Playboy recently announced the integration of various cryptocurrency payment options on its different platforms. This will be enabled by the development of an online payment wallet that will support various cryptocurrencies across the firm’s online, digital and gaming business. Users of the Playboy TV Portal will be the first ones to benefit from the use of the digital wallet as they can pay for the brand’s exclusive content services using various digital coins. In future, other customers will also access exclusives, adult content, virtual reality, and augmented reality after paying for them using cryptocurrencies, thanks to the new digital wallet. The new digital wallet will be available before the end of 2018.
Playboy's Multi-Coin & VIT Token Wallet
The multi-cryptocurrency wallet will hold different digital assets and a coin referred to as Vice Industry Token (VIT). Customers who use the digital coins to pay for exclusive adult content will earn VIT coins that can be used to view Playboy TV original content. The coins awarded can also be used to vote and comment on content. The platforms aim is to give its users a variety of payment options and reward them using VIT tokens that can be used to access different offers on Playboy.
Reena Patel the Chief Operations Officer and head of licensing and media for Playboy Enterprises Inc. explained that the growth of alternative payment methods was the motivation behind the launch of the digital wallet. Additionally, the firm felt the need to give their more than 100 million monthly consumers flexibility in regard to payment options. Playboy had previously been involved with cryptocurrencies as in 2014 the Playboy brand website started accepting bitcoin as a form of payment.
The Vice industry token is a cryptographic and a decentralized blockchain based token that rewards Playboy customers for watching content. The token was launched this year, and interested parties have an opportunity to purchase the coin. The token Initial Coin Offer (ICO) is currently ongoing and will end on 30th March this year. Parties can also earn the token by engaging with Playboy content.
VIT benefits to the users are like those of a store loyalty card. It will encourage repeat purchase of Playboy content and will be used as a means of gathering data on consumers. This data can be essential to large media firms as they can use it to measure and customize their content in line with the taste of the users. The token will also be an acceptable form of payment by partner firms of Playboy including RedHot TV, Penthouse, Playmen, SkineMaxHD, and Extras.
Playboy Enterprises Inc.
Playboy is an adult lifestyle and entertainment firm that was started in 1953 by Hugh Hefner. The company is one of the leaders in the adult and sex industry. It is also a popular consumer brand globally. Its headquarters are in Beverly Hills California. The brand is marketed worldwide via different media properties and licensing initiatives. The firm’s enterprises include websites, magazines, radio, and television content. Through licensing, the brand appears on different consumer products in retail stores and entertainment venues in more than 180 countries.