• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
Ethereum
Advertisement

Playboy Accepts Ethereum As NFT Payments And Ends Up Losing $5 Million

Christian Encila by Christian Encila
1 week ago
in Crypto News
0
Advertisement

Playboy, founded by the late Hugh Hefner, announced a staggering impairment loss of $5 million on its Ethereum holdings from last year. The company attributed the loss to the prolonged crypto winter that had a significant impact on the broader market, causing a decline in cryptocurrency prices.

During the pinnacle of the crypto market in October 2021, the company unveiled its “Rabbitar” NFT project. According to TradingView data, Ether, the native coin of Ethereum, has lost over 60% of its value since then.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Playboy Gets Whipped As Ethereum Value Plummets

According to an annual report on Thursday, the media company accepted Ethereum as payment for its Rabbitars NFTs, which were released in 2021 and are held on its balance sheet as digital assets.

“The market price of one Ethereum in our principal market ranged from $964 – $3,813 during the year ended December 31, 2022, but the carrying value of each Ethereum we held at the end of the reporting period reflects the lowest price of one Ethereum quoted on the active exchange at any time since its receipt,” according to the filing. 

According to Playboy, the firm accounts for its digital assets as “indefinite-lived intangible assets” that are liable to impairment losses if the assets’ fair value falls below their carrying value at any time.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Ethereum

Image: ethereum.org

Even if the fair value of the assets rises after the impairment losses, the company’s impairment losses on digital assets cannot be recovered.

Playboy’s Foray Into Web3

Playboy announced its interest in NFTs back in March 2021, becoming one of the first major companies in the adult entertainment industry to explore the potential of blockchain technology.

The move is seen as a part of its broader strategy to stay relevant and engage with a new generation of fans, while also exploring new revenue streams in the digital age.

Aside from Rabbitars, Playboy has also created NFTs for some of their iconic magazine covers, including the first issue of Playboy from 1953 and the famous 1971 cover featuring actor Burt Reynolds. These NFTs were sold through various NFT marketplaces, such as OpenSea and Rarible.

In addition to these projects, Playboy has launched its own NFT marketplace, which allows artists to showcase and sell their digital artwork as NFTs. The marketplace is built on the blockchain and provides a secure and transparent platform for creators and collectors.

Related Reading: Binance Discontinues Deposits, Withdrawals For UK Customers: Details

ETH total market cap at $210 billion on the daily chart at TradingView.com.
Related Reading: Why This U.S. Congressman Is Accusing FDIC Of Using Bank Crisis To Attack Crypto

Playboy has also created NFTs as part of their collaborations with other brands and artists. For example, they teamed up with streetwear brand Supreme for a limited edition NFT drop that featured artwork by Takashi Murakami.

In addition to these projects, Playboy has expressed interest in exploring other Web3 technologies, such as decentralized finance (DeFi) and metaverse development.

Playboy has also allowed Bitcoin payments for its TV offering and Playboy.com.

-Featured image from News.com.au

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Christian Encila

Christian Encila

Related Posts

G7

G7 Leaders To Create Global Cooperative Strategy For Crypto

2 hours ago
Silicon Valley Bank

First Citizens Acquires Silicon Valley Bank – Good News For Crypto?

5 hours ago
Titanium Blockchain

Titanium Blockchain CEO Gets 4-Year Jail Sentence For BARs ICO Fraud

7 hours ago
crypto

Self-Proclaimed Crypto ‘King’ Kidnapped And Tortured For Ransom – Details

2 days ago
Dogecoin

Dogecoin: Libdogecoin Update Released For DOGE – But Will It Boost Memecoin’s Price?

2 days ago
crypto

Crypto-friendly Custodia Bank Faces Setback As Fed Denies Application For Supervision

3 days ago

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Binance Coin (BNB) Price prediction, Experts think RenQ...

    1 hour ago
  • Betnomi Affiliate Program 2023

    3 hours ago
  • Tremendous Growth in TMS Network (TMSN), While...

    4 hours ago
  • TMS Network (TMSN) Unveils Innovative Ideas for the Future...

    4 hours ago
  • TRON (TRX) and Tether (USDT) Fail to Impress Investors, TMS...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.