Playboy To Roll Out Its Own Cryptocurrency Wallet
Playboy Enterprises Inc. is getting into the cryptocurrency game.
According to reports, the company is developing an online wallet that supports multiple cryptocurrencies. The cryptocurrencies are intended to be used within Playboy’s network of sites, starting with Playboy TV. According to Reena Patel, chief commercial officer and head of operations, the use of cryptocurrencies within their network will provide “increased payment flexibility” to customers.
But that is only part of the story.
In its press release making the announcement, the company made special mention of VIT, a coin that is currently holding an initial coin offering (ICO). (See also: What Is An ICO?) VIT, which stands for Vice Industry Token, has garnered an impressive list of partners, including Playboy and Penthouse, for its adult industry-focused token.
Based on a reading of its whitepaper, the network’s ledger serves three purposes. First, it records transactions made using the cryptocurrency. Second, it measures content engagement or user interaction with videos. This will help content providers measure and customize content to user tastes. Finally, it also enables providers to reward users for interacting with content through comments and votes.
“This innovation gives the millions of people who enjoy our content, as well as those in the future who participate in our casual gaming, AR and VR platforms, more choices with regard to payment and in the case of VIT, an opportunity to be rewarded for engaging with Playboy offerings,” stated Reena Patel.
“This technology could not only disrupt the adult entertainment industry, but it could also change the way consumers interact with all forms of content online,” wrote Forbes commentator Karl Kaufman. But his comments might have jumped the gun.
Rewarding users for interacting with comments is certainly not a new idea. Neither is tracking user interaction with content. (Netflix has become an entertainment behemoth, thanks to its recommendation engine). But the consortium of partners gathered by VIT under its network umbrella might make a difference to content consumption at these sites, provided the rewards are suitably attractive.
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns 0.01 bitcoin.
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