Back in March, the internet was abuzz with reports of the super model magazine company, Playboy developing their own cryptocurrency wallet.

When Hugh Hefner founded Playboy in 1953 with the $600 that he had at the time, he had not imagined that it would reach the success that it did. He probably would not have thought that it would go on and become a pioneer in the adult entertainment industry, providing him with a net worth of $110 million in 2017.

Even after Hefner traded in his burgundy velvet smoking jacket for an eternal slumber, the empire he created has continued to be a triumph, and it seems that the current team behind Playboy is intent on continuing its legacy of success and wants to evolve the adult entertainment line into the future – a deduction that is backed by the company’s latest announcement to accept cryptocurrencies to access on-demand content on its adult television platform, Playboy.TV.

playboy tv will trade content for cryptocurrency via its wallet

As per the announcement made by Playboy, the entertainment enterprise informed its followers that it is currently in the process of creating its own cryptocurrency wallet that will allow its users to pay in various cryptocurrencies to access entertainment content on the platform from various mediums such as imaging, video, and gaming.

While Playboy mentioned that it will accept multiple cryptocurrencies through its digital wallet, it singled out one cryptocurrency in particular, the Vice Industry Token (VIT) – a digital currency that rewards its users for engaging with content on the web.

The VIT was created to supplement the operations of entertainment platforms, and thus, its collaboration with Playboy seems logical.

The partnership of playboy with vice industry token (VIT) seems like a marketing move

However, upon closer inspection, the collaboration does not only seem logical but also very strategic, since the token sale for the VIT is currently in progress and this move, of an entertainment giant like Playboy backing its operations in the middle of it, is bound to create some buzz for the cryptocurrency.

Playboy mentioned that its new cryptocurrency wallet will go live by the last quarter of 2018 – and that it plans to make further updates and add more functions to widen the offering of features and services that would be available to users via the usage of cryptocurrency.

This once again suggests that since the wallet is to go live by the end of this year, making an announcement was just to mention the VIT. While it is not a dubious practice, it certainly seems like a marketing move on both Playboy and VIT’s part.

Nonetheless, playboy is quite confident of its cryptocurrency wallet offering

Reena Patel, Playboy Enterprises’ chief commercial officer and head of operations, mentioned that due to the rise in demand for digital payment methods among its 100 million monthly consumers, the company thought that this was the right time to introduce cryptocurrency payments.

Patel further stated that the initiative will allow Playboy users, the freedom of making payments according to their preferred mode as well as the entitlement to benefits that they can avail with the usage of VIT.

“This innovation gives the millions of people who enjoy our content, as well as those in the future who participate in our casual gaming, AR and VR platforms, more choices with regard to payment and in the case of VIT, an opportunity to be rewarded for engaging with Playboy offerings.” She mentioned.