy model Lenna Sjooblom – launched in 2021 as part of the company’s foray into the world of cryptocurrencies. However, as early as 2018, the company already accepted bitcoin payments for adult content.
The move to crypto was seen as a bold and innovative move for the company, which had needed help keeping up with changing trends in the adult entertainment industry. However, the move has shown its latest progress and the company almost lost 5 million dollars due to the drop in Ethereum’s value.
The launch of Playboy’s crypto project
Since the launch of Playboy’s crypto projects, Ethereum has lost around 60% of its value, leading to a significant reduction in the value of the NFTs that Playboy had created. According to recent filings, the value of ETH payments received for the projects has gone from $1.75 million to just $327,000.
Playboy isn’t the only company that has lost money in the current bear market. Many other firms have also seen their crypto investments take a hit and at times cause massive industry scandals. Celsius, FTX, Crypto dot com and many more. The industry has lost over $2 trillion of its value since its peak.
It seems that the current market downturn has hit the crypto world hard, and companies that invested heavily in cryptocurrencies are now feeling the effects.
Despite the significant losses, Playboy has not completely given up on the crypto world. The company expands the Rabbitars collection to be usable avatars in The Sandbox metaverse, a web3 game where users can create worlds, socialize and play fun mini-games. It seems that Playboy is still keen to be a part of the rapidly growing crypto world, despite the risks involved.
Playboy Enterprises’ move into the cryptocurrency world hasn’t gone as planned, with the company losing nearly $5 million on its Ethereum-based NFT project. However, the company remains optimistic about the future of crypto and is looking to explore new opportunities in the space. It remains to be seen whether Playboy’s next foray into crypto will be more successful than its previous attempts.
Edmond is a passionate writer for video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news sites.