Playboy Accepted Ethereum As NFT Payments And Ended Up losing $5 Million


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.

How To Get Free Crypto  
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 Play Now!

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

Coinbase Banner  

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.

FreeBitcoin Banner  

ETH total market cap at $210 billion on the daily chart at

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

-Featured image from

Go to Source
Author: Christian Encila

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.