Playboy Develops Virtual Currency Wallet

Playboy Develops Virtual Currency Wallet

Playboy Enterprises is entering the cryptocurrency fray with its own blockchain effort.

The organization behind the men's magazine is integrating the Vice Industry Token (VIT) currency, so that online visitors will be able to pay and earn tokens to view Playboy.TV’s original content, as well as comment on and vote for best clips.

The online payment wallet will also support a number of cryptocurrencies across the company’s online media, digital and casual gaming businesses. 

“As the popularity of alternative payment methods continues to grow around the world, along with the reach Playboy’s digital platforms, we felt it was important to give our 100 million monthly consumers increased payment flexibility,” said Reena Patel, COO of Licensing and Media for Playboy Enterprises. “This innovation gives the millions of people who enjoy our content, as well as those in the future who participate in our casual gaming, [augmented reality] and [virtual reality] platforms, more choices with regard to payment and in the case of VIT, an opportunity to be rewarded for engaging with Playboy offerings.”

VIT is a decentralized blockchain platform and cryptographic token that rewards viewers for watching content, which was launched earlier this year.

“Today’s ad-based free viewing model is broken, dominated by tube sites and benefiting only web traffic companies,” the company said. “By intelligently capturing genuine interactions, VIT will enable producers to deliver high-quality content catered to the specific desires of their most enthusiastic fans.”

This is the latest in a series of niche-industry virtual currency plays. Dentacoin was pioneered as a custom currency to be used as a loyalty program concept. Dental patients can earn rewards (in the form of Dentacoin) for writing reviews of their mouth-care providers.

Playboy’s digital wallet is expected to be available before the end of the year. 

Source: Information Security Magazine