Playboy’s Cryptocurrency Has Failed
There has been somewhat of a revolution in cryptocurrency and adult entertainment during 2018, with Verge leading the way by becoming the first cryptocurrency payment option for PornHub. Since then, PornHub have expanded their portfolio to list other currencies such as TRX, proving that there seems to be a demand for crypto payments in porn industry.
Stormy Daniels has also started a similar revolution within her adult entertainment empire, so naturally, Playboy wanted in, developing a project alongside BLOC (Global Blockchain Technologies) which aimed to integrate Vice Industry Token (VIC) within Playboy’s online adult entertainment service.
The idea was simple, Playboy wanted to take crypto payments for their service, but also wanted to encourage the consumption of their service by rewarding viewers in VIC tokens for using his platform. Therefore, a blockchain incentive system seemed to be the way forward.
According to The Next Web, BLOC made an official statement with regards to their new partnership, and future plans with the Playboy brand:
“BLOC is pleased to announce that it will work with Playboy Enterprises Inc. to develop a digital wallet that will enable the integration of Vice Industry Token (VIT) into the Playboy.tv web media portal. The combination of Playboy.tv’s content with VIT’s engagement-monetization technology will allows users to get paid just for watching video content; the Company and Playboy will usher in a new era of media consumption that will enrich viewer engagement, and shift the imbalanced online media power dynamic to benefit the audience. The two companies are also exploring potential additional uses for cryptocurrency-powered businesses in the future.”
See more here.
So, what happened?
In short, BLOC bottled it.
According to The Next Web, BLOC didn’t manage to match any of the criteria listed by Playboy and therefore have failed to actually provide the company with any of the required service. As a result, Playboy have filed for a lawsuit against BLOC, within the Los Angeles County Superior Court.
A part of the agreement by BLOC allegedly agreed that BLOC would also make a payment of $4 million to Playboy in order to be able to fully integrate with the Playboy brand, a payment that was never made in the end. Now, Playboy want to see full compensation for damages caused by the failed project.
According to The Next Web:
“BLOC has publicly denied any wrongdoing, describing the lawsuit as frivolous. It’s been quoted as saying BLOC believes it has a strong defense to the action and will be vigorously defending.”