Playboy Enterprises, Inc. has announced it is launching its own cryptocurrency as part of an online payment wallet under development. The wallet will service the company’s digital media and casual gaming businesses and will accept other cryptocurrencies in addition to its own.
The first of the company’s platforms to feature the new wallet will be Playboy.TV. The wallet will accept Playboy’s Vice Industry Token (VIT) for access to exclusive content.
Customers will pay and earn VIT tokens to view original content. Customers will also be able t o comment on and vote for content.
More Flexible Payment Options
“As the popularity of alternative payment methods continues to grow around the world, along with the reach of Playboy’s digital platforms, we felt it was important to give our 100 million monthly consumers increased payment flexibility,” Reena Patel, the company’s chief commercial officer and head of operations, said in a prepared statement.
The cryptocurrency will enable millions to enjoy the content, as well as those who will participate in the company’s casual gaming, AR and VR platforms, Patel said. Customers will have more ways to pay, and in the case of VIT, the chance to be rewarded for engaging with the brand’s offerings.
VIT will reward viewers for watching content. The decentralized, cryptographic token launched earlier this year and is undergoing a crowdsale that will end on March 20. Information about the token is available at vicetoken.com.
Playboy’s digital wallet will be available later this year. The company also expects to integrate cryptocurrency to its AR, VR and casual gaming initiatives.
A Unique Cryptocurrency
VIT has an advantage over cryptocurrencies such as bitcoin because it serves as both as a medium of exchange and as a tool for capturing viewer engagement data in a single token, according to a white paper on the token’s website. In addition, VIT’s engagement optimization tools can permit content producers to tailor content to the needs of individual porn fans.
VIT has partnered with Penthouse, Extras, Playmen, RedHot TV, SkineMaxHD and others, according to the white paper.
Articles in the past few years have referenced Playboy accepting bitcoin payments. A search of the Playboy website, however, makes no mention of bitcoin.