Playboy’s NFT Venture Led to $5 Million Loss in Ethereum
Playboy, the renowned media company that is a favorite to men from around the world, has reported a loss of $5 million on its Ethereum holdings from last year due to the prolonged crypto winter that caused a decline in cryptocurrency prices.
In addition to the Rabbitars NFT project, 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.
According to an annual report, the company accepted Ethereum as payment for its Rabbitars NFTs, held on its balance sheet as digital assets.
The company accounts for its digital assets as “indefinite-lived intangible assets” liable to impairment losses if their fair value falls below their carrying value at any time.
In addition, the company has created NFTs for some of its iconic magazine covers and launched its own NFT marketplace, which provides a secure and transparent platform for creators and collectors. Playboy has also allowed Bitcoin payments for its TV offering and Playboy.com.