PlayBoy is Suing a Startup that Broke a Contract Signed Earlier This Year
PlayBoy, the adult entertainment publisher is now suing a blockchain startup that took the decision to break a contract signed some weeks ago. As per the lawsuit filed at the beginning of August, Playboy and Global Blockchain Technologies (GBT) decided to sign a memorandum of understanding (MoU) in March.
The MoU has been signed by both companies to help Playboy integrate the so called Vice Industry Token (VIT) on the different platforms it has. The main intention was to reward the audience for watching videos, writing comments or perform different actions.
Additionally, Playboy announced a token sale that was pretended to introduce a crypto wallet on its website and support different cryptocurrencies for users to spend and earn. Back in May, GBT announced that it was working with PlayBoy with the intention to integrate the digital wallet for VIT on the Playboy.tv site.
The agreement stated that GBT was going to provide technical support without cost for PlayBoy. Furthermore, it is going to pay $4 million dollars to license the Playboy brand in its own material.
Moreover, other parts of the agreement were related with mentions about the Vice Industry Token as more general video/entertainment oriented rather than pornographic.
But PlayBoy explained that GBT didn’t support the technology, rebrand the VIT site or pay the stipulated $4 million dollars. Instead, GBT was using PlayBoy’s brand in order to attract investors.
At the moment, there is no information about what playboy was seeking in damages in the lawsuit.
On the matter, Shidan Gouran, GBT president, explained that Playboy’s allegations have no merit. Moreover, he said that GBT has no problems to defend itself against lawsuits.